Clearfield (NASDAQ:CLFD) Trading Down 5.5%

Shares of Clearfield, Inc. (NASDAQ:CLFD) traded down 5.5% on Monday . The stock traded as low as $36.38 and last traded at $36.44. 49,327 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 192,586 shares. The stock had previously closed at $38.56.

Analyst Ratings Changes

Several equities analysts recently issued reports on CLFD shares. Needham & Company LLC reissued a “buy” rating and set a $42.00 price objective on shares of Clearfield in a research note on Thursday, May 16th. Northland Securities raised shares of Clearfield from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $25.00 to $40.00 in a research note on Friday, May 3rd. StockNews.com raised shares of Clearfield to a “sell” rating in a research report on Friday, June 21st. Finally, Roth Mkm reaffirmed a “buy” rating and set a $47.00 price target on shares of Clearfield in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Clearfield currently has a consensus rating of “Hold” and a consensus price target of $43.50.

Clearfield Stock Performance

The stock has a fifty day simple moving average of $36.69 and a two-hundred day simple moving average of $31.64. The stock has a market cap of $532.91 million, a PE ratio of -146.92 and a beta of 1.39.

Clearfield (NASDAQ:CLFD) last posted its quarterly earnings data on Thursday, May 2nd. The communications equipment provider reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.13. Clearfield had a negative net margin of 1.79% and a negative return on equity of 1.08%. The company had revenue of $36.90 million during the quarter, compared to analysts’ expectations of $31.25 million. During the same period in the prior year, the company posted $0.67 EPS. The firm’s revenue for the quarter was down 43.1% on a year-over-year basis. On average, equities analysts predict that Clearfield, Inc. will post -1.26 EPS for the current fiscal year.

Insider Activity

In other Clearfield news, Chairman Ronald G. Roth acquired 2,000 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was purchased at an average price of $36.40 per share, with a total value of $72,800.00. Following the completion of the acquisition, the chairman now directly owns 1,261,796 shares in the company, valued at approximately $45,929,374.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Clearfield

Several institutional investors have recently made changes to their positions in the stock. Principal Securities Inc. bought a new stake in shares of Clearfield during the 4th quarter worth about $25,000. Parkside Financial Bank & Trust boosted its stake in Clearfield by 134.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,130 shares of the communications equipment provider’s stock valued at $33,000 after purchasing an additional 648 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Clearfield by 70.4% during the 4th quarter. Victory Capital Management Inc. now owns 2,082 shares of the communications equipment provider’s stock valued at $61,000 after purchasing an additional 860 shares during the period. CWM LLC raised its stake in shares of Clearfield by 28.1% in the 4th quarter. CWM LLC now owns 2,936 shares of the communications equipment provider’s stock worth $85,000 after buying an additional 644 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Clearfield by 11.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,712 shares of the communications equipment provider’s stock valued at $108,000 after buying an additional 389 shares during the period. 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.