Northland Securities set a $15.00 price target on Clearfield, Inc. (NASDAQ:CLFD) in a research note released on Saturday, July 29th. The brokerage currently has a buy rating on the communications equipment provider’s stock.
Separately, Zacks Investment Research raised Clearfield from a sell rating to a hold rating in a research note on Tuesday, June 27th.
Clearfield (CLFD) opened at 11.70 on Friday. Clearfield has a 1-year low of $11.00 and a 1-year high of $21.60. The stock has a 50 day moving average price of $12.55 and a 200 day moving average price of $14.55. The company has a market cap of $163.03 million, a PE ratio of 30.15 and a beta of 1.25.
Clearfield (NASDAQ:CLFD) last posted its earnings results on Thursday, July 27th. The communications equipment provider reported $0.06 earnings per share (EPS) 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 analyst estimates of $22.90 million. During the same period in the previous year, the firm posted $0.16 earnings per share. The firm’s revenue was down 9.2% on a year-over-year basis. Equities analysts forecast that Clearfield will post $0.25 earnings per share for the current year.
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Clearfield declared that its board has initiated a share repurchase plan on Thursday, April 27th that allows the company to repurchase $4.00 million in shares. This repurchase authorization allows the communications equipment provider to purchase up to 1.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
In other Clearfield news, Chairman Ronald G. Roth bought 5,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was purchased at an average cost of $11.45 per share, with a total value of $57,250.00. Following the completion of the purchase, the chairman now owns 1,224,484 shares in the company, valued at $14,020,341.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 18.30% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CLFD. American International Group Inc. raised its stake 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 worth $116,000 after buying an additional 461 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Clearfield by 4.5% in the second quarter. The Manufacturers Life Insurance Company now owns 9,905 shares of the communications equipment provider’s stock worth $131,000 after buying an additional 424 shares during the period. WFG Advisors LP purchased a new stake in shares of Clearfield during the second quarter worth approximately $231,000. OxFORD Asset Management LLP raised its stake in shares of Clearfield by 21.8% in the second quarter. OxFORD Asset Management LLP now owns 17,789 shares of the communications equipment provider’s stock worth $235,000 after buying an additional 3,187 shares during the period. Finally, Royal Bank of Canada raised its stake in shares of Clearfield by 12.5% in the second quarter. Royal Bank of Canada now owns 26,485 shares of the communications equipment provider’s stock worth $350,000 after buying an additional 2,941 shares during the period. 27.39% of the stock is owned by hedge funds and other institutional investors.
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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