Clearfield (CLFD) Issues Quarterly Earnings Results, Beats Expectations By $0.09 EPS

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Clearfield (NASDAQ:CLFD) announced its earnings results on Thursday. The communications equipment provider reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.09, MarketWatch Earnings reports. Clearfield had a net margin of 4.96% and a return on equity of 7.10%. The firm had revenue of $22.47 million for the quarter, compared to the consensus estimate of $20.50 million.

CLFD traded up $1.24 during trading hours on Friday, hitting $13.71. 110,773 shares of the company’s stock were exchanged, compared to its average volume of 17,435. Clearfield has a 12-month low of $10.35 and a 12-month high of $15.30. The company has a market cap of $170.75 million, a P/E ratio of 42.84 and a beta of 1.18.

Several equities research analysts recently weighed in on CLFD shares. ValuEngine raised shares of Clearfield from a “hold” rating to a “buy” rating in a research note on Wednesday, August 8th. Zacks Investment Research raised shares of Clearfield from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Wednesday, August 1st.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. purchased a new stake in Clearfield during the 3rd quarter worth approximately $176,000. Bank of New York Mellon Corp increased its stake in Clearfield by 8.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 55,338 shares of the communications equipment provider’s stock worth $612,000 after buying an additional 4,107 shares during the period. Royal Bank of Canada increased its stake in Clearfield by 11.7% during the 1st quarter. Royal Bank of Canada now owns 126,426 shares of the communications equipment provider’s stock worth $1,631,000 after buying an additional 13,275 shares during the period. Finally, BlackRock Inc. increased its stake in Clearfield by 3.2% during the 2nd quarter. BlackRock Inc. now owns 815,882 shares of the communications equipment provider’s stock worth $9,017,000 after buying an additional 25,107 shares during the period. 29.19% of the stock is currently owned by hedge funds and other institutional investors.

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About Clearfield

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 Clearview cassette, a building block of the company's product platform; Clearview Classic and Clearview Blue, a system with five parts that nest together in the cassette's housing to support a range of applications; Clearview xPAK to land small port count fiber terminations and optical components; Clearview Black, which is designed to handle harsh environments; and fiber deep for cable-to-cable deployment, as well as packages optical components for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation for integration within its fiber management platform.

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Earnings History for Clearfield (NASDAQ:CLFD)

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