Readystate Asset Management LP Takes Position in Clearwater Paper Co. (NYSE:CLW)

Readystate Asset Management LP bought a new position in shares of Clearwater Paper Co. (NYSE:CLW - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm bought 69,300 shares of the basic materials company's stock, valued at approximately $1,978,000. Readystate Asset Management LP owned approximately 0.42% of Clearwater Paper as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CLW. Innealta Capital LLC bought a new position in shares of Clearwater Paper in the 2nd quarter valued at about $52,000. GAMMA Investing LLC lifted its stake in Clearwater Paper by 30.3% in the second quarter. GAMMA Investing LLC now owns 1,096 shares of the basic materials company's stock valued at $53,000 after buying an additional 255 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Clearwater Paper in the third quarter valued at approximately $74,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Clearwater Paper in the second quarter valued at approximately $153,000. Finally, Caxton Associates LP acquired a new stake in shares of Clearwater Paper in the second quarter valued at approximately $200,000. Institutional investors and hedge funds own 89.98% of the company's stock.

Wall Street Analysts Forecast Growth

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

Clearwater Paper Stock Performance

NYSE CLW traded down $0.55 on Thursday, hitting $26.62. 84,448 shares of the stock were exchanged, compared to its average volume of 251,019. The company has a market capitalization of $441.09 million, a PE ratio of 31.59 and a beta of 0.33. The business's fifty day moving average is $27.03 and its 200 day moving average is $37.60. Clearwater Paper Co. has a 52 week low of $24.17 and a 52 week high of $57.13. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.78 and a quick ratio of 1.13.

Clearwater Paper announced that its board has authorized a share repurchase plan on Monday, November 4th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 23.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

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.