Clearfield (NASDAQ:CLFD) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of Clearfield (NASDAQ:CLFD) from a sell rating to a hold rating in a research note published on Friday.

Separately, Needham & Company LLC reissued a “buy” rating and issued a $50.00 target price on shares of Clearfield in a research note on Friday, November 8th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $46.75.

Clearfield Trading Up 3.6 %

NASDAQ CLFD opened at $30.61 on Friday. The company has a market capitalization of $437.39 million, a price-to-earnings ratio of -36.01 and a beta of 1.28. The stock’s 50-day simple moving average is $34.27 and its two-hundred day simple moving average is $37.16. The company has a quick ratio of 6.69, a current ratio of 9.43 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.

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

Insider Buying and Selling at Clearfield

In other news, Chairman Ronald G. Roth purchased 5,000 shares of Clearfield stock in a transaction that occurred on Thursday, December 5th. The shares were bought at an average cost of $31.00 per share, with a total value of $155,000.00. Following the completion of the purchase, the chairman now directly owns 1,266,796 shares in the company, valued at approximately $39,270,676. This trade represents a 0.40 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 16.00% of the company’s stock.

Institutional Trading of Clearfield

Hedge funds have recently modified their holdings of the business. Barclays PLC increased its stake in shares of Clearfield by 164.2% in the 3rd quarter. Barclays PLC now owns 87,971 shares of the communications equipment provider’s stock worth $3,428,000 after acquiring an additional 54,670 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Clearfield by 2.7% in the third quarter. Janus Henderson Group PLC now owns 30,062 shares of the communications equipment provider’s stock worth $1,171,000 after purchasing an additional 794 shares during the period. Quantbot Technologies LP bought a new position in shares of Clearfield during the third quarter valued at approximately $53,000. Truvestments Capital LLC purchased a new position in shares of Clearfield during the third quarter valued at approximately $80,000. Finally, Segall Bryant & Hamill LLC boosted its position in shares of Clearfield by 12.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 249,087 shares of the communications equipment provider’s stock worth $9,704,000 after purchasing an additional 27,178 shares in the last quarter. Institutional investors own 88.73% of the company’s stock.

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.