Clearwater Paper (NYSE:CLW) Trading Up 6.6% – Here’s What Happened

Clearwater Paper Co. (NYSE:CLW) rose 6.6% during mid-day trading on Tuesday . The stock traded as high as $32.30 and last traded at $32.30. Approximately 195,683 shares were traded during trading, a decline of 28% from the average daily volume of 270,452 shares. The stock had previously closed at $30.29.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. StockNews.com lowered Clearwater Paper from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $37.00 target price on shares of Clearwater Paper in a report on Tuesday, November 5th.

Clearwater Paper Trading Up 7.8 %

The company’s 50 day simple moving average is $26.98 and its two-hundred day simple moving average is $35.02. The company has a quick ratio of 1.13, a current ratio of 1.78 and a debt-to-equity ratio of 1.72. The company has a market capitalization of $541.11 million, a price-to-earnings ratio of 37.98 and a beta of 0.33.

Clearwater Paper announced that its board has authorized a share buyback program on Monday, November 4th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the basic materials company to buy up to 23.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System grew its stake in shares of Clearwater Paper by 2.4% during the second quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the basic materials company’s stock worth $407,000 after acquiring an additional 200 shares during the last quarter. Innealta Capital LLC acquired a new stake in Clearwater Paper in the 2nd quarter worth approximately $52,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Clearwater Paper by 2.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 44,161 shares of the basic materials company’s stock worth $1,260,000 after purchasing an additional 1,117 shares in the last quarter. PEAK6 Investments LLC grew its position in Clearwater Paper by 15.5% during the 3rd quarter. PEAK6 Investments LLC now owns 9,127 shares of the basic materials company’s stock worth $260,000 after purchasing an additional 1,227 shares during the last quarter. Finally, D.A. Davidson & CO. increased its stake in Clearwater Paper by 23.4% during the 3rd quarter. D.A. Davidson & CO. now owns 7,900 shares of the basic materials company’s stock valued at $225,000 after purchasing an additional 1,500 shares in the last quarter. 89.98% of the stock is owned by institutional investors and hedge funds.

About Clearwater Paper

Clearwater Paper Corporation manufactures and supplies bleached paperboards, and consumer and parent roll tissues in the United States and internationally. It operates through Pulp and Paperboard, and Consumer Products segments. The Pulp and Paperboard segment manufactures and markets bleached paperboard; Solid Bleached Sulfate paperboard that is used to produce folding cartons, liquid packaging, cups and plates, blister and carded packaging, and top sheet and commercial printing items; and hardwood and softwood pulp, as well as offers services that include custom sheeting, slitting, and cutting.