Clearfield (NASDAQ:CLFD) Releases Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Clearfield (NASDAQ:CLFD) posted its quarterly earnings results on Thursday. The communications equipment provider reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.53) by $0.13, Briefing.com reports. Clearfield had a negative return on equity of 1.06% and a negative net margin of 1.79%. The firm had revenue of $36.90 million during the quarter, compared to analyst estimates of $31.25 million. During the same quarter in the previous year, the firm earned $0.67 EPS. Clearfield’s quarterly revenue was down 43.1% compared to the same quarter last year. Clearfield updated its Q3 guidance to ($0.38)-($0.31) EPS.

Clearfield Stock Up 13.2 %

CLFD opened at $36.13 on Friday. The stock has a market capitalization of $531.47 million, a price-to-earnings ratio of -144.52 and a beta of 1.33. The firm has a 50 day moving average price of $29.95 and a 200-day moving average price of $28.17. Clearfield has a twelve month low of $22.91 and a twelve month high of $50.82.

Insider Activity at Clearfield

In related news, Chairman Ronald G. Roth bought 2,000 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was acquired at an average price of $29.62 per share, with a total value of $59,240.00. Following the transaction, the chairman now owns 1,259,796 shares in the company, valued at approximately $37,315,157.52. 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 owned by insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on CLFD shares. Needham & Company LLC upped their target price on shares of Clearfield from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday. Roth Mkm restated a “buy” rating and issued a $47.00 price objective on shares of Clearfield in a report on Wednesday. Finally, Northland Securities upgraded Clearfield from a “market perform” rating to an “outperform” rating and increased their target price for the company from $25.00 to $40.00 in a research note on Friday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Clearfield presently has a consensus rating of “Hold” and an average price target of $42.40.

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.