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

Omega Flex (NASDAQ:OFLX) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Tuesday.

Omega Flex Price Performance

Omega Flex stock traded down $1.08 during trading hours on Tuesday, hitting $31.11. The company had a trading volume of 24,392 shares, compared to its average volume of 24,263. The firm has a 50-day moving average of $37.21 and a 200 day moving average of $43.53. The firm has a market cap of $314.02 million, a PE ratio of 17.19 and a beta of 0.38. Omega Flex has a one year low of $31.00 and a one year high of $75.15.

Omega Flex (NASDAQ:OFLX) last announced its earnings results on Wednesday, March 5th. The industrial products company reported $0.46 earnings per share for the quarter. The company had revenue of $26.97 million for the quarter. Omega Flex had a return on equity of 22.68% and a net margin of 17.71%.

Institutional Trading of Omega Flex

Several hedge funds and other institutional investors have recently bought and sold shares of OFLX. JPMorgan Chase & Co. lifted its position in shares of Omega Flex by 51.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,512 shares of the industrial products company’s stock valued at $675,000 after acquiring an additional 4,578 shares during the period. State Street Corp lifted its position in Omega Flex by 3.4% during the third quarter. State Street Corp now owns 74,196 shares of the industrial products company’s stock worth $3,729,000 after purchasing an additional 2,433 shares during the period. Geode Capital Management LLC increased its holdings in Omega Flex by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 89,362 shares of the industrial products company’s stock valued at $4,461,000 after buying an additional 2,358 shares during the period. Barclays PLC raised its position in shares of Omega Flex by 405.9% in the 3rd quarter. Barclays PLC now owns 6,450 shares of the industrial products company’s stock valued at $323,000 after buying an additional 5,175 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in shares of Omega Flex during the 4th quarter worth approximately $690,000. Institutional investors and hedge funds 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.