StockNews.com Upgrades Clearfield (NASDAQ:CLFD) to Hold

Clearfield (NASDAQ:CLFD) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

Other analysts have also issued research reports about the company. 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 report on Friday, August 2nd. Northland Securities upped their price objective on Clearfield from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and set a $50.00 target price on shares of Clearfield in a research report on Tuesday, September 24th. Finally, Roth Mkm reduced their target price on Clearfield from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Clearfield presently has an average rating of “Moderate Buy” and a consensus target price of $46.75.

Clearfield Price Performance

CLFD stock traded up $0.52 during midday trading on Tuesday, reaching $36.57. The stock had a trading volume of 82,616 shares, compared to its average volume of 159,180. The company’s fifty day simple moving average is $37.91 and its 200 day simple moving average is $36.85. The company has a current ratio of 8.38, a quick ratio of 5.73 and a debt-to-equity ratio of 0.01. The company has a market cap of $520.50 million, a price-to-earnings ratio of -146.28 and a beta of 1.34. Clearfield has a 52-week low of $22.91 and a 52-week high of $44.83.

Clearfield (NASDAQ:CLFD) last issued its quarterly earnings data 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. The firm had revenue of $48.79 million during the quarter, compared to the consensus estimate of $42.13 million. Clearfield had a negative return on equity of 3.06% and a negative net margin of 5.26%. The company’s quarterly revenue was down 20.4% on a year-over-year basis. During the same period last year, the company earned $0.33 EPS. As a group, sell-side analysts predict that Clearfield will post -0.98 earnings per share for the current fiscal year.

Insider Transactions at Clearfield

In related news, Director Walter Louis Jones, Jr. purchased 1,324 shares of the stock in a transaction dated Wednesday, August 7th. The stock was bought at an average cost of $37.77 per share, for a total transaction of $50,007.48. Following the completion of the acquisition, the director now owns 6,061 shares of the company’s stock, valued at approximately $228,923.97. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Divisadero Street Capital Management LP purchased a new stake in Clearfield in the second quarter worth about $7,801,000. Dimensional Fund Advisors LP raised its position in shares of Clearfield by 83.2% during the 2nd 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. Nordea Investment Management AB grew its stake in Clearfield by 172.9% during the first quarter. Nordea Investment Management AB now owns 113,904 shares of the communications equipment provider’s stock valued at $3,531,000 after acquiring an additional 72,164 shares in the last quarter. Concurrent Investment Advisors LLC purchased a new position in shares of Clearfield in the 2nd quarter worth $835,000. Finally, Teton Advisors Inc. purchased a new position in shares of Clearfield in the 1st quarter worth $555,000. 88.73% of the stock is owned by institutional investors.

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.