Northland Securities set a $15.00 price objective on Clearfield, Inc. (NASDAQ:CLFD) in a report released on Saturday, July 29th. The firm currently has a buy rating on the communications equipment provider’s stock.
Separately, Zacks Investment Research upgraded Clearfield from a sell rating to a hold rating in a research report on Tuesday, June 27th.
Clearfield (CLFD) opened at 11.50 on Friday. The stock’s 50 day moving average price is $12.59 and its 200 day moving average price is $14.60. The company has a market capitalization of $160.24 million, a P/E ratio of 29.64 and a beta of 1.25. Clearfield has a one year low of $11.00 and a one year high of $21.60.
Clearfield (NASDAQ:CLFD) last announced its quarterly earnings results on Thursday, July 27th. The communications equipment provider reported $0.06 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by $0.06. Clearfield had a return on equity of 8.12% and a net margin of 6.87%. The business had revenue of $19.61 million for the quarter, compared to analysts’ expectations of $22.90 million. During the same period last year, the firm earned $0.16 earnings per share. The firm’s quarterly revenue was down 9.2% on a year-over-year basis. Equities analysts anticipate that Clearfield will post $0.25 EPS for the current fiscal year.
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Clearfield announced that its board has initiated a share repurchase plan on Thursday, April 27th that authorizes the company to repurchase $4.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to reacquire up to 1.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.
In related news, Chairman Ronald G. Roth bought 5,000 shares of Clearfield stock in a transaction that occurred on Tuesday, August 1st. The shares were purchased at an average price of $11.45 per share, with a total value of $57,250.00. Following the purchase, the chairman now owns 1,224,484 shares in the company, valued at $14,020,341.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 18.30% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company raised its stake in Clearfield by 4.5% in the second quarter. The Manufacturers Life Insurance Company now owns 9,905 shares of the communications equipment provider’s stock worth $131,000 after buying an additional 424 shares during the last quarter. State Street Corp raised its stake in Clearfield by 7.5% in the second quarter. State Street Corp now owns 167,057 shares of the communications equipment provider’s stock worth $2,204,000 after buying an additional 11,632 shares during the last quarter. Royal Bank of Canada raised its stake in Clearfield by 12.5% in the second quarter. Royal Bank of Canada now owns 26,485 shares of the communications equipment provider’s stock worth $350,000 after buying an additional 2,941 shares during the last quarter. Worth Venture Partners LLC bought a new stake in Clearfield during the second quarter worth about $353,000. Finally, OxFORD Asset Management LLP raised its stake in Clearfield by 21.8% in the second quarter. OxFORD Asset Management LLP now owns 17,789 shares of the communications equipment provider’s stock worth $235,000 after buying an additional 3,187 shares during the last quarter. 27.39% of the stock is currently owned by hedge funds and other institutional investors.
Clearfield Company Profile
Clearfield, Inc manufactures, markets and sells fiber management and enclosure platform that consolidates, distributes and protects fiber as it moves from the inside plant to the outside plant and all the way to the home, business and cell site. The Company’s products include Clearview Cassette, which is the building block of its product platform; Connectivity and Optical Components; FieldSmart, which is a series of panels, cabinets, wall boxes and other enclosures that house the Clearview components; FieldShield, which is a fiber delivery method for broadband deployment; CraftSmart, which is a line of optical protection field enclosures, and Cable Assemblies.
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