OFLX - 1 Magnificent Dividend Stock Down 23% to Buy in 2024 and Hold Forever
2024-01-05 05:47:00 ET
As a leader in the wild world of flexible metal hoses and piping, Omega Flex (NASDAQ: OFLX) may not jump out at investors as a stock screaming " multibagger potential ." Nevertheless, since its initial public offering in 2005, Omega Flex has proven to be a quiet multibagger, delivering total returns above 800% -- a 13% annualized rate.
Despite this incredible run, no Wall Street analysts actively follow the stock, leaving the $700 million business somewhat unknown.
However, with its share price now down over 45% from its 52-week highs due to the ongoing softness in the United States housing industry, Omega Flex is quickly becoming one of my favorite dividend stocks to buy in 2024.
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1 Magnificent Dividend Stock Down 23% to Buy in 2024 and Hold Forever