Clearfield (CLFD) Posts Earnings Results

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.

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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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