StockNews.com Downgrades Omega Flex (NASDAQ:OFLX) to Hold

StockNews.com cut shares of Omega Flex (NASDAQ:OFLX) from a buy rating to a hold rating in a research note issued to investors on Friday.

Omega Flex Stock Up 1.4 %

Shares of NASDAQ:OFLX opened at $51.35 on Friday. The stock has a market cap of $518.12 million, a PE ratio of 28.37 and a beta of 0.39. Omega Flex has a 52 week low of $43.86 and a 52 week high of $85.92. The company’s fifty day moving average is $49.12 and its 200 day moving average is $53.91.

Omega Flex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Thursday, September 26th were issued a $0.34 dividend. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $1.36 annualized dividend and a yield of 2.65%. Omega Flex’s dividend payout ratio (DPR) is presently 75.14%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in OFLX. Vanguard Group Inc. boosted its holdings in Omega Flex by 1.5% in the first quarter. Vanguard Group Inc. now owns 161,884 shares of the industrial products company’s stock worth $11,482,000 after acquiring an additional 2,411 shares in the last quarter. Renaissance Technologies LLC grew its position in Omega Flex by 44.0% during the 2nd quarter. Renaissance Technologies LLC now owns 37,695 shares of the industrial products company’s stock valued at $1,933,000 after purchasing an additional 11,515 shares during the last quarter. Sei Investments Co. increased its stake in Omega Flex by 1.5% during the 1st quarter. Sei Investments Co. now owns 23,694 shares of the industrial products company’s stock valued at $1,681,000 after purchasing an additional 348 shares in the last quarter. Marshall Wace LLP raised its holdings in Omega Flex by 207.1% in the second quarter. Marshall Wace LLP now owns 20,759 shares of the industrial products company’s stock worth $1,065,000 after buying an additional 13,999 shares during the last quarter. Finally, Inspire Investing LLC purchased a new position in Omega Flex in the third quarter worth about $864,000. Institutional investors 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.