Omega Flex (NASDAQ:OFLX) Downgraded by StockNews.com to “Hold”

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 Stock Performance

Shares of OFLX opened at $53.34 on Tuesday. Omega Flex has a 1 year low of $43.86 and a 1 year high of $85.92. The stock’s fifty day moving average price is $49.91 and its two-hundred day moving average price is $53.46.

Omega Flex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Thursday, September 26th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, September 26th. This represents a $1.36 dividend on an annualized basis and a yield of 2.55%. Omega Flex’s dividend payout ratio is presently 75.14%.

Institutional Trading of Omega Flex

Several hedge funds and other institutional investors have recently modified their holdings of OFLX. Inspire Investing LLC purchased a new position in Omega Flex in the 3rd quarter valued at approximately $864,000. Marshall Wace LLP grew its position in shares of Omega Flex by 207.1% in the second quarter. Marshall Wace LLP now owns 20,759 shares of the industrial products company’s stock valued at $1,065,000 after purchasing an additional 13,999 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Omega Flex by 44.0% during the 2nd quarter. Renaissance Technologies LLC now owns 37,695 shares of the industrial products company’s stock valued at $1,933,000 after purchasing an additional 11,515 shares during the period. Creative Planning purchased a new stake in Omega Flex during the 3rd quarter worth about $566,000. Finally, Exchange Traded Concepts LLC purchased a new stake in Omega Flex during the 3rd quarter worth about $298,000. Institutional investors 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.