Omega Flex (NASDAQ:OFLX) Stock Rating Lowered by StockNews.com

Omega Flex (NASDAQ:OFLX) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Friday.

Omega Flex Price Performance

Shares of OFLX opened at $50.65 on Friday. Omega Flex has a fifty-two week low of $43.86 and a fifty-two week high of $85.92. The business has a 50-day moving average of $49.05 and a 200 day moving average of $54.11.

Omega Flex (NASDAQ:OFLX) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $0.45 earnings per share for the quarter. Omega Flex had a net margin of 17.71% and a return on equity of 22.84%. The firm had revenue of $24.62 million during the quarter.

Hedge Funds Weigh In On Omega Flex

A number of large investors have recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. lifted its holdings in Omega Flex by 196.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,236 shares of the industrial products company’s stock worth $63,000 after purchasing an additional 819 shares in the last quarter. State Board of Administration of Florida Retirement System purchased a new stake in shares of Omega Flex in the first quarter worth about $128,000. EntryPoint Capital LLC boosted 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 acquiring an additional 1,565 shares during the period. Norden Group LLC purchased a new position in Omega Flex during the first quarter valued at approximately $249,000. Finally, American Century Companies Inc. increased its holdings in 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 worth $257,000 after acquiring an additional 1,673 shares during the period. 36.06% of the stock is owned by institutional investors.

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.