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

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

Omega Flex Trading Up 0.6 %

Omega Flex stock traded up $0.32 during midday trading on Tuesday, reaching $53.50. 1,233 shares of the stock traded hands, compared to its average volume of 20,737. Omega Flex has a fifty-two week low of $43.86 and a fifty-two week high of $85.92. The firm has a fifty day moving average price of $50.22 and a two-hundred day moving average price of $53.37.

Omega Flex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Thursday, September 26th were paid a $0.34 dividend. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $1.36 annualized dividend and a dividend yield of 2.54%. Omega Flex’s payout ratio is 75.14%.

Institutional Investors Weigh In On Omega Flex

Several institutional investors have recently bought and sold shares of OFLX. Benjamin F. Edwards & Company Inc. increased its stake in Omega Flex by 196.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,236 shares of the industrial products company’s stock valued at $63,000 after buying an additional 819 shares during the period. State Board of Administration of Florida Retirement System acquired a new stake in Omega Flex in the first quarter worth approximately $128,000. EntryPoint Capital LLC boosted its stake in Omega Flex by 577.5% during the 1st quarter. EntryPoint Capital LLC now owns 1,836 shares of the industrial products company’s stock valued at $130,000 after purchasing an additional 1,565 shares in the last quarter. American Century Companies Inc. boosted its stake in Omega Flex by 50.2% during the 2nd quarter. American Century Companies Inc. now owns 5,006 shares of the industrial products company’s stock valued at $257,000 after purchasing an additional 1,673 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Omega Flex during the 2nd quarter valued at $271,000. 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.