Clearfield (NASDAQ:CLFD) Reaches New 1-Year High at $53.66

Clearfield, Inc. (NASDAQ:CLFD) reached a new 52-week high during trading on Thursday . The stock traded as high as $53.66 and last traded at $53.56, with a volume of 4534 shares changing hands. The stock had previously closed at $52.33.

Several analysts have issued reports on CLFD shares. Zacks Investment Research raised shares of Clearfield from a “hold” rating to a “strong-buy” rating and set a $52.00 price objective for the company in a research report on Tuesday, October 5th. Lake Street Capital increased their price objective on shares of Clearfield from $40.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, July 23rd. Finally, Northland Securities raised their price target on shares of Clearfield from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, October 4th.

The firm has a market cap of $736.08 million, a price-to-earnings ratio of 46.19 and a beta of 0.95. The business’s 50-day moving average price is $45.01 and its two-hundred day moving average price is $39.25.

Clearfield (NASDAQ:CLFD) last released its quarterly earnings results on Thursday, July 22nd. The communications equipment provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.15. Clearfield had a net margin of 12.98% and a return on equity of 17.96%. The business had revenue of $38.74 million during the quarter, compared to the consensus estimate of $32.00 million. As a group, sell-side analysts expect that Clearfield, Inc. will post 1.25 EPS for the current year.

In other Clearfield news, Director Patrick Goepel sold 6,103 shares of Clearfield stock in a transaction on Tuesday, August 24th. The shares were sold at an average price of $45.08, for a total value of $275,123.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 18.40% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. UBS Group AG lifted its stake in Clearfield by 8.1% in the first quarter. UBS Group AG now owns 4,533 shares of the communications equipment provider’s stock valued at $136,000 after buying an additional 338 shares during the last quarter. Citigroup Inc. lifted its stake in Clearfield by 6.3% in the first quarter. Citigroup Inc. now owns 9,669 shares of the communications equipment provider’s stock valued at $291,000 after buying an additional 576 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Clearfield by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 38,375 shares of the communications equipment provider’s stock valued at $1,156,000 after buying an additional 682 shares during the last quarter. NEXT Financial Group Inc bought a new stake in Clearfield in the second quarter valued at $26,000. Finally, Parametric Portfolio Associates LLC lifted its stake in Clearfield by 10.1% in the second quarter. Parametric Portfolio Associates LLC now owns 8,467 shares of the communications equipment provider’s stock valued at $317,000 after buying an additional 777 shares during the last quarter. Institutional investors own 39.16% of the company’s stock.

About Clearfield (NASDAQ:CLFD)

Clearfield, Inc designs, manufactures, and distributes fiber optic management, protection and delivery products for communications networks. The firm’s products include fiber cabinets, patch cards, assemblies, cassettes, frames, panels, microduct, terminals, vaults, wall boxes, and box enclosures. It offers its products under the Clearview brand.

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