Clearwater Paper (NYSE:CLW) Shares Down 2.3% – Here’s Why

Clearwater Paper Co. (NYSE:CLW) traded down 2.3% on Thursday . The stock traded as low as $31.59 and last traded at $31.90. 34,427 shares were traded during mid-day trading, a decline of 87% from the average session volume of 270,752 shares. The stock had previously closed at $32.66.

Analyst Ratings Changes

A number of analysts recently weighed in 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 set a $37.00 price objective on shares of Clearwater Paper in a research report on Tuesday, November 5th.

Clearwater Paper Trading Down 2.1 %

The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.13 and a current ratio of 1.78. The company has a market capitalization of $529.51 million, a PE ratio of 37.16 and a beta of 0.33. The business has a fifty day moving average price of $26.98 and a 200 day moving average price of $35.02.

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

Hedge Funds Weigh In On Clearwater Paper

Several large investors have recently modified their holdings of CLW. Innealta Capital LLC acquired a new stake in shares of Clearwater Paper during the second quarter worth $52,000. nVerses Capital LLC acquired a new stake in Clearwater Paper during the third quarter worth about $74,000. DekaBank Deutsche Girozentrale bought a new position in Clearwater Paper in the second quarter worth about $153,000. Caxton Associates LP bought a new position in Clearwater Paper in the second quarter worth about $200,000. Finally, Paloma Partners Management Co acquired a new position in Clearwater Paper in the third quarter valued at approximately $209,000. Institutional investors own 89.98% of the company’s stock.

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.