Omega Flex (NASDAQ:OFLX) Share Price Passes Below 200 Day Moving Average – Here’s Why

Omega Flex, Inc. (NASDAQ:OFLX)’s stock price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $45.88 and traded as low as $34.59. Omega Flex shares last traded at $35.63, with a volume of 19,706 shares trading hands.

Analysts Set New Price Targets

Separately, StockNews.com cut Omega Flex from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th.

Omega Flex Stock Performance

The stock has a market cap of $359.65 million, a PE ratio of 19.69 and a beta of 0.38. The business has a 50-day moving average of $39.86 and a 200 day moving average of $45.81.

Omega Flex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Thursday, December 19th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, December 19th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.82%. Omega Flex’s dividend payout ratio (DPR) is presently 75.14%.

Hedge Funds Weigh In On Omega Flex

Several institutional investors and hedge funds have recently modified their holdings of the company. Two Sigma Advisers LP grew its stake in Omega Flex by 5.5% in the 4th quarter. Two Sigma Advisers LP now owns 7,700 shares of the industrial products company’s stock worth $323,000 after acquiring an additional 400 shares during the period. State of Wyoming acquired a new stake in shares of Omega Flex during the fourth quarter worth $135,000. Citadel Advisors LLC grew its position in shares of Omega Flex by 5.0% in the fourth quarter. Citadel Advisors LLC now owns 23,806 shares of the industrial products company’s stock valued at $999,000 after purchasing an additional 1,124 shares during the period. Bank of America Corp DE increased its stake in Omega Flex by 16.0% in the fourth quarter. Bank of America Corp DE now owns 6,507 shares of the industrial products company’s stock valued at $273,000 after purchasing an additional 897 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Omega Flex by 1.4% in the fourth quarter. Northern Trust Corp now owns 36,525 shares of the industrial products company’s stock valued at $1,533,000 after purchasing an additional 499 shares during the last quarter. Hedge funds and other institutional investors own 36.06% of the company’s stock.

Omega Flex Company Profile

Omega Flex, Inc, together with its subsidiaries, manufactures and sells flexible metal hoses and accessories in North America and internationally. It offers flexible gas piping for use in residential and commercial buildings; fittings; containment pining; and corrugated medical tubing for use in hospitals, ambulatory care centers, dental, physician and veterinary clinics, laboratories, and other facilities.