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

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

Omega Flex Trading Down 0.9 %

NASDAQ OFLX opened at $50.65 on Friday. The business’s 50 day moving average is $49.05 and its two-hundred day moving average is $54.02. Omega Flex has a 12-month low of $43.86 and a 12-month high of $85.92.

Omega Flex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Thursday, September 26th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend was Thursday, September 26th. Omega Flex’s dividend payout ratio (DPR) is currently 75.14%.

Hedge Funds Weigh In On Omega Flex

A number of institutional investors and hedge funds have recently made changes to their positions in OFLX. Renaissance Technologies LLC lifted its stake in shares of Omega Flex by 44.0% in the second 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. Vanguard Group Inc. increased its holdings in Omega Flex by 1.5% in the first quarter. Vanguard Group Inc. now owns 161,884 shares of the industrial products company’s stock valued at $11,482,000 after buying an additional 2,411 shares in the last quarter. Inspire Investing LLC acquired a new stake in shares of Omega Flex during the 3rd quarter valued at approximately $864,000. Benjamin F. Edwards & Company Inc. boosted its stake in shares of 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 acquiring an additional 819 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Omega Flex by 50.2% in 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 and hedge funds.

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.