Clearfield (NASDAQ:CLFD) Upgraded at StockNews.com

StockNews.com upgraded shares of Clearfield (NASDAQ:CLFD) from a sell rating to a hold rating in a research note released on Thursday morning.

Several other brokerages have also commented on CLFD. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price objective on shares of Clearfield in a research report on Tuesday, September 24th. Lake Street Capital upgraded Clearfield from a “hold” rating to a “buy” rating and raised their price target for the stock from $31.00 to $47.00 in a research report on Friday, August 2nd. Northland Securities raised their price target on Clearfield from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Roth Mkm reduced their price target on Clearfield from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Clearfield currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.75.

Clearfield Price Performance

Shares of NASDAQ:CLFD traded down $2.06 on Thursday, hitting $34.74. The company’s stock had a trading volume of 336,144 shares, compared to its average volume of 155,975. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.38 and a quick ratio of 5.73. The company has a market capitalization of $494.70 million, a PE ratio of -55.66 and a beta of 1.35. The company has a 50-day simple moving average of $37.55 and a 200 day simple moving average of $37.61. Clearfield has a 1 year low of $23.45 and a 1 year high of $44.83.

Clearfield (NASDAQ:CLFD) last announced its quarterly earnings data on Thursday, November 7th. The communications equipment provider reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.13. The firm had revenue of $46.80 million for the quarter, compared to analyst estimates of $41.95 million. Clearfield had a negative return on equity of 3.06% and a negative net margin of 5.26%. The company’s revenue was down 5.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.17 EPS. Sell-side analysts forecast that Clearfield will post -0.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Clearfield

A number of large investors have recently made changes to their positions in CLFD. Divisadero Street Capital Management LP bought a new stake in shares of Clearfield in the 2nd quarter worth approximately $7,801,000. Dimensional Fund Advisors LP grew its position in shares of Clearfield by 83.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 228,173 shares of the communications equipment provider’s stock worth $8,798,000 after buying an additional 103,648 shares during the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of Clearfield by 12.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 249,087 shares of the communications equipment provider’s stock valued at $9,704,000 after purchasing an additional 27,178 shares during the period. Concurrent Investment Advisors LLC purchased a new position in shares of Clearfield in the 2nd quarter valued at approximately $835,000. Finally, Teton Advisors Inc. purchased a new position in shares of Clearfield in the 1st quarter valued at approximately $555,000. 88.73% of the stock is currently owned by 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.