Zacks Investment Research Downgrades Clearfield Inc. (CLFD) to Hold
Clearfield Inc. (NASDAQ:CLFD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “CLEARFIELD INC., formerly APA Cables & Networks, designs and manufactures the FieldSmart fiber management platform, which includes its latest generation Fiber Distribution System and Fiber Scalability Center. The FDS and FSC product-lines support a wide range of panel configurations, densities, connectors and adapter options and is offered alongside an assortment of passive optical components. Clearfield also provides a complete line of fiber and copper assemblies for controlled and outside plant environments. “
Clearfield (NASDAQ:CLFD) opened at 18.29 on Wednesday. The firm’s 50-day moving average is $18.32 and its 200 day moving average is $17.72. The firm has a market cap of $257.78 million, a PE ratio of 38.91 and a beta of 0.83. Clearfield has a 1-year low of $11.59 and a 1-year high of $20.28.
Clearfield (NASDAQ:CLFD) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.05. The firm had revenue of $21.60 million for the quarter, compared to analyst estimates of $17.85 million. Clearfield had a net margin of 9.25% and a return on equity of 11.83%. The business’s revenue for the quarter was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 EPS. On average, equities analysts forecast that Clearfield will post $0.50 earnings per share for the current fiscal year.
In other news, CEO Cheryl Beranek sold 10,000 shares of the business’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $19.21, for a total value of $192,100.00. Following the sale, the chief executive officer now owns 592,025 shares in the company, valued at approximately $11,372,800.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO John P. Hill sold 5,000 shares of the business’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $19.16, for a total transaction of $95,800.00. Following the completion of the sale, the chief operating officer now owns 244,593 shares in the company, valued at approximately $4,686,401.88. The disclosure for this sale can be found here. 19.00% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of the stock. Metropolitan Life Insurance Co. NY purchased a new stake in shares of Clearfield during the second quarter valued at approximately $160,000. BlackRock Fund Advisors increased its stake in shares of Clearfield by 3.0% in the second quarter. BlackRock Fund Advisors now owns 299,458 shares of the company’s stock valued at $5,357,000 after buying an additional 8,860 shares in the last quarter. Cadence Capital Management LLC increased its stake in shares of Clearfield by 13.2% in the second quarter. Cadence Capital Management LLC now owns 65,388 shares of the company’s stock valued at $1,170,000 after buying an additional 7,648 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Clearfield by 2.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 369,911 shares of the company’s stock valued at $6,618,000 after buying an additional 7,192 shares in the last quarter. Finally, Royce & Associates LP increased its stake in shares of Clearfield by 3.7% in the first quarter. Royce & Associates LP now owns 153,000 shares of the company’s stock valued at $2,459,000 after buying an additional 5,400 shares in the last quarter. Institutional investors own 25.92% of the company’s stock.
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, including Clearview Classic and Clearview Blue, and Clearview xPAK; Connectivity and Optical Components, including Cable-to-Cable Deployment and Optical Components; FieldSmart, including FieldSmart Fiber Crossover Distribution System, FieldSmart Fiber Scalability Center, FieldSmart Fiber Delivery Point and FieldSmart Small Count Delivery; FieldShield; CraftSmart, and Cable Assemblies.
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