Clearwater Paper (NYSE:CLW) Shares Gap Up - Here's Why

Clearwater Paper Co. (NYSE:CLW - Get Free Report) 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.

Analysts Set New Price Targets

A number of research firms recently commented 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 restated an "outperform" rating and issued a $37.00 price objective on shares of Clearwater Paper in a research report on Tuesday, November 5th.

Clearwater Paper Trading Up 22.5 %

The firm has a market cap of $501.35 million, a PE ratio of 35.19 and a beta of 0.33. The firm has a fifty day simple moving average of $26.71 and a two-hundred day simple moving average of $35.70. The company has a current ratio of 1.78, a quick ratio of 1.13 and a debt-to-equity ratio of 1.72.

Clearwater Paper announced that its Board of Directors has approved a share repurchase program 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 programs are usually a sign that the company's leadership believes its stock is undervalued.

Institutional Trading of Clearwater Paper

Several large investors have recently added to or reduced their stakes in the stock. Barclays PLC lifted its position in shares of Clearwater Paper by 339.6% in the 3rd quarter. Barclays PLC now owns 27,139 shares of the basic materials company's stock worth $774,000 after purchasing an additional 20,966 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Clearwater Paper in the third quarter worth about $877,000. Readystate Asset Management LP bought a new stake in Clearwater Paper during the 3rd quarter valued at approximately $1,978,000. HighTower Advisors LLC grew its holdings 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 acquiring an additional 6,865 shares during the period. Finally, Cinctive Capital Management LP bought a new position in shares of Clearwater Paper in the 3rd quarter worth approximately $815,000. 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.