Omega Flex (NASDAQ:OFLX) Share Price Passes Below 200-Day Moving Average of $0.00

Omega Flex, Inc. (NASDAQ:OFLX) shares crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.00 and traded as low as $76.18. Omega Flex shares last traded at $76.18, with a volume of 1,217 shares trading hands.

Separately, BidaskClub raised shares of Omega Flex from a “sell” rating to a “hold” rating in a research report on Wednesday, August 7th.

The company has a market capitalization of $750.61 million, a PE ratio of 38.53 and a beta of 0.84. The company has a quick ratio of 3.94, a current ratio of 4.52 and a debt-to-equity ratio of 0.01. The stock’s 50-day simple moving average is $74.99.

Omega Flex (NASDAQ:OFLX) last announced its quarterly earnings results on Thursday, July 18th. The industrial products company reported $0.39 earnings per share for the quarter. Omega Flex had a net margin of 17.84% and a return on equity of 29.03%. The firm had revenue of $26.81 million during the quarter.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Paloma Partners Management Co purchased a new stake in shares of Omega Flex in the second quarter valued at about $200,000. BlackRock Inc. raised its holdings in shares of Omega Flex by 12.2% in the second quarter. BlackRock Inc. now owns 188,131 shares of the industrial products company’s stock valued at $14,449,000 after buying an additional 20,506 shares during the last quarter. HighTower Advisors LLC purchased a new stake in shares of Omega Flex in the second quarter valued at about $320,000. Northern Trust Corp raised its holdings in shares of Omega Flex by 1.6% in the second quarter. Northern Trust Corp now owns 45,913 shares of the industrial products company’s stock valued at $3,527,000 after buying an additional 745 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Omega Flex by 8.7% in the second quarter. Bank of New York Mellon Corp now owns 41,049 shares of the industrial products company’s stock valued at $3,154,000 after buying an additional 3,277 shares during the last quarter. 27.12% of the stock is owned by hedge funds and other institutional investors.

Omega Flex Company Profile (NASDAQ:OFLX)

Omega Flex, Inc, together with its subsidiaries, manufactures and sells flexible metal hoses and accessories in the United States and internationally. It offers flexible gas piping for use in residential and commercial buildings, as well as its fittings; and corrugated medical tubing for use in hospitals, ambulatory care centers, dental, physician and veterinary clinics, laboratories, and other facilities.

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