Clearfield (NASDAQ:CLFD) Board Announces Share Buyback Program

Clearfield (NASDAQ:CLFD) declared that its board has approved a share repurchase plan on Tuesday, November 25th, RTT News reports. The company plans to buyback $85.00 million in shares. This buyback authorization permits the communications equipment provider to repurchase up to 22% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Clearfield Stock Performance

Shares of NASDAQ CLFD traded down $1.35 during mid-day trading on Tuesday, hitting $28.03. The stock had a trading volume of 424,535 shares, compared to its average volume of 132,377. The business has a 50 day moving average price of $33.87 and a two-hundred day moving average price of $36.77. Clearfield has a 1 year low of $23.78 and a 1 year high of $46.76. The firm has a market cap of $386.98 million, a P/E ratio of 2,803.00 and a beta of 1.81.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CLFD. Northland Securities lowered shares of Clearfield from an “outperform” rating to a “market perform” rating and set a $45.00 target price for the company. in a research report on Thursday, August 7th. Wall Street Zen raised shares of Clearfield from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Clearfield in a report on Wednesday, October 8th. Northland Capmk downgraded shares of Clearfield from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 7th. Finally, Roth Capital set a $43.00 price target on shares of Clearfield in a research report on Tuesday. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Clearfield presently has an average rating of “Hold” and a consensus price target of $46.00.

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.