SummerHaven Investment Management LLC Boosts Holdings in Clearfield, Inc. (NASDAQ:CLFD)

SummerHaven Investment Management LLC lifted its stake in shares of Clearfield, Inc. (NASDAQ:CLFD) by 2.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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’s holdings in Clearfield were worth $429,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. CWM LLC raised its stake in Clearfield by 28.1% in the 4th quarter. CWM LLC now owns 2,936 shares of the communications equipment provider’s stock valued at $85,000 after purchasing an additional 644 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Clearfield by 134.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,130 shares of the communications equipment provider’s stock worth $33,000 after buying an additional 648 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Clearfield by 0.8% in 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 buying an additional 819 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position 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 valued at $78,000 after buying an additional 1,423 shares during the last quarter. Finally, Truvestments Capital LLC lifted its stake in shares of Clearfield by 44.2% in the third quarter. Truvestments Capital LLC now owns 4,689 shares of the communications equipment provider’s stock worth $134,000 after buying an additional 1,438 shares in the last quarter. Institutional investors and hedge funds own 88.73% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman Ronald G. Roth acquired 2,000 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was purchased at an average price of $29.62 per share, with a total value of $59,240.00. Following the transaction, 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 filing with the Securities & Exchange Commission, which is accessible through this link. 16.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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

Clearfield Price Performance

Shares of NASDAQ CLFD opened at $29.90 on Tuesday. Clearfield, Inc. has a 1 year low of $22.91 and a 1 year high of $50.82. The company has a market capitalization of $439.83 million, a P/E ratio of 36.46 and a beta of 1.32. The company has a 50 day simple moving average of $29.73 and a 200-day simple moving average of $28.01.

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

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.