Clearfield (NASDAQ:CLFD) Receives “Buy” Rating from Roth Mkm

Roth Mkm reaffirmed their buy rating on shares of Clearfield (NASDAQ:CLFD) in a research note published on Wednesday, Benzinga reports. They currently have a $47.00 price target on the communications equipment provider’s stock.

Separately, Needham & Company LLC reiterated a buy rating and issued a $36.00 target price on shares of Clearfield in a research report on Wednesday, April 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Clearfield currently has an average rating of Hold and an average price target of $42.20.

Clearfield Stock Up 2.7 %

Shares of NASDAQ:CLFD opened at $30.94 on Wednesday. The stock has a market cap of $455.13 million, a PE ratio of 37.73 and a beta of 1.32. The company’s fifty day moving average is $29.76 and its 200 day moving average is $28.07. Clearfield has a 52 week low of $22.91 and a 52 week high of $50.82.

Clearfield (NASDAQ:CLFD) last issued its earnings results on Thursday, February 1st. The communications equipment provider reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.05. The company had revenue of $34.20 million for the quarter, compared to analysts’ expectations of $29.88 million. Clearfield had a net margin of 6.00% and a return on equity of 4.22%. The firm’s revenue was down 60.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.00 EPS. Sell-side analysts anticipate that Clearfield will post -1.03 EPS for the current year.

Insider Buying and Selling at Clearfield

In other news, Chairman Ronald G. Roth acquired 2,000 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were purchased at an average price of $29.62 per share, for a total transaction of $59,240.00. Following the completion of the transaction, the chairman now owns 1,259,796 shares of the company’s stock, valued at $37,315,157.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Clearfield

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Clearfield by 0.9% in the third quarter. Vanguard Group Inc. now owns 1,160,764 shares of the communications equipment provider’s stock valued at $33,267,000 after acquiring an additional 10,370 shares during the period. Boston Partners raised its stake in Clearfield by 122.2% in the fourth quarter. Boston Partners now owns 830,783 shares of the communications equipment provider’s stock worth $23,784,000 after buying an additional 456,879 shares in the last quarter. ACK Asset Management LLC bought a new position in Clearfield in the fourth quarter worth about $13,025,000. Federated Hermes Inc. raised its stake in Clearfield by 1,247.7% in the fourth 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 in the last quarter. Finally, Smith Graham & Co. Investment Advisors LP bought a new position in Clearfield in the fourth quarter worth about $5,148,000. Hedge funds and other institutional investors own 88.73% of the company’s stock.

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.