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

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

Omega Flex Trading Up 0.6 %

Shares of NASDAQ:OFLX traded up $0.32 during trading on Tuesday, hitting $53.50. The company’s stock had a trading volume of 1,233 shares, 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 stock’s 50-day moving average price is $50.22 and its two-hundred day moving average price is $53.37.

Omega Flex Dividend Announcement

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

Institutional Investors Weigh In On Omega Flex

A number of institutional investors have recently modified their holdings of the stock. Benjamin F. Edwards & Company Inc. increased its holdings 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 acquiring an additional 819 shares during the last quarter. State Board of Administration of Florida Retirement System bought a new stake in shares of Omega Flex during the 1st quarter valued at about $128,000. EntryPoint Capital LLC raised its stake in Omega Flex by 577.5% during the first 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. lifted its holdings in 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 worth $257,000 after acquiring an additional 1,673 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Omega Flex in the second quarter valued at approximately $271,000. Institutional investors and hedge funds own 36.06% of the company’s stock.

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.