Omega Flex (NASDAQ:OFLX) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Shares of Omega Flex, Inc. (NASDAQ:OFLX) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $31.30 and traded as high as $37.21. Omega Flex shares last traded at $36.98, with a volume of 24,772 shares traded.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Omega Flex in a research note on Monday, December 29th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has a consensus rating of “Sell”.

Omega Flex Price Performance

The company has a market cap of $373.13 million, a price-to-earnings ratio of 23.26 and a beta of 0.44. The firm has a 50 day simple moving average of $32.34 and a 200-day simple moving average of $31.30.

Omega Flex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Friday, December 19th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Friday, December 19th. Omega Flex’s dividend payout ratio is currently 85.53%.

Insider Transactions at Omega Flex

In other news, Director Stephen M. Shea bought 2,350 shares of the firm’s stock in a transaction on Friday, December 5th. The shares were bought at an average cost of $28.47 per share, for a total transaction of $66,904.50. Following the completion of the transaction, the director owned 3,750 shares in the company, valued at $106,762.50. This trade represents a 167.86% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought 4,134 shares of company stock valued at $118,486 over the last three months. Company insiders own 65.20% of the company’s stock.

Institutional Investors Weigh In On Omega Flex

A number of large investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its position in shares of Omega Flex by 36.1% in the first quarter. Royal Bank of Canada now owns 9,843 shares of the industrial products company’s stock valued at $342,000 after purchasing an additional 2,612 shares during the period. CANADA LIFE ASSURANCE Co purchased a new stake in Omega Flex in the 4th quarter valued at about $32,000. Cardinal Capital Management lifted its holdings in shares of Omega Flex by 2.2% during the 4th quarter. Cardinal Capital Management now owns 42,716 shares of the industrial products company’s stock worth $1,272,000 after acquiring an additional 914 shares during the period. Comerica Bank boosted its holdings in shares of Omega Flex by 313.1% in the 4th quarter. Comerica Bank now owns 1,231 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 933 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in shares of Omega Flex by 8.2% during the 4th quarter. Exchange Traded Concepts LLC now owns 8,838 shares of the industrial products company’s stock valued at $260,000 after buying an additional 673 shares during the period. Institutional investors and hedge funds own 36.06% of the company’s stock.

Omega Flex Company Profile

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.