Clearfield, Inc. (NASDAQ:CLFD) Position Decreased by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its position in shares of Clearfield, Inc. (NASDAQ:CLFD) by 0.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 49,920 shares of the communications equipment provider’s stock after selling 124 shares during the period. Bank of New York Mellon Corp owned about 0.37% of Clearfield worth $821,000 as of its most recent SEC filing.

Separately, State Street Corp increased its position in Clearfield by 8.6% in the fourth quarter. State Street Corp now owns 154,909 shares of the communications equipment provider’s stock worth $3,205,000 after buying an additional 12,300 shares during the period. 27.39% of the stock is owned by hedge funds and other institutional investors.

Clearfield, Inc. (NASDAQ CLFD) opened at 11.70 on Friday. The firm has a market cap of $163.03 million, a P/E ratio of 30.15 and a beta of 1.25. The company has a 50-day moving average price of $12.55 and a 200-day moving average price of $14.55. Clearfield, Inc. has a 1-year low of $11.00 and a 1-year high of $21.60.

Clearfield (NASDAQ:CLFD) last issued its quarterly earnings data 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. The company had revenue of $19.61 million for the quarter, compared to analysts’ expectations of $22.90 million. Clearfield had a return on equity of 8.12% and a net margin of 6.87%. The business’s revenue for the quarter was down 9.2% on a year-over-year basis. During the same period last year, the company posted $0.16 EPS. On average, equities research analysts forecast that Clearfield, Inc. will post $0.25 EPS for the current fiscal year.

Clearfield announced that its board has authorized a stock repurchase plan on Thursday, April 27th that allows the company to repurchase $4.00 million in outstanding shares. This repurchase authorization allows the communications equipment provider to reacquire up to 1.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

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A number of research firms recently commented on CLFD. Zacks Investment Research downgraded Clearfield from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Northland Securities set a $15.00 price target on Clearfield and gave the company a “buy” rating in a research note on Saturday, July 29th.

In related news, Chairman Ronald G. Roth acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were acquired at an average price of $11.45 per share, with a total value of $57,250.00. Following the acquisition, the chairman now owns 1,224,484 shares of the company’s stock, valued at approximately $14,020,341.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 18.30% of the company’s stock.

Clearfield Company Profile

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.

Institutional Ownership by Quarter for Clearfield (NASDAQ:CLFD)

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