Clearfield (CLFD) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS
Clearfield (NASDAQ:CLFD) announced its quarterly earnings data on Thursday. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.09, MarketWatch Earnings reports. Clearfield had a return on equity of 7.10% and a net margin of 4.96%. The business had revenue of $22.47 million during the quarter, compared to analyst estimates of $20.50 million.
Shares of NASDAQ:CLFD traded up $1.24 during midday trading on Friday, hitting $13.71. 110,773 shares of the stock were exchanged, compared to its average volume of 17,435. Clearfield has a 52-week low of $10.35 and a 52-week high of $15.30. The firm has a market cap of $170.75 million, a price-to-earnings ratio of 42.84 and a beta of 1.18.
Several large investors have recently made changes to their positions in CLFD. BlackRock Inc. raised its holdings in shares of Clearfield by 3.2% during the second quarter. BlackRock Inc. now owns 815,882 shares of the communications equipment provider’s stock worth $9,017,000 after acquiring an additional 25,107 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of Clearfield by 11.7% during the first quarter. Royal Bank of Canada now owns 126,426 shares of the communications equipment provider’s stock worth $1,631,000 after acquiring an additional 13,275 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Clearfield during the third quarter worth $176,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Clearfield by 8.0% during the second quarter. Bank of New York Mellon Corp now owns 55,338 shares of the communications equipment provider’s stock worth $612,000 after acquiring an additional 4,107 shares in the last quarter. Institutional investors and hedge funds own 29.19% of the company’s stock.
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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 Clearview cassette, a building block of the company's product platform; Clearview Classic and Clearview Blue, a system with five parts that nest together in the cassette's housing to support a range of applications; Clearview xPAK to land small port count fiber terminations and optical components; Clearview Black, which is designed to handle harsh environments; and fiber deep for cable-to-cable deployment, as well as packages optical components for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation for integration within its fiber management platform.
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