Clearfield (NASDAQ:CLFD – Get a rating) released its quarterly earnings data on Thursday. The communications equipment provider reported earnings per share of $0.66 for the quarter, beating analyst consensus estimates of $0.57 by $0.09, MarketWatch Earnings reports. Clearfield had a return on equity of 27.24% and a net margin of 16.72%. In the same quarter a year earlier, the company posted earnings per share of $0.27.
CLFD stock traded down $0.29 at midday on Friday, hitting $58.23. 315,364 shares of the company were traded, against an average volume of 197,993. The company has a 50-day simple moving average of $61.60 and a two-hundred-day simple moving average of $63.21. The stock has a market capitalization of $801.36 million, a PE ratio of 29.26 and a beta of 1.15. Clearfield has a 1-year low of $32.53 and a 1-year high of $86.71.
CLFD has been the subject of several research reports. Northland Securities raised its price target on Clearfield from $73.00 to $78.00 in a report on Friday. BWS Financial launched coverage on Clearfield in a research report on Wednesday January 19. They set a rating of “sell” and a price target of $37.00 on the stock. StockNews.com launched coverage on Clearfield in a research report on Thursday, March 31. They issued a “hold” rating on the stock. To finish, Zacks Investment Research downgraded Clearfield from a “strong buy” rating to a “hold” rating in a Wednesday, March 30 research report. One research analyst rated the stock with a sell rating, two gave the company’s stock a hold rating and three gave the company’s stock a buy rating. According to data from MarketBeat, Clearfield currently has an average rating of “Hold” and a consensus target price of $55.40.
In other Clearfield news, President Ronald G. Roth bought 2,000 shares of the company in a trade on Wednesday, February 9. The stock was purchased at an average price of $61.84 per share, with a total value of $123,680.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via this hyperlink. 17.40% of the shares are held by insiders of the company.
Hedge funds have recently been buying and selling shares of the company. BlackRock Inc. increased its stake in Clearfield shares by 7.6% in the fourth quarter. BlackRock Inc. now owns 791,624 shares of the communications equipment provider valued at $66,830,000 after buying an additional 55,598 shares last quarter. State Street Corp increased its stake in Clearfield shares by 8.3% in the fourth quarter. State Street Corp now owns 219,195 shares of the communications equipment provider valued at $18,504,000 after buying an additional 16,730 shares last quarter. Invesco Ltd. increased its stake in Clearfield shares by 101.6% in the fourth quarter. Invesco Ltd. now owns 101,359 shares of the communications equipment provider valued at $8,557,000 after purchasing an additional 51,071 shares last quarter. Goldman Sachs Group Inc. increased its stake in Clearfield shares by 30.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 90,135 shares of the communications equipment supplier valued at $7,609,000 after buying an additional 20,979 shares last quarter. Finally, Millennium Management LLC increased its stake in Clearfield shares by 865.5% in the fourth quarter. Millennium Management LLC now owns 43,969 shares of the communications equipment provider valued at $3,712,000 after purchasing an additional 39,415 shares last quarter. 51.55% of the shares are held by institutional investors.
About Clearfield (Get a rating)
Clearfield, Inc. manufactures, markets and sells standard and custom passive connectivity products to fiber markets through to premises, enterprises and original equipment manufacturers in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes and other enclosures.
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