Clearwater Paper (NYSE:CLW) Stock Price Up 6.6% – Still a Buy?

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

Analysts Set New Price Targets

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

Clearwater Paper Trading Up 7.8 %

The firm has a market capitalization of $541.11 million, a P/E ratio of 37.98 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 stock’s 50-day simple moving average is $26.80 and its two-hundred day simple moving average is $35.16.

Clearwater Paper declared that its Board of Directors has approved a share buyback 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Louisiana State Employees Retirement System boosted 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 valued at $407,000 after purchasing an additional 200 shares during the period. Bailard Inc. purchased a new position in shares of Clearwater Paper during the second quarter worth approximately $276,000. Allspring Global Investments Holdings LLC raised its stake in shares of Clearwater Paper by 35.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 148,051 shares of the basic materials company’s stock valued at $7,176,000 after acquiring an additional 38,917 shares in the last quarter. Panagora Asset Management Inc. boosted its holdings in shares of Clearwater Paper by 7.3% in the second quarter. Panagora Asset Management Inc. now owns 105,954 shares of the basic materials company’s stock valued at $5,136,000 after purchasing an additional 7,219 shares during the period. Finally, Innealta Capital LLC purchased a new stake in shares of Clearwater Paper in the second quarter valued at approximately $52,000. 89.98% of the stock is owned by hedge funds and other institutional investors.

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.