Zacks: Analysts Set $18.00 Target Price for Clearfield Inc (NASDAQ:CLFD)

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Clearfield Inc (NASDAQ:CLFD) has been given an average broker rating score of 1.00 (Strong Buy) from the two analysts that cover the stock, Zacks Investment Research reports. Two investment analysts have rated the stock with a strong buy rating.

Brokerages have set a one year consensus price target of $18.00 for the company and are expecting that the company will post $0.05 EPS for the current quarter, according to Zacks. Zacks has also assigned Clearfield an industry rank of 45 out of 255 based on the ratings given to related companies.

Separately, Roth Capital assumed coverage on shares of Clearfield in a report on Wednesday, August 21st. They issued a “buy” rating and a $19.00 price target for the company.

In other Clearfield news, Chairman Ronald G. Roth bought 5,000 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was purchased at an average cost of $12.42 per share, for a total transaction of $62,100.00. Following the acquisition, the chairman now owns 1,233,699 shares of the company’s stock, valued at approximately $15,322,541.58. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 18.70% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. Northern Trust Corp increased its holdings in Clearfield by 2.0% during the 2nd quarter. Northern Trust Corp now owns 147,652 shares of the communications equipment provider’s stock valued at $1,956,000 after acquiring an additional 2,961 shares in the last quarter. California Public Employees Retirement System increased its holdings in Clearfield by 5.8% during the 3rd quarter. California Public Employees Retirement System now owns 62,400 shares of the communications equipment provider’s stock valued at $739,000 after acquiring an additional 3,400 shares in the last quarter. Royal Bank of Canada increased its holdings in Clearfield by 6.3% during the 2nd quarter. Royal Bank of Canada now owns 148,077 shares of the communications equipment provider’s stock valued at $1,962,000 after acquiring an additional 8,749 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in Clearfield by 58.9% during the 2nd quarter. Panagora Asset Management Inc. now owns 28,214 shares of the communications equipment provider’s stock valued at $374,000 after acquiring an additional 10,454 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Clearfield by 2.1% during the 2nd quarter. Renaissance Technologies LLC now owns 546,299 shares of the communications equipment provider’s stock valued at $7,238,000 after acquiring an additional 11,300 shares in the last quarter. Hedge funds and other institutional investors own 29.20% of the company’s stock.

Shares of CLFD opened at $13.04 on Friday. The company has a 50-day simple moving average of $12.31 and a 200-day simple moving average of $12.62. The company has a market capitalization of $174.75 million, a PE ratio of 37.68 and a beta of 1.50. Clearfield has a 52-week low of $8.41 and a 52-week high of $16.75.

Clearfield (NASDAQ:CLFD) last announced its quarterly earnings results on Thursday, November 7th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.03. The business had revenue of $23.97 million during the quarter, compared to the consensus estimate of $23.65 million. Clearfield had a net margin of 5.37% and a return on equity of 6.30%. As a group, equities analysts forecast that Clearfield will post 0.37 EPS for the current fiscal year.

About Clearfield

Clearfield, Inc manufactures, markets, and sells standard and custom passive connectivity products to the fiber-to-the-premises, enterprises, and original equipment manufacturers markets in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures.

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