ACK Asset Management LLC Purchases 25,000 Shares of Clearfield, Inc. (NASDAQ:CLFD)

ACK Asset Management LLC increased its position in shares of Clearfield, Inc. (NASDAQ:CLFD - Free Report) by 3.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 720,000 shares of the communications equipment provider's stock after buying an additional 25,000 shares during the period. Clearfield accounts for approximately 3.0% of ACK Asset Management LLC's investment portfolio, making the stock its 14th biggest position. ACK Asset Management LLC owned approximately 5.10% of Clearfield worth $22,320,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Renaissance Technologies LLC acquired a new stake in Clearfield during the fourth quarter worth approximately $1,311,000. Invesco Ltd. boosted its stake in Clearfield by 2.5% in the 4th quarter. Invesco Ltd. now owns 15,146 shares of the communications equipment provider's stock valued at $470,000 after purchasing an additional 366 shares during the period. Wells Fargo & Company MN grew its holdings in Clearfield by 25.0% in the 4th quarter. Wells Fargo & Company MN now owns 7,720 shares of the communications equipment provider's stock valued at $239,000 after buying an additional 1,544 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in Clearfield during the 4th quarter worth $585,000. Finally, Trexquant Investment LP lifted its holdings in shares of Clearfield by 26.5% during the fourth quarter. Trexquant Investment LP now owns 9,547 shares of the communications equipment provider's stock worth $296,000 after buying an additional 1,997 shares in the last quarter. 88.73% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CLFD shares. StockNews.com raised shares of Clearfield from a "sell" rating to a "hold" rating in a research report on Monday, February 10th. Needham & Company LLC reiterated a "buy" rating and issued a $50.00 price target on shares of Clearfield in a research note on Wednesday, March 26th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Clearfield currently has an average rating of "Moderate Buy" and a consensus price target of $46.75.

Insiders Place Their Bets

In other news, COO John P. Hill sold 16,539 shares of Clearfield stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $33.26, for a total transaction of $550,087.14. Following the transaction, the chief operating officer now owns 189,886 shares in the company, valued at approximately $6,315,608.36. The trade was a 8.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 17.80% of the company's stock.

Clearfield Price Performance

Clearfield stock traded up $0.29 during trading hours on Friday, reaching $26.51. 71,401 shares of the stock were exchanged, compared to its average volume of 129,296. The company has a current ratio of 10.57, a quick ratio of 7.41 and a debt-to-equity ratio of 0.01. The company has a market cap of $374.64 million, a P/E ratio of -42.08 and a beta of 1.51. The stock has a 50 day moving average of $30.57 and a two-hundred day moving average of $33.08. Clearfield, Inc. has a twelve month low of $23.78 and a twelve month high of $44.83.

Clearfield (NASDAQ:CLFD - Get Free Report) last posted its earnings results on Thursday, February 6th. The communications equipment provider reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.26) by $0.13. Clearfield had a negative net margin of 5.41% and a negative return on equity of 3.31%. Equities analysts expect that Clearfield, Inc. will post -0.29 EPS for the current fiscal year.

Clearfield Profile

Clearfield, Inc manufactures and sells various fiber connectivity products in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures; WaveSmart, an optical components integrated for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation for integration within its fiber management platform; and active cabinet products.