Omega Flex (NASDAQ:OFLX) Shares Cross Below 200 Day Moving Average – Time to Sell?

Omega Flex, Inc. (NASDAQ:OFLX) shares crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $31.39 and traded as low as $30.76. Omega Flex shares last traded at $31.18, with a volume of 42,360 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded Omega Flex from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 1st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Omega Flex has a consensus rating of “Sell”.

Omega Flex Stock Up 2.0%

The firm has a market capitalization of $314.61 million, a PE ratio of 23.44 and a beta of 0.47. The stock’s fifty day simple moving average is $31.14 and its 200 day simple moving average is $31.39.

Omega Flex (NASDAQ:OFLX) last issued its quarterly earnings results on Friday, May 1st. The industrial products company reported $0.21 earnings per share for the quarter. The business had revenue of $23.09 million for the quarter. Omega Flex had a net margin of 13.60% and a return on equity of 15.94%.

Omega Flex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 21st. Investors of record on Thursday, April 9th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, April 9th. This represents a $1.36 annualized dividend and a yield of 4.4%. Omega Flex’s payout ratio is 102.26%.

Institutional Trading of Omega Flex

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. CANADA LIFE ASSURANCE Co purchased a new position in shares of Omega Flex during the 4th quarter valued at about $32,000. Russell Investments Group Ltd. increased its holdings in Omega Flex by 65.2% in the 4th quarter. Russell Investments Group Ltd. now owns 1,120 shares of the industrial products company’s stock worth $33,000 after acquiring an additional 442 shares in the last quarter. Comerica Bank raised its stake in Omega Flex by 313.1% during the 4th quarter. Comerica Bank now owns 1,231 shares of the industrial products company’s stock worth $36,000 after acquiring an additional 933 shares during the period. Fifth Third Bancorp bought a new stake in Omega Flex during the 1st quarter worth approximately $46,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Omega Flex during the first quarter valued at approximately $159,000. Hedge funds and other institutional investors own 36.06% of the company’s stock.

About Omega Flex

Omega Flex, Inc designs, manufactures and distributes flexible metal tubing and related products that enable the safe and efficient conveyance of natural gas and other hydrocarbon fuels. The company’s engineered solutions offer leak-resistant connections and installation flexibility, serving original equipment manufacturers, distributors and end-users across residential, commercial and industrial markets.

Its product portfolio includes corrugated stainless steel tubing (CSST), stainless steel hose assemblies, mechanical connectors, fittings, leak detection equipment and specialized installation tools.