Clearfield (NASDAQ:CLFD) Shares Down 5.5%

Clearfield, Inc. (NASDAQ:CLFD) fell 5.5% during trading on Monday . The stock traded as low as $36.38 and last traded at $36.44. 49,327 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 192,586 shares. The stock had previously closed at $38.56.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. StockNews.com raised shares of Clearfield to a “sell” rating in a research report on Friday, June 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $42.00 price objective on shares of Clearfield in a research note on Thursday, May 16th. Roth Mkm reiterated a “buy” rating and issued a $47.00 price objective on shares of Clearfield in a report on Wednesday, May 1st. Finally, Northland Securities upgraded Clearfield from a “market perform” rating to an “outperform” rating and raised their target price for the company from $25.00 to $40.00 in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $43.50.

Clearfield Price Performance

The stock’s 50 day moving average price is $36.41 and its two-hundred day moving average price is $31.54.

Clearfield (NASDAQ:CLFD) last released its earnings results on Thursday, May 2nd. The communications equipment provider reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.13. The firm had revenue of $36.90 million during the quarter, compared to analyst estimates of $31.25 million. Clearfield had a negative net margin of 1.79% and a negative return on equity of 1.08%. The business’s revenue was down 43.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.67 EPS. Research analysts anticipate that Clearfield, Inc. will post -1.26 EPS for the current fiscal year.

Insider Buying and Selling at Clearfield

In related news, Chairman Ronald G. Roth acquired 2,000 shares of the stock in a transaction dated Thursday, May 23rd. The shares were acquired at an average price of $36.40 per share, for a total transaction of $72,800.00. Following the completion of the purchase, the chairman now owns 1,261,796 shares in the company, valued at approximately $45,929,374.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Clearfield

Several hedge funds have recently made changes to their positions in CLFD. Smith Graham & Co. Investment Advisors LP acquired a new position in Clearfield in the 4th quarter valued at approximately $5,148,000. Federated Hermes Inc. raised its stake in shares of Clearfield by 1,247.7% in the fourth quarter. Federated Hermes Inc. now owns 210,717 shares of the communications equipment provider’s stock valued at $6,128,000 after purchasing an additional 195,082 shares in the last quarter. Harber Asset Management LLC bought a new position in Clearfield in the fourth quarter worth $4,310,000. Boston Partners boosted its stake in Clearfield by 122.2% during the fourth quarter. Boston Partners now owns 830,783 shares of the communications equipment provider’s stock worth $23,784,000 after buying an additional 456,879 shares in the last quarter. Finally, Focus Financial Network Inc. ADV acquired a new stake in Clearfield during the fourth quarter worth $349,000. 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.