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

StockNews.com downgraded shares of Omega Flex (NASDAQ:OFLX) from a buy rating to a hold rating in a research note released on Tuesday.

Omega Flex Stock Down 1.7 %

NASDAQ:OFLX opened at $52.28 on Tuesday. The stock’s fifty day moving average price is $50.36 and its two-hundred day moving average price is $53.36. Omega Flex has a 52-week low of $43.86 and a 52-week high of $85.92.

Omega Flex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Thursday, September 26th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.60%. The ex-dividend date was Thursday, September 26th. Omega Flex’s dividend payout ratio is 75.14%.

Institutional Trading of Omega Flex

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Omega Flex by 196.4% in 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 purchasing an additional 819 shares during the last quarter. State Board of Administration of Florida Retirement System acquired a new stake in Omega Flex during the 1st quarter worth $128,000. EntryPoint Capital LLC grew its holdings 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 worth $130,000 after acquiring an additional 1,565 shares during the period. American Century Companies Inc. raised its position in shares of 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 acquiring an additional 1,673 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Omega Flex in the 2nd quarter valued at $271,000. 36.06% of the stock is owned by 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.