Clearfield (NASDAQ:CLFD) Releases Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Clearfield (NASDAQ:CLFD) issued its quarterly earnings results on Thursday. The communications equipment provider reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.13, Briefing.com reports. The firm had revenue of $36.90 million during the quarter, compared to the consensus estimate of $31.25 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 43.1% on a year-over-year basis. During the same period last year, the company earned $0.67 earnings per share. Clearfield updated its Q3 guidance to ($0.38)-($0.31) EPS.

Clearfield Price Performance

NASDAQ:CLFD traded up $4.22 during trading hours on Friday, reaching $36.13. 687,406 shares of the company were exchanged, compared to its average volume of 207,290. The firm has a market cap of $531.36 million, a price-to-earnings ratio of 44.06 and a beta of 1.33. The stock has a 50 day simple moving average of $29.81 and a 200 day simple moving average of $28.09. Clearfield has a 52-week low of $22.91 and a 52-week high of $50.82.

Analyst Upgrades and Downgrades

CLFD has been the topic of a number of recent analyst reports. Needham & Company LLC boosted their price target on shares of Clearfield from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday. Northland Securities upgraded shares of Clearfield from a “market perform” rating to an “outperform” rating and increased their price target for the company from $25.00 to $40.00 in a report on Friday. Finally, Roth Mkm reissued a “buy” rating and set a $47.00 price objective on shares of Clearfield in a report on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $42.40.

Insider Activity

In other news, Chairman Ronald G. Roth bought 2,000 shares of Clearfield stock in a transaction that occurred on Friday, February 23rd. The shares were purchased at an average price of $29.62 per share, for a total transaction of $59,240.00. Following the completion of the acquisition, the chairman now owns 1,259,796 shares of the company’s stock, valued at $37,315,157.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 16.00% of the company’s stock.

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.