Clearwater Paper (NYSE:CLW) Shares Gap Up – Here’s What Happened

Clearwater Paper Co. (NYSE:CLW)’s share price gapped up before the market opened on Friday . The stock had previously closed at $24.71, but opened at $30.00. Clearwater Paper shares last traded at $30.34, with a volume of 579,812 shares changing hands.

Analyst Upgrades and Downgrades

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

Clearwater Paper Stock Performance

The stock has a market cap of $504.16 million, a PE ratio of 35.38 and a beta of 0.33. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.78 and a quick ratio of 1.13. The firm has a 50 day moving average of $26.71 and a two-hundred day moving average of $35.70.

Clearwater Paper declared that its Board of Directors has initiated a stock repurchase plan on Monday, November 4th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the basic materials company to repurchase up to 23.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Clearwater Paper

Large investors have recently modified their holdings of the business. Barclays PLC raised its position in Clearwater Paper by 339.6% in the third quarter. Barclays PLC now owns 27,139 shares of the basic materials company’s stock worth $774,000 after acquiring an additional 20,966 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Clearwater Paper during the third quarter valued at $877,000. Readystate Asset Management LP purchased a new stake in Clearwater Paper during the 3rd quarter worth about $1,978,000. HighTower Advisors LLC boosted its stake in shares of Clearwater Paper by 124.0% during the 3rd quarter. HighTower Advisors LLC now owns 12,400 shares of the basic materials company’s stock worth $361,000 after purchasing an additional 6,865 shares during the last quarter. Finally, Cinctive Capital Management LP purchased a new stake in shares of Clearwater Paper during the third quarter worth about $815,000. 89.98% of the stock is owned by hedge funds and other institutional investors.

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.