Nierenberg Investment Management Company Inc. decreased its stake in shares of Clearfield, Inc. (NASDAQ:CLFD - Free Report) by 27.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 41,510 shares of the communications equipment provider's stock after selling 16,000 shares during the period. Clearfield accounts for about 0.7% of Nierenberg Investment Management Company Inc.'s holdings, making the stock its 17th largest position. Nierenberg Investment Management Company Inc. owned about 0.29% of Clearfield worth $1,287,000 as of its most recent filing with the SEC.
Other institutional investors have also made changes to their positions in the company. Royce & Associates LP lifted its position in Clearfield by 3.1% during the 4th quarter. Royce & Associates LP now owns 478,809 shares of the communications equipment provider's stock worth $14,843,000 after acquiring an additional 14,464 shares during the last quarter. Barclays PLC lifted its position in shares of Clearfield by 164.2% during the 3rd quarter. Barclays PLC now owns 87,971 shares of the communications equipment provider's stock worth $3,428,000 after purchasing an additional 54,670 shares during the last quarter. Drum Hill Capital LLC bought a new stake in Clearfield during the 4th quarter valued at approximately $1,539,000. JPMorgan Chase & Co. grew its holdings in Clearfield by 7.7% in the 4th quarter. JPMorgan Chase & Co. now owns 44,251 shares of the communications equipment provider's stock valued at $1,372,000 after buying an additional 3,174 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in Clearfield in the 4th quarter worth approximately $1,311,000. 88.73% of the stock is owned by institutional investors.
Analysts Set New Price Targets
CLFD has been the topic of several research analyst reports. StockNews.com upgraded shares of Clearfield from a "sell" rating to a "hold" rating in a research note on Monday, February 10th. Needham & Company LLC restated a "buy" rating and set a $50.00 price objective on shares of Clearfield in a report on Wednesday, March 26th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Clearfield has an average rating of "Moderate Buy" and an average target price of $46.75.
Get Our Latest Research Report on Clearfield
Insider Buying and Selling at Clearfield
In related news, COO John P. Hill sold 16,539 shares of the firm's stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $33.26, for a total transaction of $550,087.14. Following the completion of the transaction, the chief operating officer now owns 189,886 shares in the company, valued at $6,315,608.36. This trade represents a 8.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 17.80% of the company's stock.
Clearfield Stock Performance
CLFD stock traded up $0.29 during midday trading on Friday, hitting $26.51. The stock had a trading volume of 71,401 shares, compared to its average volume of 129,406. Clearfield, Inc. has a 52 week low of $23.78 and a 52 week high of $44.83. 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 stock has a 50-day simple moving average of $30.57 and a 200 day simple moving average of $33.04. The firm has a market capitalization of $374.64 million, a price-to-earnings ratio of -42.08 and a beta of 1.51.
Clearfield (NASDAQ:CLFD - Get Free Report) last released its quarterly earnings data 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%. As a group, equities research analysts anticipate that Clearfield, Inc. will post -0.29 earnings per share for the current year.
Clearfield Company Profile
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Free Report)
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.
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