Clearfield, Inc. (NASDAQ:CLFD) to Post Q3 2024 Earnings of ($0.20) Per Share, Roth Capital Forecasts

Clearfield, Inc. (NASDAQ:CLFD - Free Report) - Roth Capital dropped their Q3 2024 EPS estimates for shares of Clearfield in a report released on Wednesday, May 1st. Roth Capital analyst S. Searle now forecasts that the communications equipment provider will post earnings per share of ($0.20) for the quarter, down from their previous forecast of ($0.15). The consensus estimate for Clearfield's current full-year earnings is ($1.03) per share. Roth Capital also issued estimates for Clearfield's FY2024 earnings at ($0.44) EPS.

Several other equities research analysts have also recently issued reports on CLFD. Needham & Company LLC lifted their price objective on shares of Clearfield from $36.00 to $42.00 and gave the stock a "buy" rating in a research report on Friday. Roth Mkm reaffirmed a "buy" rating and set a $47.00 price target on shares of Clearfield in a report on Wednesday. Finally, Northland Securities upgraded Clearfield from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $25.00 to $40.00 in a report on Friday. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Clearfield presently has a consensus rating of "Hold" and a consensus target price of $42.40.

Clearfield Stock Up 13.2 %

Clearfield stock traded up $4.22 during trading on Friday, reaching $36.13. The stock had a trading volume of 687,406 shares, compared to its average volume of 207,290. Clearfield has a 52-week low of $22.91 and a 52-week high of $50.82. The business has a 50 day moving average price of $29.81 and a 200 day moving average price of $28.09. The stock has a market cap of $531.36 million, a PE ratio of 44.06 and a beta of 1.33.

Clearfield (NASDAQ:CLFD - Get Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The communications equipment provider reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.13. The company had revenue of $36.90 million for the quarter, compared to the consensus estimate of $31.25 million. Clearfield had a return on equity of 4.22% and a net margin of 6.00%. Clearfield's revenue was down 43.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.67 EPS.

Insider Transactions at Clearfield

In related news, Chairman Ronald G. Roth bought 2,000 shares of the stock in a transaction on Friday, February 23rd. The shares were bought at an average cost of $29.62 per share, for a total transaction of $59,240.00. Following the purchase, the chairman now owns 1,259,796 shares of the company's stock, valued at approximately $37,315,157.52. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 16.00% of the company's stock.

Hedge Funds Weigh In On Clearfield

A number of large investors have recently bought and sold shares of CLFD. Vanguard Group Inc. increased its stake in shares of Clearfield by 0.9% during the third quarter. Vanguard Group Inc. now owns 1,160,764 shares of the communications equipment provider's stock worth $33,267,000 after acquiring an additional 10,370 shares during the period. Boston Partners increased its position in Clearfield by 122.2% during the 4th quarter. Boston Partners now owns 830,783 shares of the communications equipment provider's stock worth $23,784,000 after purchasing an additional 456,879 shares during the period. ACK Asset Management LLC purchased a new position in shares of Clearfield during the 4th quarter worth approximately $13,025,000. Federated Hermes Inc. lifted its holdings in shares of Clearfield by 1,247.7% in the 4th quarter. Federated Hermes Inc. now owns 210,717 shares of the communications equipment provider's stock valued at $6,128,000 after buying an additional 195,082 shares during the period. Finally, Smith Graham & Co. Investment Advisors LP purchased a new stake in shares of Clearfield in the fourth quarter valued at approximately $5,148,000. Hedge funds and other institutional investors own 88.73% of the company's stock.

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.