Clearfield Inc (CLFD) Stake Raised by American International Group Inc.
American International Group Inc. boosted its stake in Clearfield Inc (NASDAQ:CLFD) by 7.0% during the first quarter, Holdings Channel reports. The firm owned 7,048 shares of the communications equipment provider’s stock after buying an additional 461 shares during the period. American International Group Inc.’s holdings in Clearfield were worth $116,000 as of its most recent filing with the SEC.
Separately, State Street Corp raised its position in Clearfield by 8.6% in the fourth quarter. State Street Corp now owns 154,909 shares of the communications equipment provider’s stock valued at $3,205,000 after buying an additional 12,300 shares during the period. Institutional investors and hedge funds own 27.06% of the company’s stock.
Shares of Clearfield Inc (NASDAQ CLFD) opened at 11.55 on Wednesday. The firm’s 50-day moving average is $13.06 and its 200 day moving average is $15.09. Clearfield Inc has a 52-week low of $11.00 and a 52-week high of $21.60. The stock has a market cap of $160.94 million, a P/E ratio of 29.77 and a beta of 1.25.
Clearfield (NASDAQ:CLFD) last issued its earnings results on Thursday, July 27th. The communications equipment provider reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.06. The firm had revenue of $19.61 million during the quarter, compared to analyst estimates of $22.90 million. Clearfield had a net margin of 4.10% and a return on equity of 4.95%. The firm’s revenue was down 9.2% compared to the same quarter last year. During the same period last year, the business earned $0.16 EPS. Analysts forecast that Clearfield Inc will post $0.25 earnings per share for the current fiscal year.
Clearfield announced that its board has authorized a share repurchase program on Thursday, April 27th that authorizes the company to buyback $4.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to buy up to 1.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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CLFD has been the subject of several recent analyst reports. Zacks Investment Research lowered shares of Clearfield from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Northland Securities set a $15.00 price objective on shares of Clearfield and gave the stock a “buy” rating in a research note on Saturday, July 29th.
In other news, Chairman Ronald G. Roth bought 5,000 shares of Clearfield stock in a transaction that occurred on Friday, May 12th. The shares were purchased at an average price of $14.14 per share, with a total value of $70,700.00. Following the completion of the acquisition, the chairman now directly owns 1,219,170 shares in the company, valued at $17,239,063.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 18.30% 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, which is the building block of its product platform; Connectivity and Optical Components; FieldSmart, which is a series of panels, cabinets, wall boxes and other enclosures that house the Clearview components; FieldShield, which is a fiber delivery method for broadband deployment; CraftSmart, which is a line of optical protection field enclosures, and Cable Assemblies.
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