Renaissance Technologies LLC raised its stake in Clearfield, Inc. (NASDAQ:CLFD) by 8.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 517,286 shares of the communications equipment provider’s stock after buying an additional 42,087 shares during the period. Renaissance Technologies LLC owned approximately 3.81% of Clearfield worth $8,509,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in the company. State Street Corp raised its position in shares of Clearfield by 8.6% in the fourth quarter. State Street Corp now owns 154,909 shares of the communications equipment provider’s stock valued at $3,205,000 after buying an additional 12,300 shares during the last quarter. Thomson Horstmann & Bryant Inc. raised its position in shares of Clearfield by 35.7% in the first quarter. Thomson Horstmann & Bryant Inc. now owns 569,695 shares of the communications equipment provider’s stock valued at $9,371,000 after buying an additional 149,980 shares during the last quarter. American International Group Inc. raised its position in shares of Clearfield by 7.0% in the first quarter. American International Group Inc. now owns 7,048 shares of the communications equipment provider’s stock valued at $116,000 after buying an additional 461 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Clearfield by 12.7% in the first quarter. Vanguard Group Inc. now owns 447,606 shares of the communications equipment provider’s stock valued at $7,363,000 after buying an additional 50,391 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Clearfield by 8.4% in the first quarter. Geode Capital Management LLC now owns 91,098 shares of the communications equipment provider’s stock valued at $1,498,000 after buying an additional 7,038 shares during the last quarter. 27.39% of the stock is owned by hedge funds and other institutional investors.
Clearfield, Inc. (NASDAQ CLFD) traded up 1.74% during mid-day trading on Friday, reaching $11.70. The company’s stock had a trading volume of 40,739 shares. Clearfield, Inc. has a 52-week low of $11.00 and a 52-week high of $21.60. The company has a 50 day moving average of $12.55 and a 200-day moving average of $14.55. The stock has a market cap of $163.03 million, a PE ratio of 30.15 and a beta of 1.25.
Clearfield (NASDAQ:CLFD) last released its quarterly earnings data on Thursday, July 27th. The communications equipment provider reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by $0.06. Clearfield had a net margin of 6.87% and a return on equity of 8.12%. The business had revenue of $19.61 million during the quarter, compared to analysts’ expectations of $22.90 million. During the same quarter in the prior year, the firm posted $0.16 earnings per share. The firm’s quarterly revenue was down 9.2% on a year-over-year basis. Equities analysts forecast that Clearfield, Inc. will post $0.25 earnings per share for the current year.
Clearfield declared that its board has approved a share repurchase plan on Thursday, April 27th that permits the company to buyback $4.00 million in shares. This buyback authorization permits the communications equipment provider to repurchase up to 1.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of research analysts have recently commented on CLFD shares. Zacks Investment Research lowered Clearfield from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Northland Securities set a $15.00 price objective on Clearfield and gave the company a “buy” rating in a report on Saturday, July 29th.
In other Clearfield news, Chairman Ronald G. Roth acquired 5,000 shares of Clearfield stock in a transaction that occurred on Tuesday, August 1st. The stock was acquired at an average cost of $11.45 per share, for a total transaction of $57,250.00. Following the purchase, the chairman now owns 1,224,484 shares of the company’s stock, valued at $14,020,341.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.30% of the stock is currently owned by insiders.
Clearfield Company Profile
Clearfield, Inc manufactures, markets and sells fiber management and enclosure platform that consolidates, distributes and protects fiber as it moves from the inside plant to the outside plant and all the way to the home, business and cell site. The Company’s products include Clearview Cassette, which is the building block of its product platform; Connectivity and Optical Components; FieldSmart, which is a series of panels, cabinets, wall boxes and other enclosures that house the Clearview components; FieldShield, which is a fiber delivery method for broadband deployment; CraftSmart, which is a line of optical protection field enclosures, and Cable Assemblies.
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