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

StockNews.com upgraded shares of Omega Flex (NASDAQ:OFLX) from a hold rating to a buy rating in a research report released on Wednesday.

Omega Flex Stock Performance

OFLX stock opened at $48.40 on Wednesday. The company has a fifty day moving average of $54.40 and a 200-day moving average of $64.34. Omega Flex has a one year low of $47.56 and a one year high of $90.01.

Omega Flex (NASDAQ:OFLX) last posted its quarterly earnings results on Wednesday, May 1st. The industrial products company reported $0.42 earnings per share (EPS) for the quarter. Omega Flex had a net margin of 18.18% and a return on equity of 24.41%. The firm had revenue of $25.22 million during the quarter.

Omega Flex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 10th. Investors of record on Wednesday, June 26th were paid a $0.34 dividend. The ex-dividend date of this dividend was Wednesday, June 26th. This is an increase from Omega Flex’s previous quarterly dividend of $0.33. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.81%. Omega Flex’s payout ratio is 71.58%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Omega Flex during the 1st quarter worth $30,000. SYSTM Wealth Solutions LLC purchased a new stake in Omega Flex during the first quarter worth about $124,000. State Board of Administration of Florida Retirement System acquired a new position in Omega Flex during the first quarter worth about $128,000. EntryPoint Capital LLC increased its holdings in 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 buying an additional 1,565 shares in the last quarter. Finally, Norden Group LLC acquired a new stake in shares of Omega Flex during the 1st quarter valued at approximately $249,000. Hedge funds and other institutional investors own 36.06% of the company’s stock.

Omega Flex Company Profile

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.