Clearfield (NASDAQ:CLFD) Upgraded to Hold at StockNews.com

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

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

Clearfield Stock Performance

Shares of NASDAQ CLFD opened at $33.22 on Friday. The stock has a market cap of $474.68 million, a price-to-earnings ratio of -39.08 and a beta of 1.27. 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 1-year low of $24.78 and a 1-year high of $44.83. The stock’s 50-day moving average is $32.04 and its 200 day moving average is $36.18.

Clearfield (NASDAQ:CLFD) last announced its quarterly earnings data on Thursday, November 7th. The communications equipment provider reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.13. Clearfield had a negative return on equity of 4.41% and a negative net margin of 7.47%. The company had revenue of $46.80 million for the quarter, compared to analysts’ expectations of $41.95 million. During the same period last year, the firm posted $0.17 EPS. Clearfield’s revenue for the quarter was down 5.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Clearfield will post -0.16 EPS for the current fiscal year.

Insider Transactions at Clearfield

In other Clearfield news, Chairman Ronald G. Roth acquired 5,000 shares of the business’s stock in a transaction dated Thursday, December 5th. The shares were purchased at an average cost of $31.00 per share, for a total transaction of $155,000.00. Following the transaction, the chairman now owns 1,266,796 shares in the company, valued at $39,270,676. This represents 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 available at the SEC website. Corporate insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Clearfield

Several hedge funds have recently made changes to their positions in CLFD. Quantbot Technologies LP bought a new stake in shares of Clearfield during the third quarter valued at approximately $53,000. Redwood Wealth Management Group LLC bought a new stake in shares of Clearfield during the second quarter valued at approximately $75,000. Truvestments Capital LLC bought a new stake in shares of Clearfield during the third quarter valued at approximately $80,000. Canada Pension Plan Investment Board bought a new stake in shares of Clearfield during the second quarter valued at approximately $85,000. Finally, SG Americas Securities LLC boosted its position in shares of Clearfield by 8.3% during the third quarter. SG Americas Securities LLC now owns 3,641 shares of the communications equipment provider’s stock valued at $142,000 after purchasing an additional 279 shares in the last quarter. 88.73% of the stock is currently owned by institutional investors.

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.