StockNews.com Downgrades Clearfield (NASDAQ:CLFD) to Sell

Clearfield (NASDAQ:CLFD) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

Separately, Needham & Company LLC reiterated a “buy” rating and set a $50.00 price objective on shares of Clearfield in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.75.

Clearfield Stock Performance

Shares of NASDAQ CLFD opened at $32.63 on Friday. The firm’s 50-day moving average price is $33.86 and its 200-day moving average price is $37.05. Clearfield has a 52-week low of $24.78 and a 52-week high of $44.83. The company has a market cap of $466.28 million, a PE ratio of -38.39 and a beta of 1.28. The company has a quick ratio of 6.69, a current ratio of 9.43 and a debt-to-equity ratio of 0.01.

Clearfield (NASDAQ:CLFD) last issued its earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.13. The company had revenue of $46.80 million for the quarter, compared to analysts’ expectations of $41.95 million. Clearfield had a negative net margin of 7.47% and a negative return on equity of 4.41%. The firm’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter last year, the company posted $0.17 earnings per share. As a group, analysts anticipate that Clearfield will post -0.16 EPS for the current year.

Insider Activity at Clearfield

In other news, Chairman Ronald G. Roth bought 5,000 shares of Clearfield stock in a transaction dated Thursday, December 5th. The shares were purchased at an average cost of $31.00 per share, with a total value of $155,000.00. Following the completion of the acquisition, the chairman now owns 1,266,796 shares of the company’s stock, valued at $39,270,676. This trade represents a 0.40 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 16.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Clearfield

Institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in shares of Clearfield by 7.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,536 shares of the communications equipment provider’s stock valued at $233,000 after acquiring an additional 510 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Clearfield in the 2nd quarter worth $130,000. SummerHaven Investment Management LLC grew its stake in shares of Clearfield by 2.7% in 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 in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Clearfield by 12.0% in 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 last quarter. Finally, Shaker Investments LLC OH raised its position in shares of Clearfield by 33.0% during the 2nd quarter. Shaker Investments LLC OH now owns 33,843 shares of the communications equipment provider’s stock valued at $1,305,000 after buying an additional 8,388 shares in the last quarter. Hedge funds and other institutional investors own 88.73% of the company’s stock.

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.