Clearfield (NASDAQ:CLFD) Rating Increased to Hold at StockNews.com

Clearfield (NASDAQ:CLFD) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.

Several other analysts have also recently issued reports on the company. Roth Mkm decreased their price objective on Clearfield from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Northland Securities upped their price target on shares of Clearfield from $40.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Lake Street Capital raised shares of Clearfield from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $31.00 to $47.00 in a research note on Friday, August 2nd. Finally, Needham & Company LLC restated a “buy” rating and set a $50.00 target price on shares of Clearfield in a research report on Tuesday, September 24th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Clearfield has an average rating of “Moderate Buy” and a consensus target price of $46.75.

Clearfield Stock Performance

Shares of NASDAQ CLFD opened at $34.20 on Thursday. The firm’s fifty day moving average is $37.49 and its two-hundred day moving average is $37.65. Clearfield has a 52-week low of $23.45 and a 52-week high of $44.83. The company has a market cap of $487.01 million, a P/E ratio of -55.16 and a beta of 1.35. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.73 and a current ratio of 8.38.

Clearfield (NASDAQ:CLFD) last issued its earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.13. Clearfield had a negative return on equity of 3.06% and a negative net margin of 5.26%. The firm had revenue of $46.80 million for the quarter, compared to analysts’ expectations of $41.95 million. During the same period in the previous year, the firm posted $0.17 earnings per share. The business’s revenue was down 5.8% compared to the same quarter last year. As a group, analysts anticipate that Clearfield will post -0.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Clearfield

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Redwood Wealth Management Group LLC purchased a new position in shares of Clearfield during the 2nd quarter worth about $75,000. Canada Pension Plan Investment Board bought a new stake in Clearfield in the second quarter worth about $85,000. SG Americas Securities LLC purchased a new position in shares of Clearfield during the second quarter valued at approximately $130,000. Squarepoint Ops LLC bought a new position in shares of Clearfield during the second quarter valued at approximately $217,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Clearfield by 7.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,536 shares of the communications equipment provider’s stock worth $233,000 after buying an additional 510 shares during the period. Hedge funds and other institutional investors own 88.73% of the company’s stock.

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.