Clearfield (NASDAQ:CLFD) released its quarterly earnings results on Thursday. The communications equipment provider reported $0.14 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $20.50 million.
CLFD traded up $1.24 on Friday, reaching $13.71. 110,773 shares of the company traded hands, compared to its average volume of 17,435. Clearfield has a one year low of $10.35 and a one year high of $15.30. The firm has a market capitalization of $170.75 million, a price-to-earnings ratio of 42.84 and a beta of 1.18.
A number of equities analysts recently commented on the stock. ValuEngine raised shares of Clearfield from a “hold” rating to a “buy” rating in a research note on Wednesday, August 8th. Zacks Investment Research upgraded shares of Clearfield from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Wednesday, August 1st.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. bought a new stake in Clearfield during the 3rd quarter valued at about $176,000. Bank of New York Mellon Corp lifted its holdings 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 valued at $612,000 after buying an additional 4,107 shares in the last quarter. Royal Bank of Canada lifted its holdings 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 valued at $1,631,000 after buying an additional 13,275 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in Clearfield by 3.2% during the 2nd quarter. BlackRock Inc. now owns 815,882 shares of the communications equipment provider’s stock valued at $9,017,000 after buying an additional 25,107 shares in the last quarter. Institutional investors own 29.19% of the company’s stock.
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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 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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