SummerHaven Investment Management LLC Acquires 368 Shares of Clearfield, Inc. (NASDAQ:CLFD)

SummerHaven Investment Management LLC raised its holdings in shares of Clearfield, Inc. (NASDAQ:CLFD) by 2.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,745 shares of the communications equipment provider’s stock after purchasing an additional 368 shares during the period. SummerHaven Investment Management LLC owned 0.10% of Clearfield worth $429,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in shares of Clearfield by 0.8% during the third quarter. Bank of New York Mellon Corp now owns 102,381 shares of the communications equipment provider’s stock valued at $2,934,000 after acquiring an additional 819 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Clearfield by 109.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,721 shares of the communications equipment provider’s stock worth $78,000 after purchasing an additional 1,423 shares during the last quarter. Barclays PLC lifted its holdings in shares of Clearfield by 69.6% during the third quarter. Barclays PLC now owns 17,612 shares of the communications equipment provider’s stock valued at $505,000 after purchasing an additional 7,226 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Clearfield by 61.5% during the third quarter. New York State Common Retirement Fund now owns 17,813 shares of the communications equipment provider’s stock valued at $511,000 after buying an additional 6,782 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in Clearfield in the 3rd quarter worth about $120,000. 88.73% of the stock is currently owned by hedge funds and other institutional investors.

Clearfield Price Performance

NASDAQ CLFD opened at $29.90 on Tuesday. The business has a 50 day simple moving average of $29.73 and a two-hundred day simple moving average of $28.01. Clearfield, Inc. has a 1-year low of $22.91 and a 1-year high of $50.82. The stock has a market capitalization of $439.83 million, a PE ratio of 36.46 and a beta of 1.32.

Clearfield (NASDAQ:CLFD) last released its quarterly earnings results on Thursday, February 1st. The communications equipment provider reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.05. Clearfield had a return on equity of 4.22% and a net margin of 6.00%. The company had revenue of $34.20 million for the quarter, compared to analyst estimates of $29.88 million. During the same quarter in the prior year, the firm posted $1.00 EPS. Clearfield’s quarterly revenue was down 60.2% compared to the same quarter last year. On average, analysts anticipate that Clearfield, Inc. will post -1.03 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CLFD shares. Needham & Company LLC restated a “buy” rating and set a $36.00 target price on shares of Clearfield in a research note on Wednesday, April 17th. Roth Mkm cut their price objective on Clearfield from $49.00 to $47.00 and set a “buy” rating for the company in a research note on Monday, January 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $42.20.

Insider Activity at Clearfield

In other Clearfield news, Chairman Ronald G. Roth bought 2,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were purchased at an average price of $29.62 per share, with a total value of $59,240.00. Following the completion of the purchase, the chairman now owns 1,259,796 shares in the company, valued at approximately $37,315,157.52. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 16.00% of the stock is currently owned by insiders.

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.