Omega Flex (NASDAQ:OFLX) Lowered to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of Omega Flex (NASDAQ:OFLX) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.

Omega Flex Stock Performance

Shares of NASDAQ OFLX opened at $34.65 on Thursday. Omega Flex has a one year low of $28.12 and a one year high of $67.56. The company’s fifty day moving average is $33.52 and its two-hundred day moving average is $40.05. The firm has a market capitalization of $349.76 million, a P/E ratio of 19.14 and a beta of 0.36.

Omega Flex (NASDAQ:OFLX) last released its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.35 EPS for the quarter. Omega Flex had a net margin of 17.71% and a return on equity of 22.68%. The business had revenue of $23.33 million for the quarter.

Omega Flex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 22nd. Investors of record on Thursday, April 10th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 3.92%. The ex-dividend date was Thursday, April 10th. Omega Flex’s payout ratio is 79.07%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in OFLX. Barclays PLC increased its stake in shares of Omega Flex by 405.9% during the 3rd quarter. Barclays PLC now owns 6,450 shares of the industrial products company’s stock valued at $323,000 after acquiring an additional 5,175 shares during the last quarter. JPMorgan Chase & Co. increased its position in Omega Flex by 51.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,512 shares of the industrial products company’s stock worth $675,000 after purchasing an additional 4,578 shares in the last quarter. Inspire Investing LLC increased its position in Omega Flex by 10.7% during the 4th quarter. Inspire Investing LLC now owns 19,162 shares of the industrial products company’s stock worth $804,000 after purchasing an additional 1,856 shares in the last quarter. Exchange Traded Concepts LLC increased its position in Omega Flex by 13.5% during the 4th quarter. Exchange Traded Concepts LLC now owns 6,776 shares of the industrial products company’s stock worth $284,000 after purchasing an additional 804 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Omega Flex by 34.5% during the 4th quarter. Bank of New York Mellon Corp now owns 59,459 shares of the industrial products company’s stock worth $2,495,000 after purchasing an additional 15,242 shares in the last quarter. Institutional investors and hedge funds 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.