Clearfield (NASDAQ:CLFD) announced its quarterly earnings results on Thursday. The communications equipment provider reported $0.14 earnings per share for the quarter, beating 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 business had revenue of $22.47 million during the quarter, compared to analysts’ expectations of $20.50 million.
Shares of NASDAQ CLFD traded up $1.24 during midday trading on Friday, hitting $13.71. The company’s stock had a trading volume of 110,773 shares, compared to its average volume of 17,435. Clearfield has a 1 year low of $10.35 and a 1 year high of $15.30. The firm has a market cap of $170.75 million, a price-to-earnings ratio of 42.84 and a beta of 1.18.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. purchased a new position in shares of Clearfield in the third quarter valued at approximately $176,000. Bank of New York Mellon Corp boosted its stake in shares of Clearfield by 8.0% in the second quarter. Bank of New York Mellon Corp now owns 55,338 shares of the communications equipment provider’s stock valued at $612,000 after purchasing an additional 4,107 shares during the period. Royal Bank of Canada boosted its stake in shares of Clearfield by 11.7% in the first quarter. Royal Bank of Canada now owns 126,426 shares of the communications equipment provider’s stock valued at $1,631,000 after purchasing an additional 13,275 shares during the period. Finally, BlackRock Inc. boosted its stake in shares of Clearfield by 3.2% in the second quarter. BlackRock Inc. now owns 815,882 shares of the communications equipment provider’s stock valued at $9,017,000 after purchasing an additional 25,107 shares during the period. 29.19% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have weighed in on the stock. ValuEngine upgraded shares of Clearfield from a “hold” rating to a “buy” rating in a research report on Wednesday, August 8th. Zacks Investment Research raised shares of Clearfield from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research note on Wednesday, August 1st.
TRADEMARK VIOLATION WARNING: “Clearfield (CLFD) Posts Earnings Results” was originally reported by The Lincolnian Online and is owned by of The Lincolnian Online. If you are viewing this article on another publication, it was stolen and republished in violation of US and international trademark and copyright laws. The correct version of this article can be viewed at https://www.thelincolnianonline.com/2018/11/10/clearfield-clfd-posts-earnings-results.html.
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.
Featured Article: Day Trading
Receive News & Ratings for Clearfield Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Clearfield and related companies with MarketBeat.com's FREE daily email newsletter.