AlphaQuest LLC Has $763,000 Stock Position in Clearfield, Inc. $CLFD

AlphaQuest LLC raised its stake in Clearfield, Inc. (NASDAQ:CLFD) by 2,046.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 17,579 shares of the communications equipment provider’s stock after buying an additional 16,760 shares during the quarter. AlphaQuest LLC’s holdings in Clearfield were worth $763,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. US Bancorp DE increased its position in Clearfield by 705.0% in the 1st quarter. US Bancorp DE now owns 966 shares of the communications equipment provider’s stock valued at $29,000 after acquiring an additional 846 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Clearfield by 2,710.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,855 shares of the communications equipment provider’s stock valued at $55,000 after acquiring an additional 1,789 shares in the last quarter. Strs Ohio acquired a new stake in Clearfield in the 1st quarter valued at about $131,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Clearfield by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,222 shares of the communications equipment provider’s stock valued at $215,000 after acquiring an additional 312 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC acquired a new stake in Clearfield in the 1st quarter valued at about $334,000. Institutional investors and hedge funds own 88.73% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Northland Securities cut shares of Clearfield from an “outperform” rating to a “market perform” rating and set a $45.00 price objective for the company. in a research report on Thursday, August 7th. Wall Street Zen cut shares of Clearfield from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Roth Capital reiterated a “buy” rating on shares of Clearfield in a research report on Thursday, August 7th. Northland Capmk cut shares of Clearfield from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 7th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Clearfield in a research report on Friday. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Clearfield presently has an average rating of “Hold” and an average target price of $47.50.

Clearfield Stock Performance

Shares of NASDAQ CLFD opened at $36.22 on Monday. The stock has a market cap of $500.20 million, a P/E ratio of 3,622.00 and a beta of 1.78. The firm has a 50 day moving average price of $34.01 and a 200 day moving average price of $36.14. Clearfield, Inc. has a 52-week low of $23.78 and a 52-week high of $46.76.

Clearfield (NASDAQ:CLFD) last issued its quarterly earnings data on Wednesday, August 6th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06. The firm had revenue of $49.90 million during the quarter, compared to analysts’ expectations of $47.58 million. Clearfield had a net margin of 0.11% and a return on equity of 0.07%. Analysts predict that Clearfield, Inc. will post -0.29 earnings per share for the current fiscal year.

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.