Clearfield (NASDAQ:CLFD) Downgraded by StockNews.com to "Sell"

Clearfield (NASDAQ:CLFD - Get Free Report) was downgraded by equities researchers at StockNews.com from a "hold" rating to a "sell" rating in a research report issued on Saturday.

Separately, Needham & Company LLC reaffirmed a "buy" rating and set a $50.00 price objective on shares of Clearfield in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $46.75.

Clearfield Trading Down 2.2 %

NASDAQ CLFD traded down $0.72 during mid-day trading on Friday, reaching $32.63. 132,390 shares of the stock were exchanged, compared to its average volume of 155,466. The stock has a market capitalization of $466.28 million, a PE ratio of -38.39 and a beta of 1.28. The company has a debt-to-equity ratio of 0.01, a quick ratio of 6.69 and a current ratio of 9.43. Clearfield has a 1-year low of $24.78 and a 1-year high of $44.83. The business's fifty day simple moving average is $33.76 and its 200 day simple moving average is $37.01.

Clearfield (NASDAQ:CLFD - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.13. The business had revenue of $46.80 million for the quarter, compared to analysts' expectations of $41.95 million. Clearfield had a negative return on equity of 4.41% and a negative net margin of 7.47%. The business's revenue was down 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.17 earnings per share. On average, research analysts anticipate that Clearfield will post -0.16 earnings per share for the current fiscal year.

Insider Activity

In related news, Chairman Ronald G. Roth bought 5,000 shares of the stock in a transaction dated Thursday, December 5th. The stock was acquired at an average price of $31.00 per share, for a total transaction of $155,000.00. Following the completion of the purchase, the chairman now owns 1,266,796 shares in the company, valued at $39,270,676. This represents a 0.40 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 16.00% of the company's stock.

Institutional Trading of Clearfield

A number of hedge funds and other institutional investors have recently modified their holdings of CLFD. Price T Rowe Associates Inc. MD grew its stake in Clearfield by 7.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,536 shares of the communications equipment provider's stock valued at $233,000 after purchasing an additional 510 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Clearfield during the second quarter worth approximately $130,000. SummerHaven Investment Management LLC increased its stake in shares of Clearfield by 2.7% in the second quarter. SummerHaven Investment Management LLC now owns 15,503 shares of the communications equipment provider's stock worth $598,000 after buying an additional 405 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Clearfield by 12.0% in the second quarter. Bank of New York Mellon Corp now owns 61,205 shares of the communications equipment provider's stock valued at $2,360,000 after acquiring an additional 6,539 shares in the last quarter. Finally, Shaker Investments LLC OH boosted its stake in Clearfield by 33.0% during the 2nd quarter. Shaker Investments LLC OH now owns 33,843 shares of the communications equipment provider's stock valued at $1,305,000 after acquiring an additional 8,388 shares during the last quarter. 88.73% of the stock is owned by hedge funds and other institutional investors.

About Clearfield

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.