Omega Flex (NASDAQ:OFLX) Stock Price Crosses Below Two Hundred Day Moving Average – Here’s Why

Shares of Omega Flex, Inc. (NASDAQ:OFLX) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $46.28 and traded as low as $37.88. Omega Flex shares last traded at $38.62, with a volume of 13,829 shares.

Wall Street Analysts Forecast Growth

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

Omega Flex Trading Up 1.8 %

The company has a market capitalization of $389.68 million, a price-to-earnings ratio of 21.34 and a beta of 0.38. The stock has a 50-day simple moving average of $41.04 and a 200-day simple moving average of $46.28.

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. This represents a $1.36 annualized dividend and a dividend yield of 3.52%. The ex-dividend date of this dividend was Thursday, December 19th. Omega Flex’s dividend payout ratio (DPR) is 75.14%.

Institutional Investors Weigh In On Omega Flex

A number of institutional investors and hedge funds have recently bought and sold shares of OFLX. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of Omega Flex by 2.3% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,075,240 shares of the industrial products company’s stock worth $45,128,000 after purchasing an additional 24,466 shares in the last quarter. Proficio Capital Partners LLC bought a new position in Omega Flex during the fourth quarter worth $690,000. Bank of New York Mellon Corp raised its position in shares of Omega Flex by 34.5% during the fourth quarter. Bank of New York Mellon Corp now owns 59,459 shares of the industrial products company’s stock valued at $2,495,000 after buying an additional 15,242 shares during the last quarter. Creative Planning bought a new stake in shares of Omega Flex in the 3rd quarter worth approximately $566,000. Finally, Wells Fargo & Company MN increased its holdings in Omega Flex by 14.1% in the 4th quarter. Wells Fargo & Company MN now owns 75,279 shares of the industrial products company’s stock valued at $3,159,000 after buying an additional 9,311 shares during the period. 36.06% of the stock is owned by institutional investors and hedge funds.

About Omega Flex

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.