Bank of New York Mellon Corp Decreases Position in Clearfield, Inc. (NASDAQ:CLFD)

Bank of New York Mellon Corp trimmed its holdings in shares of Clearfield, Inc. (NASDAQ:CLFD) by 24.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,619 shares of the communications equipment provider’s stock after selling 12,498 shares during the quarter. Bank of New York Mellon Corp owned 0.27% of Clearfield worth $1,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Skylands Capital LLC purchased a new stake in Clearfield during the 4th quarter worth approximately $645,000. Drum Hill Capital LLC purchased a new stake in shares of Clearfield during the fourth quarter valued at $1,539,000. SG Americas Securities LLC grew its holdings in shares of Clearfield by 45.5% during the fourth quarter. SG Americas Securities LLC now owns 5,297 shares of the communications equipment provider’s stock valued at $164,000 after buying an additional 1,656 shares during the last quarter. Barclays PLC increased its position in shares of Clearfield by 164.2% in the 3rd quarter. Barclays PLC now owns 87,971 shares of the communications equipment provider’s stock valued at $3,428,000 after acquiring an additional 54,670 shares during the period. Finally, Janus Henderson Group PLC raised its stake in Clearfield by 2.7% in the 3rd quarter. Janus Henderson Group PLC now owns 30,062 shares of the communications equipment provider’s stock worth $1,171,000 after acquiring an additional 794 shares during the last quarter. 88.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CLFD has been the topic of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price target on shares of Clearfield in a research note on Friday, February 7th. StockNews.com upgraded Clearfield from a “sell” rating to a “hold” rating in a research report on Monday, February 10th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.75.

Insider Activity

In other news, COO John P. Hill sold 16,539 shares of the stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $33.26, for a total transaction of $550,087.14. Following the sale, the chief operating officer now directly owns 189,886 shares of the company’s stock, valued at $6,315,608.36. This represents a 8.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 17.80% of the company’s stock.

Clearfield Price Performance

Shares of CLFD opened at $31.87 on Tuesday. The business’s 50-day moving average is $33.70 and its two-hundred day moving average is $34.22. The company has a market capitalization of $450.39 million, a P/E ratio of -50.59 and a beta of 1.26. Clearfield, Inc. has a fifty-two week low of $26.94 and a fifty-two week high of $44.83. The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.41 and a current ratio of 10.57.

Clearfield (NASDAQ:CLFD) last posted its earnings results on Thursday, February 6th. The communications equipment provider reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.13. Clearfield had a negative return on equity of 3.31% and a negative net margin of 5.41%. Research analysts predict that Clearfield, Inc. will post -0.29 earnings per share for the current year.

Clearfield 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.