Clearfield, Inc. (NASDAQ:CLFD) Stock Holdings Lifted by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC increased its stake in Clearfield, Inc. (NASDAQ:CLFD) by 2.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,503 shares of the communications equipment provider’s stock after acquiring an additional 405 shares during the quarter. SummerHaven Investment Management LLC owned approximately 0.11% of Clearfield worth $598,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Principal Securities Inc. purchased a new position in shares of Clearfield in the fourth quarter worth approximately $25,000. Parkside Financial Bank & Trust raised its stake in Clearfield by 134.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,130 shares of the communications equipment provider’s stock valued at $33,000 after purchasing an additional 648 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Clearfield by 70.4% in the fourth quarter. Victory Capital Management Inc. now owns 2,082 shares of the communications equipment provider’s stock valued at $61,000 after purchasing an additional 860 shares in the last quarter. CWM LLC boosted its position in shares of Clearfield by 28.1% in the fourth quarter. CWM LLC now owns 2,936 shares of the communications equipment provider’s stock worth $85,000 after buying an additional 644 shares during the period. Finally, SG Americas Securities LLC purchased a new position in shares of Clearfield during the second quarter valued at $130,000. 88.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Roth Mkm reduced their price objective on Clearfield from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Northland Securities boosted their price objective on shares of Clearfield from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Needham & Company LLC increased their target price on shares of Clearfield from $42.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. StockNews.com upgraded shares of Clearfield to a “sell” rating in a report on Monday, August 5th. Finally, Lake Street Capital upgraded Clearfield from a “hold” rating to a “buy” rating and increased their price objective for the stock from $31.00 to $47.00 in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.75.

Insider Buying and Selling

In other news, Director Walter Louis Jones, Jr. bought 1,324 shares of Clearfield stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average cost of $37.77 per share, with a total value of $50,007.48. Following the completion of the transaction, the director now directly owns 6,061 shares in the company, valued at $228,923.97. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.00% of the stock is owned by company insiders.

Clearfield Trading Up 3.1 %

CLFD traded up $1.14 during trading on Friday, hitting $37.97. The stock had a trading volume of 20,284 shares, compared to its average volume of 174,844. The firm has a market cap of $540.43 million, a PE ratio of -147.32 and a beta of 1.39. The company has a 50 day simple moving average of $39.07 and a 200-day simple moving average of $34.65. Clearfield, Inc. has a 12 month low of $22.91 and a 12 month high of $44.83.

Clearfield (NASDAQ:CLFD) last announced its earnings results on Thursday, August 1st. The communications equipment provider reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.30. The firm had revenue of $48.79 million during the quarter, compared to the consensus estimate of $42.13 million. Clearfield had a negative return on equity of 3.00% and a negative net margin of 5.26%. The firm’s revenue for the quarter was down 20.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.33 EPS. As a group, sell-side analysts anticipate that Clearfield, Inc. will post -1.26 earnings per share for the current fiscal year.

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.