Dana Investment Advisors Inc. Trims Stock Holdings in Clearfield, Inc. (NASDAQ:CLFD)

Dana Investment Advisors Inc. lessened its stake in shares of Clearfield, Inc. (NASDAQ:CLFD) by 11.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 143,419 shares of the communications equipment provider’s stock after selling 18,084 shares during the quarter. Dana Investment Advisors Inc.’s holdings in Clearfield were worth $5,530,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Nordea Investment Management AB grew its holdings in shares of Clearfield by 172.9% during the first quarter. Nordea Investment Management AB now owns 113,904 shares of the communications equipment provider’s stock worth $3,531,000 after buying an additional 72,164 shares in the last quarter. Harber Asset Management LLC purchased a new stake in Clearfield in the 4th quarter worth approximately $4,310,000. Vanguard Group Inc. raised its holdings in Clearfield by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 1,012,432 shares of the communications equipment provider’s stock valued at $31,223,000 after acquiring an additional 14,307 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new position in shares of Clearfield during the 2nd quarter worth $835,000. Finally, Divisadero Street Capital Management LP purchased a new position in shares of Clearfield during the 2nd quarter worth $7,801,000. Institutional investors and hedge funds own 88.73% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on CLFD shares. StockNews.com upgraded Clearfield to a “sell” rating in a research note on Monday, August 5th. Needham & Company LLC restated a “buy” rating and issued a $50.00 price target on shares of Clearfield in a report on Tuesday, September 24th. Lake Street Capital upgraded shares of Clearfield from a “hold” rating to a “buy” rating and increased their price objective for the stock from $31.00 to $47.00 in a report on Friday, August 2nd. Northland Securities raised their target price on shares of Clearfield from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Roth Mkm dropped their price target on shares of Clearfield from $47.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Clearfield presently has an average rating of “Moderate Buy” and an average price target of $46.75.

Clearfield Stock Performance

Shares of NASDAQ:CLFD opened at $38.02 on Wednesday. The business has a 50-day moving average of $38.75 and a two-hundred day moving average of $36.34. The firm has a market capitalization of $541.14 million, a PE ratio of -152.08 and a beta of 1.34. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.38 and a quick ratio of 5.73. Clearfield, Inc. has a 12 month low of $22.91 and a 12 month high of $44.83.

Clearfield (NASDAQ:CLFD) last issued its earnings results on Thursday, August 1st. The communications equipment provider reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.30. Clearfield had a negative return on equity of 3.06% and a negative net margin of 5.26%. The business had revenue of $48.79 million during the quarter, compared to analysts’ expectations of $42.13 million. During the same quarter in the previous year, the business earned $0.33 EPS. The company’s revenue for the quarter was down 20.4% on a year-over-year basis. As a group, research analysts forecast that Clearfield, Inc. will post -0.98 earnings per share for the current year.

Insiders Place Their Bets

In other Clearfield news, Director Walter Louis Jones, Jr. bought 1,324 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were acquired at an average price of $37.77 per share, with a total value of $50,007.48. Following the purchase, the director now owns 6,061 shares in the company, valued at approximately $228,923.97. The purchase was disclosed in a document filed with the SEC, which is available through this link. 16.00% of the stock is owned by insiders.

Clearfield Company Profile

Clearfield, Inc manufactures and sells various fiber connectivity products in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures; WaveSmart, an optical components integrated for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation for integration within its fiber management platform; and active cabinet products.