Clearfield (NASDAQ:CLFD) Lowered to Hold Rating by Northland Capmk

Key Points

• Clearfield's stock was downgraded by Northland Capital from a "strong-buy" to a "hold" rating, amidst mixed opinions from other analysts who maintained buy ratings.
• The company reported earnings per share of $0.11, exceeding analyst estimates, with revenues of $49.90 million, surpassing the consensus estimate of $47.58 million.
• Clearfield's stock has seen a significant decline of 24.6% recently, with current trading around $33.26 and a consensus target price of $47.50.

Northland Capmk downgraded shares of Clearfield (NASDAQ:CLFD - Free Report) from a strong-buy rating to a hold rating in a research report released on Thursday morning,Zacks.com reports.

A number of other equities research analysts also recently issued reports on CLFD. Northland Securities downgraded shares of Clearfield from an "outperform" rating to a "market perform" rating and set a $45.00 price objective for the company. in a research report on Thursday. Wall Street Zen upgraded shares of Clearfield from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, Roth Capital reiterated a "buy" rating on shares of Clearfield in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $47.50.

Clearfield Stock Down 1.4%

Shares of CLFD stock traded down $0.47 during trading hours on Thursday, hitting $32.79. 429,317 shares of the company's stock traded hands, compared to its average volume of 188,742. The stock's fifty day simple moving average is $41.49 and its two-hundred day simple moving average is $35.30. Clearfield has a 12-month low of $23.78 and a 12-month high of $46.76. The stock has a market cap of $453.49 million, a price-to-earnings ratio of 3,279.00 and a beta of 1.63.

Clearfield (NASDAQ:CLFD - Get Free Report) last released its earnings results on Wednesday, August 6th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.06. Clearfield had a net margin of 0.11% and a return on equity of 0.07%. The firm had revenue of $49.90 million during the quarter, compared to analyst estimates of $47.58 million. On average, equities analysts forecast that Clearfield will post -0.29 earnings per share for the current fiscal year.

Institutional Trading of Clearfield

Hedge funds have recently made changes to their positions in the business. US Bancorp DE raised its position in Clearfield by 705.0% in the 1st quarter. US Bancorp DE now owns 966 shares of the communications equipment provider's stock worth $29,000 after purchasing an additional 846 shares during the period. Tower Research Capital LLC TRC raised its position in Clearfield by 340.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,172 shares of the communications equipment provider's stock worth $36,000 after purchasing an additional 906 shares during the period. PNC Financial Services Group Inc. raised its position in Clearfield by 2,710.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,855 shares of the communications equipment provider's stock worth $55,000 after purchasing an additional 1,789 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in Clearfield in the 4th quarter worth about $74,000. Finally, Strs Ohio purchased a new stake in Clearfield in the 1st quarter worth about $131,000. 88.73% of the stock is currently 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.