Bank of New York Mellon Corp Reduces Stock Position in Clearfield, Inc. (NASDAQ:CLFD)

Bank of New York Mellon Corp lessened its holdings in shares of Clearfield, Inc. (NASDAQ:CLFD - Free Report) by 24.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,619 shares of the communications equipment provider's stock after selling 12,498 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.27% of Clearfield worth $1,166,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CLFD. Quantbot Technologies LP purchased a new position in Clearfield during the 3rd quarter valued at $53,000. Truvestments Capital LLC bought a new position in Clearfield in the third quarter worth about $80,000. SG Americas Securities LLC lifted its holdings in Clearfield by 45.5% in the fourth quarter. SG Americas Securities LLC now owns 5,297 shares of the communications equipment provider's stock worth $164,000 after buying an additional 1,656 shares during the period. Skylands Capital LLC bought a new stake in Clearfield during the 4th quarter valued at approximately $645,000. Finally, Janus Henderson Group PLC grew its holdings in shares of Clearfield by 2.7% during the 3rd quarter. Janus Henderson Group PLC now owns 30,062 shares of the communications equipment provider's stock worth $1,171,000 after acquiring an additional 794 shares during the period. Hedge funds and other institutional investors own 88.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CLFD shares. StockNews.com upgraded Clearfield from a "sell" rating to a "hold" rating in a research note on Monday, February 10th. Needham & Company LLC reissued a "buy" rating and set a $50.00 price objective on shares of Clearfield in a research report on Wednesday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $46.75.

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Clearfield Stock Down 2.0 %

Shares of CLFD stock traded down $0.60 during trading hours on Friday, hitting $29.93. 60,450 shares of the company's stock traded hands, compared to its average volume of 130,014. The company has a quick ratio of 7.41, a current ratio of 10.57 and a debt-to-equity ratio of 0.01. The stock's fifty day simple moving average is $33.34 and its two-hundred day simple moving average is $34.14. Clearfield, Inc. has a 12-month low of $26.94 and a 12-month high of $44.83. The stock has a market cap of $422.97 million, a price-to-earnings ratio of -47.51 and a beta of 1.26.

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

Insider Activity at Clearfield

In other Clearfield news, COO John P. Hill sold 16,539 shares of Clearfield stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $33.26, for a total value of $550,087.14. Following the completion of the transaction, the chief operating officer now directly owns 189,886 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which is accessible through this link. 17.80% of the stock is currently owned by insiders.

Clearfield Company 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.