Clearwater Paper (NYSE:CLW) Shares Gap Up – Time to Buy?

Clearwater Paper Co. (NYSE:CLW) shares gapped up prior to trading 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 trading hands.

Wall Street Analyst Weigh In

CLW has been the topic of a number of research reports. StockNews.com lowered shares of Clearwater Paper from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $37.00 price objective on shares of Clearwater Paper in a report on Tuesday, November 5th.

Clearwater Paper Stock Performance

The stock has a market capitalization of $501.35 million, a price-to-earnings ratio of 35.19 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 has a 50-day moving average of $26.76 and a 200 day moving average of $35.54.

Clearwater Paper announced that its Board of Directors has approved a stock repurchase program on Monday, November 4th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the basic materials company to buy up to 23.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Clearwater Paper

Institutional investors and hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. grew its holdings in Clearwater Paper by 45.2% during the 3rd quarter. Pacer Advisors Inc. now owns 1,887,015 shares of the basic materials company’s stock worth $53,855,000 after acquiring an additional 587,043 shares during the period. American Century Companies Inc. boosted its position in shares of Clearwater Paper by 23.2% in the 2nd quarter. American Century Companies Inc. now owns 495,358 shares of the basic materials company’s stock worth $24,010,000 after purchasing an additional 93,123 shares during the last quarter. Readystate Asset Management LP bought a new stake in Clearwater Paper in the third quarter valued at about $1,978,000. Acadian Asset Management LLC increased its holdings in Clearwater Paper by 39.1% in the second quarter. Acadian Asset Management LLC now owns 218,505 shares of the basic materials company’s stock valued at $10,586,000 after purchasing an additional 61,366 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Clearwater Paper by 35.7% in 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 buying an additional 38,917 shares during the period. 89.98% of the stock is owned by 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.