BidaskClub Downgrades Clearfield (NASDAQ:CLFD) to Hold

BidaskClub cut shares of Clearfield (NASDAQ:CLFD) from a buy rating to a hold rating in a report published on Saturday morning, BidAskClub reports.

Other analysts also recently issued reports about the stock. TheStreet raised shares of Clearfield from a c+ rating to a b rating in a report on Thursday, July 23rd. Northland Securities lifted their price objective on shares of Clearfield from $16.00 to $18.00 and gave the stock an outperform rating in a report on Friday, July 24th. Zacks Investment Research downgraded shares of Clearfield from a buy rating to a hold rating in a report on Wednesday, September 23rd. Finally, Lake Street Capital lifted their price objective on shares of Clearfield from $16.00 to $17.00 and gave the stock a buy rating in a report on Friday, July 24th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $18.67.

Shares of NASDAQ:CLFD opened at $21.18 on Friday. The firm has a fifty day moving average price of $21.21 and a two-hundred day moving average price of $16.13. Clearfield has a one year low of $8.32 and a one year high of $23.96. The company has a market cap of $289.04 million, a price-to-earnings ratio of 47.07 and a beta of 0.93.

Clearfield (NASDAQ:CLFD) last announced its quarterly earnings results on Thursday, July 23rd. The communications equipment provider reported $0.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.14. Clearfield had a net margin of 6.83% and a return on equity of 8.00%. The firm had revenue of $25.97 million during the quarter, compared to the consensus estimate of $23.00 million. As a group, sell-side analysts forecast that Clearfield will post 0.48 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of CLFD. BNP Paribas Arbitrage SA lifted its stake in Clearfield by 122.1% in the first quarter. BNP Paribas Arbitrage SA now owns 3,478 shares of the communications equipment provider’s stock worth $41,000 after purchasing an additional 1,912 shares during the last quarter. CWM LLC bought a new stake in Clearfield in the third quarter worth $56,000. Bank of America Corp DE lifted its stake in Clearfield by 253.9% in the second quarter. Bank of America Corp DE now owns 9,326 shares of the communications equipment provider’s stock worth $130,000 after purchasing an additional 6,691 shares during the last quarter. Alliancebernstein L.P. purchased a new position in shares of Clearfield in the first quarter valued at about $135,000. Finally, Strs Ohio increased its position in shares of Clearfield by 9.0% in the second quarter. Strs Ohio now owns 17,000 shares of the communications equipment provider’s stock valued at $237,000 after acquiring an additional 1,400 shares during the period. 31.06% of the stock is owned by institutional investors and hedge funds.

Clearfield Company Profile

Clearfield, Inc manufactures, markets, and sells standard and custom passive connectivity products to the fiber-to-the-premises, enterprises, and original equipment manufacturers markets in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures.

Further Reading: Support Level

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