Clearfield (NASDAQ:CLFD) Reaches New 1-Year High at $53.66

Clearfield, Inc. (NASDAQ:CLFD)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $53.66 and last traded at $53.56, with a volume of 4534 shares changing hands. The stock had previously closed at $52.33.

Several brokerages have recently issued reports on CLFD. Zacks Investment Research upgraded Clearfield from a “hold” rating to a “strong-buy” rating and set a $52.00 price target for the company in a report on Tuesday, October 5th. Lake Street Capital lifted their price target on Clearfield from $40.00 to $48.00 and gave the company a “buy” rating in a report on Friday, July 23rd. Finally, Northland Securities lifted their price target on Clearfield from $43.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, October 4th.

The company has a fifty day moving average of $45.01 and a two-hundred day moving average of $39.25. The stock has a market capitalization of $736.08 million, a price-to-earnings ratio of 46.19 and a beta of 0.95.

Clearfield (NASDAQ:CLFD) last posted its earnings results on Thursday, July 22nd. The communications equipment provider reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.15. Clearfield had a return on equity of 17.96% and a net margin of 12.98%. The firm had revenue of $38.74 million during the quarter, compared to analyst estimates of $32.00 million. Research analysts forecast that Clearfield, Inc. will post 1.25 EPS for the current year.

In related news, Director Patrick Goepel sold 6,103 shares of the business’s stock in a transaction that occurred on Tuesday, August 24th. The stock was sold at an average price of $45.08, for a total value of $275,123.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.40% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its position in shares of Clearfield by 12.0% during the first quarter. Geode Capital Management LLC now owns 191,409 shares of the communications equipment provider’s stock valued at $5,767,000 after purchasing an additional 20,457 shares during the period. Principal Financial Group Inc. bought a new stake in shares of Clearfield during the second quarter valued at approximately $900,000. State of Wisconsin Investment Board bought a new stake in shares of Clearfield during the first quarter valued at approximately $313,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Clearfield during the first quarter valued at approximately $428,000. Finally, Goldman Sachs Group Inc. increased its position in shares of Clearfield by 186.9% during the first quarter. Goldman Sachs Group Inc. now owns 48,026 shares of the communications equipment provider’s stock valued at $1,447,000 after purchasing an additional 31,287 shares during the period. Institutional investors own 39.16% of the company’s stock.

Clearfield Company Profile (NASDAQ:CLFD)

Clearfield, Inc designs, manufactures, and distributes fiber optic management, protection and delivery products for communications networks. The firm’s products include fiber cabinets, patch cards, assemblies, cassettes, frames, panels, microduct, terminals, vaults, wall boxes, and box enclosures. It offers its products under the Clearview brand.

Further Reading: 52-week highs

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