Omega Flex (NASDAQ:OFLX) Rating Increased to Buy at StockNews.com

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

Omega Flex Trading Down 1.4 %

Shares of OFLX opened at $44.99 on Friday. The firm’s 50-day moving average is $52.99 and its two-hundred day moving average is $63.32. Omega Flex has a twelve month low of $43.86 and a twelve month high of $87.86. The firm has a market capitalization of $453.95 million, a P/E ratio of 23.68 and a beta of 0.38.

Omega Flex Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 10th. Shareholders of record on Wednesday, June 26th were given a dividend of $0.34 per share. This is a positive change from Omega Flex’s previous quarterly dividend of $0.33. This represents a $1.36 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend was Wednesday, June 26th. Omega Flex’s dividend payout ratio is presently 71.58%.

Institutional Trading of Omega Flex

Several large investors have recently modified their holdings of the business. Benjamin F. Edwards & Company Inc. grew its position in shares of Omega Flex by 196.4% in the second 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. Renaissance Technologies LLC grew its position in shares of Omega Flex by 44.0% in the second 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. American Century Companies Inc. grew its position in shares of Omega Flex by 50.2% in the second 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 during the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Omega Flex in the second quarter valued at approximately $271,000. Finally, EntryPoint Capital LLC grew its position in shares of Omega Flex by 577.5% in the first 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 during the last quarter. 36.06% of the stock is currently 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.