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

StockNews.com lowered shares of Omega Flex (NASDAQ:OFLX) from a buy rating to a hold rating in a research report report published on Thursday morning.

Omega Flex Stock Performance

Shares of OFLX opened at $34.65 on Thursday. The stock has a market capitalization of $349.76 million, a P/E ratio of 19.14 and a beta of 0.36. The company’s fifty day moving average is $33.52 and its two-hundred day moving average is $40.05. Omega Flex has a 1 year low of $28.12 and a 1 year high of $67.56.

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

Omega Flex Announces Dividend

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

Hedge Funds Weigh In On Omega Flex

Institutional investors have recently bought and sold shares of the company. CWM LLC increased its stake in Omega Flex by 183.8% in the 1st quarter. CWM LLC now owns 1,223 shares of the industrial products company’s stock valued at $43,000 after buying an additional 792 shares during the period. GAMMA Investing LLC boosted its position in shares of Omega Flex by 4,271.4% during the 1st quarter. GAMMA Investing LLC now owns 1,530 shares of the industrial products company’s stock worth $53,000 after purchasing an additional 1,495 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Omega Flex by 95.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,787 shares of the industrial products company’s stock worth $62,000 after purchasing an additional 875 shares in the last quarter. State of Wyoming purchased a new stake in shares of Omega Flex during the 4th quarter worth $135,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Omega Flex during the 1st quarter worth $159,000. 36.06% of the stock is owned by institutional investors and hedge funds.

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.