Rhumbline Advisers Sells 14,829 Shares of Clearfield, Inc. (NASDAQ:CLFD)

Rhumbline Advisers decreased its position in shares of Clearfield, Inc. (NASDAQ:CLFD) by 41.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,128 shares of the communications equipment provider’s stock after selling 14,829 shares during the period. Rhumbline Advisers owned approximately 0.15% of Clearfield worth $815,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Concurrent Investment Advisors LLC bought a new position in Clearfield during the 2nd quarter worth $835,000. Shaker Investments LLC OH increased its position in Clearfield by 33.0% during the 2nd quarter. Shaker Investments LLC OH now owns 33,843 shares of the communications equipment provider’s stock worth $1,305,000 after buying an additional 8,388 shares during the period. Bank of New York Mellon Corp increased its position in Clearfield by 12.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 61,205 shares of the communications equipment provider’s stock worth $2,360,000 after buying an additional 6,539 shares during the period. SummerHaven Investment Management LLC increased its position in Clearfield by 2.7% during the 2nd quarter. SummerHaven Investment Management LLC now owns 15,503 shares of the communications equipment provider’s stock worth $598,000 after buying an additional 405 shares during the period. Finally, SG Americas Securities LLC bought a new position in Clearfield during the 2nd quarter worth $130,000. Institutional investors own 88.73% of the company’s stock.

Insider Activity

In other news, Director Walter Louis Jones, Jr. purchased 1,324 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were purchased at an average cost of $37.77 per share, with a total value of $50,007.48. Following the completion of the purchase, the director now owns 6,061 shares of the company’s stock, valued at approximately $228,923.97. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 16.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on CLFD shares. StockNews.com upgraded Clearfield to a “sell” rating in a research report on Monday, August 5th. 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. Roth Mkm decreased 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. Needham & Company LLC raised their price target on Clearfield from $42.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Finally, 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. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Clearfield presently has an average rating of “Moderate Buy” and a consensus target price of $46.75.

Clearfield Stock Performance

Clearfield stock opened at $38.76 on Tuesday. Clearfield, Inc. has a 12-month low of $22.91 and a 12-month high of $44.83. The company has a quick ratio of 5.73, a current ratio of 8.38 and a debt-to-equity ratio of 0.01. The business’s 50-day moving average price is $39.05 and its two-hundred day moving average price is $35.97. The stock has a market cap of $551.67 million, a PE ratio of -155.04 and a beta of 1.34.

Clearfield (NASDAQ:CLFD) last released its earnings results on Thursday, August 1st. The communications equipment provider reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.30. Clearfield had a negative return on equity of 3.06% and a negative net margin of 5.26%. The firm had revenue of $48.79 million for the quarter, compared to analysts’ expectations of $42.13 million. During the same quarter in the previous year, the business posted $0.33 earnings per share. The business’s revenue for the quarter was down 20.4% on a year-over-year basis. As a group, analysts expect that Clearfield, Inc. will post -0.98 earnings per share for the current fiscal year.

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.