Bank of New York Mellon Corp lowered its stake in Clearfield Inc. (NASDAQ:CLFD) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 49,214 shares of the company’s stock after selling 656 shares during the period. Bank of New York Mellon Corp owned approximately 0.37% of Clearfield worth $880,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in the company. State Street Corp increased its stake in shares of Clearfield by 1.9% in the first quarter. State Street Corp now owns 136,520 shares of the company’s stock valued at $2,194,000 after buying an additional 2,484 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Clearfield by 2.9% in the first quarter. Geode Capital Management LLC now owns 79,849 shares of the company’s stock valued at $1,283,000 after buying an additional 2,271 shares in the last quarter. Royce & Associates LP increased its stake in shares of Clearfield by 3.7% in the first quarter. Royce & Associates LP now owns 153,000 shares of the company’s stock valued at $2,459,000 after buying an additional 5,400 shares in the last quarter. Finally, Royal Bank of Canada increased its stake in shares of Clearfield by 14.6% in the first quarter. Royal Bank of Canada now owns 20,135 shares of the company’s stock valued at $324,000 after buying an additional 2,570 shares in the last quarter. Institutional investors and hedge funds own 25.91% of the company’s stock.
Clearfield Inc. (NASDAQ:CLFD) traded down 1.49% during trading on Monday, reaching $17.84. The company’s stock had a trading volume of 5,696 shares. Clearfield Inc. has a 52-week low of $11.59 and a 52-week high of $20.28. The company has a market cap of $251.44 million, a PE ratio of 37.96 and a beta of 0.64. The stock has a 50-day moving average price of $18.40 and a 200 day moving average price of $17.96.
Clearfield (NASDAQ:CLFD) last issued its earnings results on Thursday, July 28th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.05. The firm had revenue of $21.60 million for the quarter, compared to analyst estimates of $17.85 million. Clearfield had a return on equity of 11.83% and a net margin of 9.25%. The business’s revenue was up 18.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.14 earnings per share. On average, analysts expect that Clearfield Inc. will post $0.50 EPS for the current year.
Separately, Zacks Investment Research upgraded Clearfield from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Wednesday, July 20th.
In other news, CEO Cheryl Beranek sold 10,000 shares of Clearfield stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $19.21, for a total value of $192,100.00. Following the completion of the transaction, the chief executive officer now directly owns 592,025 shares in the company, valued at $11,372,800.25. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO John P. Hill sold 5,000 shares of Clearfield stock in a transaction on Monday, August 15th. The shares were sold at an average price of $19.16, for a total value of $95,800.00. Following the completion of the transaction, the chief operating officer now owns 244,593 shares of the company’s stock, valued at $4,686,401.88. The disclosure for this sale can be found here. 19.00% of the stock is owned by company insiders.
Clearfield, Inc manufactures, markets and sells fiber management and enclosure platform that consolidates, distributes and protects fiber as it moves from the inside plant to the outside plant and all the way to the home, business and cell site. The Company’s products include Clearview Cassette, including Clearview Classic and Clearview Blue, and Clearview xPAK; Connectivity and Optical Components, including Cable-to-Cable Deployment and Optical Components; FieldSmart, including FieldSmart Fiber Crossover Distribution System, FieldSmart Fiber Scalability Center, FieldSmart Fiber Delivery Point and FieldSmart Small Count Delivery; FieldShield; CraftSmart, and Cable Assemblies.
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