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

Clearwater Paper Co. (NYSE:CLW) 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.

Analyst Ratings Changes

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

Clearwater Paper Stock Up 23.1 %

The business has a 50 day simple moving average of $26.71 and a 200 day simple moving average of $35.70. 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 market cap of $504.16 million, a PE ratio of 35.38 and a beta of 0.33.

Clearwater Paper declared that its board has approved a share buyback 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 reacquire up to 23.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Innealta Capital LLC acquired a new position in shares of Clearwater Paper during the 2nd quarter worth about $52,000. nVerses Capital LLC acquired a new position in shares of Clearwater Paper in the third quarter valued at $74,000. DekaBank Deutsche Girozentrale acquired a new position in Clearwater Paper in the second quarter worth about $153,000. Caxton Associates LP acquired a new position in shares of Clearwater Paper in the 2nd quarter worth approximately $200,000. Finally, Paloma Partners Management Co bought a new stake in shares of Clearwater Paper during the third quarter worth $209,000. 89.98% of the stock is currently 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.