Clearfield (NASDAQ:CLFD) Cut to Sell at StockNews.com

Clearfield (NASDAQ:CLFD) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

A number of other analysts have also recently issued reports on CLFD. Lake Street Capital raised Clearfield from a “hold” rating to a “buy” rating and upped their target price for the company from $31.00 to $47.00 in a research report on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price objective on shares of Clearfield in a report on Friday, November 8th. Roth Mkm cut their target price on shares of Clearfield from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Northland Securities increased their price target on shares of Clearfield from $40.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.75.

Clearfield Stock Up 1.0 %

CLFD stock opened at $30.90 on Wednesday. The stock has a market cap of $441.53 million, a P/E ratio of -36.35 and a beta of 1.35. The company has a current ratio of 9.43, a quick ratio of 6.69 and a debt-to-equity ratio of 0.01. Clearfield has a twelve month low of $24.78 and a twelve month high of $44.83. The company’s 50 day moving average is $35.64 and its two-hundred day moving average is $37.51.

Clearfield (NASDAQ:CLFD) last announced its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.13. Clearfield had a negative net margin of 7.47% and a negative return on equity of 4.41%. The firm had revenue of $46.80 million for the quarter, compared to analyst estimates of $41.95 million. During the same period last year, the business earned $0.17 EPS. Clearfield’s revenue for the quarter was down 5.8% compared to the same quarter last year. Research analysts expect that Clearfield will post -0.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Clearfield

Several hedge funds have recently modified their holdings of CLFD. Vanguard Group Inc. raised its position in Clearfield by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 1,012,432 shares of the communications equipment provider’s stock worth $31,223,000 after buying an additional 14,307 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in shares of Clearfield during the second quarter worth about $835,000. Creative Planning raised its holdings in Clearfield by 2.5% during the second quarter. Creative Planning now owns 98,088 shares of the communications equipment provider’s stock worth $3,782,000 after purchasing an additional 2,426 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Clearfield by 83.2% in the second quarter. Dimensional Fund Advisors LP now owns 228,173 shares of the communications equipment provider’s stock valued at $8,798,000 after purchasing an additional 103,648 shares during the period. Finally, Select Equity Group L.P. purchased a new stake in Clearfield in the 2nd quarter valued at approximately $453,000. 88.73% of the stock is owned by institutional investors and hedge funds.

About Clearfield

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.