Omega Flex (NASDAQ:OFLX) Stock Crosses Below Two Hundred Day Moving Average – Time to Sell?

Shares of Omega Flex, Inc. (NASDAQ:OFLX) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $31.39 and traded as low as $27.84. Omega Flex shares last traded at $29.44, with a volume of 52,470 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Omega Flex in a research note on Monday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Omega Flex currently has an average rating of “Sell”.

Omega Flex Stock Down 1.2%

The stock has a market cap of $293.62 million, a PE ratio of 18.30 and a beta of 0.37. The business has a 50 day moving average price of $28.18 and a 200 day moving average price of $31.35.

Omega Flex (NASDAQ:OFLX) last announced its quarterly earnings results on Friday, October 31st. The industrial products company reported $0.37 earnings per share (EPS) for the quarter. Omega Flex had a return on equity of 19.24% and a net margin of 16.08%.The company had revenue of $24.23 million during the quarter.

Omega Flex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 7th. Shareholders of record on Friday, December 19th will be given a $0.34 dividend. The ex-dividend date is Friday, December 19th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.7%. Omega Flex’s dividend payout ratio is 85.53%.

Insider Activity

In other Omega Flex news, Director Stephen M. Shea purchased 2,350 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was purchased at an average price of $28.47 per share, for a total transaction of $66,904.50. Following the purchase, the director directly owned 3,750 shares in the company, valued at approximately $106,762.50. This trade represents a 167.86% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have bought 4,134 shares of company stock worth $118,486. Corporate insiders own 65.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OFLX. CWM LLC raised its holdings in Omega Flex by 51.8% in the second quarter. CWM LLC now owns 1,857 shares of the industrial products company’s stock valued at $60,000 after acquiring an additional 634 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Omega Flex by 25.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,679 shares of the industrial products company’s stock valued at $146,000 after purchasing an additional 957 shares during the last quarter. US Bancorp DE increased its position in shares of Omega Flex by 19.8% in the 3rd quarter. US Bancorp DE now owns 4,923 shares of the industrial products company’s stock valued at $154,000 after purchasing an additional 814 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Omega Flex in the 1st quarter valued at $159,000. Finally, Rhumbline Advisers lifted its position in shares of Omega Flex by 34.0% during the 2nd quarter. Rhumbline Advisers now owns 6,551 shares of the industrial products company’s stock worth $212,000 after purchasing an additional 1,662 shares during the last quarter. Institutional investors and hedge funds own 36.06% of the company’s stock.

About Omega Flex

Omega Flex, Inc designs, manufactures and distributes flexible metal tubing and related products that enable the safe and efficient conveyance of natural gas and other hydrocarbon fuels. The company’s engineered solutions offer leak-resistant connections and installation flexibility, serving original equipment manufacturers, distributors and end-users across residential, commercial and industrial markets.

Its product portfolio includes corrugated stainless steel tubing (CSST), stainless steel hose assemblies, mechanical connectors, fittings, leak detection equipment and specialized installation tools.