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

Omega Flex (NASDAQ:OFLX) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

Omega Flex Stock Performance

Shares of Omega Flex stock traded down $0.73 during trading on Friday, hitting $45.62. 24,184 shares of the stock were exchanged, compared to its average volume of 20,395. The stock’s fifty day moving average is $52.99 and its 200 day moving average is $63.37. The stock has a market cap of $460.31 million, a PE ratio of 24.01 and a beta of 0.38. Omega Flex has a 12 month low of $43.86 and a 12 month high of $87.86.

Hedge Funds Weigh In On Omega Flex

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OFLX. Norden Group LLC acquired a new stake in Omega Flex during the 1st quarter valued at $3,513,000. Renaissance Technologies LLC grew its holdings in shares of Omega Flex by 44.0% during the second quarter. Renaissance Technologies LLC now owns 37,695 shares of the industrial products company’s stock valued at $1,933,000 after buying an additional 11,515 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in Omega Flex during the second quarter valued at $271,000. Cim LLC purchased a new stake in Omega Flex in the 4th quarter worth about $296,000. Finally, Virtu Financial LLC acquired a new stake in Omega Flex during the 4th quarter worth about $280,000. 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.