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

Omega Flex, Inc. (NASDAQ:OFLX)’s share 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.

Wall Street Analyst Weigh In

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

Omega Flex Stock Performance

The stock’s fifty day moving average price is $39.86 and its 200-day moving average price is $45.81. The firm has a market cap of $359.65 million, a PE ratio of 19.69 and a beta of 0.38.

Omega Flex Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 7th. Investors of record on Thursday, December 19th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 3.82%. The ex-dividend date was Thursday, December 19th. Omega Flex’s payout ratio is currently 75.14%.

Institutional Trading of Omega Flex

A number of institutional investors have recently bought and sold shares of the company. State of Wyoming purchased a new position in shares of Omega Flex in the fourth quarter valued at $135,000. Norden Group LLC purchased a new position in Omega Flex during the 4th quarter valued at about $243,000. Bank of America Corp DE increased its holdings in Omega Flex by 16.0% during the 4th quarter. Bank of America Corp DE now owns 6,507 shares of the industrial products company’s stock valued at $273,000 after acquiring an additional 897 shares in the last quarter. Los Angeles Capital Management LLC raised its position in Omega Flex by 5.1% during the third quarter. Los Angeles Capital Management LLC now owns 5,560 shares of the industrial products company’s stock worth $278,000 after acquiring an additional 270 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Omega Flex by 13.5% in the fourth quarter. Exchange Traded Concepts LLC now owns 6,776 shares of the industrial products company’s stock valued at $284,000 after purchasing an additional 804 shares in the last quarter. 36.06% of the stock is currently owned by hedge funds and other institutional investors.

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.