Thomson Horstmann & Bryant Inc. decreased its stake in shares of Clearfield, Inc. (NASDAQ:CLFD) by 10.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 510,744 shares of the communications equipment provider’s stock after selling 58,951 shares during the period. Thomson Horstmann & Bryant Inc. owned approximately 3.62% of Clearfield worth $6,741,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. Renaissance Technologies LLC boosted its stake in Clearfield by 8.9% in the first quarter. Renaissance Technologies LLC now owns 517,286 shares of the communications equipment provider’s stock valued at $8,509,000 after buying an additional 42,087 shares during the period. Vanguard Group Inc. boosted its stake in Clearfield by 12.7% in the first quarter. Vanguard Group Inc. now owns 447,606 shares of the communications equipment provider’s stock valued at $7,363,000 after buying an additional 50,391 shares during the period. Dimensional Fund Advisors LP boosted its stake in Clearfield by 2.4% in the first quarter. Dimensional Fund Advisors LP now owns 324,288 shares of the communications equipment provider’s stock valued at $5,335,000 after buying an additional 7,645 shares during the period. State Street Corp boosted its stake in Clearfield by 8.6% in the fourth quarter. State Street Corp now owns 154,909 shares of the communications equipment provider’s stock valued at $3,205,000 after buying an additional 12,300 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Clearfield by 8.4% in the first quarter. Geode Capital Management LLC now owns 91,098 shares of the communications equipment provider’s stock valued at $1,498,000 after buying an additional 7,038 shares during the period. 27.06% of the stock is owned by institutional investors.
Shares of Clearfield, Inc. (NASDAQ CLFD) opened at 11.45 on Friday. Clearfield, Inc. has a 1-year low of $11.00 and a 1-year high of $21.60. The stock has a 50 day moving average of $12.79 and a 200 day moving average of $14.80. The stock has a market cap of $159.54 million, a PE ratio of 29.51 and a beta of 1.25.
Clearfield (NASDAQ:CLFD) last released its earnings results on Thursday, July 27th. The communications equipment provider reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by $0.06. Clearfield had a net margin of 6.87% and a return on equity of 8.12%. The company had revenue of $19.61 million during the quarter, compared to analysts’ expectations of $22.90 million. During the same quarter in the previous year, the firm posted $0.16 earnings per share. Clearfield’s revenue for the quarter was down 9.2% compared to the same quarter last year. Equities research analysts forecast that Clearfield, Inc. will post $0.25 EPS for the current year.
Clearfield announced that its board has initiated a stock repurchase program on Thursday, April 27th that allows the company to buyback $4.00 million in shares. This buyback authorization allows the communications equipment provider to purchase up to 1.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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Several analysts have recently weighed in on CLFD shares. Northland Securities set a $15.00 price target on shares of Clearfield and gave the company a “buy” rating in a research note on Saturday, July 29th. Zacks Investment Research cut shares of Clearfield from a “hold” rating to a “sell” rating in a research note on Tuesday, May 2nd.
In related news, Chairman Ronald G. Roth bought 5,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was purchased at an average cost of $11.45 per share, for a total transaction of $57,250.00. Following the completion of the acquisition, the chairman now owns 1,224,484 shares in the company, valued at $14,020,341.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.30% of the stock is currently owned by insiders.
Clearfield, Inc manufactures, markets and sells fiber management and enclosure platform that consolidates, distributes and protects fiber as it moves from the inside plant to the outside plant and all the way to the home, business and cell site. The Company’s products include Clearview Cassette, which is the building block of its product platform; Connectivity and Optical Components; FieldSmart, which is a series of panels, cabinets, wall boxes and other enclosures that house the Clearview components; FieldShield, which is a fiber delivery method for broadband deployment; CraftSmart, which is a line of optical protection field enclosures, and Cable Assemblies.
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