State Street Corp Decreases Position in Clearfield, Inc. (NASDAQ:CLFD)

State Street Corp trimmed its position in Clearfield, Inc. (NASDAQ:CLFD) by 1.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 294,940 shares of the communications equipment provider’s stock after selling 3,425 shares during the quarter. State Street Corp’s holdings in Clearfield were worth $11,491,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Quantbot Technologies LP purchased a new position in shares of Clearfield in the third quarter valued at approximately $53,000. Redwood Wealth Management Group LLC acquired a new position in Clearfield in the 2nd quarter valued at $75,000. Truvestments Capital LLC purchased a new position in Clearfield in the 3rd quarter valued at $80,000. Canada Pension Plan Investment Board acquired a new stake in Clearfield during the 2nd quarter worth $85,000. Finally, SG Americas Securities LLC grew its holdings in shares of Clearfield by 8.3% during the third quarter. SG Americas Securities LLC now owns 3,641 shares of the communications equipment provider’s stock worth $142,000 after buying an additional 279 shares in the last quarter. 88.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CLFD has been the topic of several research reports. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price target on shares of Clearfield in a research note on Friday, November 8th. StockNews.com lowered shares of Clearfield from a “hold” rating to a “sell” rating in a research note on Saturday, December 14th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.75.

Insider Buying and Selling

In other Clearfield news, Chairman Ronald G. Roth purchased 5,000 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were acquired at an average price of $31.00 per share, with a total value of $155,000.00. Following the purchase, the chairman now directly owns 1,266,796 shares in the company, valued at approximately $39,270,676. This trade represents a 0.40 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 16.00% of the stock is currently owned by company insiders.

Clearfield Trading Up 3.0 %

Shares of CLFD opened at $31.33 on Thursday. Clearfield, Inc. has a 12-month low of $24.78 and a 12-month high of $44.83. The firm has a market capitalization of $447.67 million, a P/E ratio of -36.86 and a beta of 1.28. The firm has a 50-day moving average price of $32.99 and a 200 day moving average price of $36.60. The company has a current ratio of 9.43, a quick ratio of 6.69 and a debt-to-equity ratio of 0.01.

Clearfield (NASDAQ:CLFD) last posted its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.13. The business had revenue of $46.80 million during the quarter, compared to analysts’ expectations of $41.95 million. Clearfield had a negative net margin of 7.47% and a negative return on equity of 4.41%. The business’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.17 EPS. Sell-side analysts forecast that Clearfield, Inc. will post -0.16 EPS for the current year.

Clearfield 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.