Clearfield (NASDAQ:CLFD) Upgraded at StockNews.com

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

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

Clearfield Trading Up 3.8 %

NASDAQ CLFD opened at $33.22 on Friday. The firm has a market capitalization of $474.68 million, a P/E ratio of -39.08 and a beta of 1.27. The business has a fifty day simple moving average of $32.04 and a 200 day simple moving average of $36.18. Clearfield has a 12 month low of $24.78 and a 12 month high of $44.83. 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 (NASDAQ:CLFD) last released its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.13. The business had revenue of $46.80 million during the quarter, compared to analyst estimates of $41.95 million. Clearfield had a negative return on equity of 4.41% and a negative net margin of 7.47%. Clearfield’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.17 EPS. On average, analysts predict that Clearfield will post -0.16 EPS for the current fiscal year.

Insider Transactions at Clearfield

In other news, Chairman Ronald G. Roth purchased 5,000 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was bought at an average price of $31.00 per share, for a total transaction of $155,000.00. Following the purchase, the chairman now owns 1,266,796 shares of the company’s stock, valued at $39,270,676. The trade was a 0.40 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 16.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Quantbot Technologies LP bought a new position in shares of Clearfield during the 3rd quarter worth $53,000. Redwood Wealth Management Group LLC purchased a new stake in shares of Clearfield in the 2nd quarter valued at about $75,000. Truvestments Capital LLC purchased a new stake in shares of Clearfield in the 3rd quarter valued at about $80,000. Canada Pension Plan Investment Board purchased a new stake in shares of Clearfield in the 2nd quarter valued at about $85,000. Finally, SG Americas Securities LLC raised its holdings in shares of Clearfield by 8.3% in the 3rd quarter. SG Americas Securities LLC now owns 3,641 shares of the communications equipment provider’s stock valued at $142,000 after acquiring an additional 279 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.