BNP Paribas Financial Markets Sells 34,062 Shares of Clearwater Paper Co. (NYSE:CLW)

BNP Paribas Financial Markets decreased its holdings in Clearwater Paper Co. (NYSE:CLW) by 90.5% during the 3rd quarter, Holdings Channel.com reports. The fund owned 3,580 shares of the basic materials company’s stock after selling 34,062 shares during the quarter. BNP Paribas Financial Markets’ holdings in Clearwater Paper were worth $102,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Pacer Advisors Inc. raised its stake in shares of Clearwater Paper by 45.2% in the third quarter. Pacer Advisors Inc. now owns 1,887,015 shares of the basic materials company’s stock worth $53,855,000 after purchasing an additional 587,043 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Clearwater Paper by 23.2% during the second quarter. American Century Companies Inc. now owns 495,358 shares of the basic materials company’s stock valued at $24,010,000 after buying an additional 93,123 shares during the last quarter. Acadian Asset Management LLC grew its holdings in Clearwater Paper by 39.1% during the second quarter. Acadian Asset Management LLC now owns 218,505 shares of the basic materials company’s stock worth $10,586,000 after buying an additional 61,366 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Clearwater Paper by 35.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 148,051 shares of the basic materials company’s stock valued at $7,176,000 after buying an additional 38,917 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in Clearwater Paper during the 3rd quarter valued at $1,043,000. Institutional investors and hedge funds own 89.98% of the company’s stock.

Analyst Ratings Changes

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

Clearwater Paper Stock Performance

CLW stock opened at $24.53 on Thursday. 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 firm has a market cap of $406.41 million, a PE ratio of 28.52 and a beta of 0.33. The business has a 50 day moving average of $26.76 and a 200-day moving average of $35.77. Clearwater Paper Co. has a 12-month low of $23.97 and a 12-month high of $57.13.

Clearwater Paper declared that its Board of Directors has initiated a share repurchase plan 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 stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Clearwater Paper Company Profile

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.