Clearfield (NASDAQ:CLFD) Stock Price Down 5.5%

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

Analyst Ratings Changes

CLFD has been the subject of several recent research reports. Northland Securities raised shares of Clearfield from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $25.00 to $40.00 in a report on Friday, May 3rd. Roth Mkm reissued a “buy” rating and issued a $47.00 target price on shares of Clearfield in a research note on Wednesday, May 1st. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 target price on shares of Clearfield in a report on Thursday, May 16th. Finally, StockNews.com raised shares of Clearfield to a “sell” rating in a research report on Friday, June 21st. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Clearfield presently has an average rating of “Hold” and a consensus price target of $43.50.

Clearfield Trading Up 2.0 %

The company’s 50 day simple moving average is $36.69 and its 200 day simple moving average is $31.64. The stock has a market capitalization of $532.91 million, a PE ratio of -146.92 and a beta of 1.39.

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

Insider Activity at Clearfield

In related news, Chairman Ronald G. Roth acquired 2,000 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was purchased at an average cost of $36.40 per share, for a total transaction of $72,800.00. Following the purchase, the chairman now directly owns 1,261,796 shares in the company, valued at $45,929,374.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 16.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Clearfield

Several hedge funds have recently bought and sold shares of CLFD. Smith Graham & Co. Investment Advisors LP acquired a new stake in Clearfield in the 4th quarter valued at approximately $5,148,000. Federated Hermes Inc. grew its position in shares of Clearfield by 1,247.7% during the 4th quarter. Federated Hermes Inc. now owns 210,717 shares of the communications equipment provider’s stock worth $6,128,000 after buying an additional 195,082 shares during the period. Harber Asset Management LLC acquired a new stake in Clearfield during the 4th quarter worth $4,310,000. Boston Partners boosted its stake in Clearfield by 122.2% in the 4th quarter. Boston Partners now owns 830,783 shares of the communications equipment provider’s stock worth $23,784,000 after purchasing an additional 456,879 shares during the period. Finally, Focus Financial Network Inc. ADV bought a new stake in Clearfield in the 4th quarter valued at approximately $349,000. 88.73% of the stock is owned by hedge funds and other 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.