Clearfield (NASDAQ:CLFD) Posts Earnings Results, Beats Estimates By $0.13 EPS

Clearfield (NASDAQ:CLFD) posted its quarterly earnings results on Thursday. The communications equipment provider reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.13, Briefing.com reports. The company had revenue of $36.90 million for the quarter, compared to the consensus estimate of $31.25 million. Clearfield had a return on equity of 4.22% and a net margin of 6.00%. The firm’s quarterly revenue was down 43.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.67 EPS. Clearfield updated its Q3 guidance to ($0.38)-($0.31) EPS.

Clearfield Stock Up 13.2 %

Clearfield stock traded up $4.22 during mid-day trading on Friday, hitting $36.13. 687,406 shares of the company’s stock were exchanged, compared to its average volume of 207,290. The firm has a market capitalization of $531.36 million, a P/E ratio of 44.06 and a beta of 1.33. Clearfield has a fifty-two week low of $22.91 and a fifty-two week high of $50.82. The company’s 50 day simple moving average is $29.81 and its 200-day simple moving average is $28.09.

Insider Buying and Selling

In other news, Chairman Ronald G. Roth bought 2,000 shares of the stock in a transaction on Friday, February 23rd. The stock was purchased at an average price of $29.62 per share, for a total transaction of $59,240.00. Following the acquisition, the chairman now owns 1,259,796 shares in the company, valued at $37,315,157.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 16.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CLFD has been the topic of a number of analyst reports. Roth Mkm reissued a “buy” rating and issued a $47.00 price target on shares of Clearfield in a research note on Wednesday. Needham & Company LLC increased their price target on Clearfield from $36.00 to $42.00 and gave the company a “buy” rating in a research note on Friday. Finally, Northland Securities raised Clearfield from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $25.00 to $40.00 in a research note on Friday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $42.40.

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.