Omega Flex (NASDAQ:OFLX) Upgraded 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 Down 3.0 %

Omega Flex stock opened at $48.40 on Wednesday. The company has a fifty day moving average price of $54.40 and a two-hundred day moving average price of $64.29. Omega Flex has a 12 month low of $47.56 and a 12 month high of $90.01.

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

Omega Flex Increases Dividend

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

Hedge Funds Weigh In On Omega Flex

A number of hedge funds have recently added to or reduced their stakes in OFLX. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Omega Flex during the first quarter valued at $30,000. SYSTM Wealth Solutions LLC acquired a new position in shares of Omega Flex during the first quarter valued at $124,000. State Board of Administration of Florida Retirement System acquired a new position in shares of Omega Flex during the first quarter valued at $128,000. EntryPoint Capital LLC boosted its holdings in shares of Omega Flex by 577.5% during the first quarter. EntryPoint Capital LLC now owns 1,836 shares of the industrial products company’s stock valued at $130,000 after acquiring an additional 1,565 shares during the period. Finally, Norden Group LLC acquired a new position in shares of Omega Flex during the first quarter valued at $249,000. Institutional investors and hedge funds 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.