Short Interest in Clearwater Paper Co. (NYSE:CLW) Drops By 9.7%

Clearwater Paper Co. (NYSE:CLW) was the recipient of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 984,500 shares, a drop of 9.7% from the October 15th total of 1,090,000 shares. Approximately 6.1% of the shares of the company are short sold. Based on an average daily volume of 411,000 shares, the days-to-cover ratio is currently 2.4 days.

Institutional Investors Weigh In On Clearwater Paper

Several large investors have recently added to or reduced their stakes in CLW. Pacer Advisors Inc. grew its position in shares of Clearwater Paper by 45.2% during the third 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 last quarter. Dimensional Fund Advisors LP boosted its stake in Clearwater Paper by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,408,298 shares of the basic materials company’s stock valued at $68,261,000 after purchasing an additional 10,074 shares during the period. Vanguard Group Inc. grew its position in Clearwater Paper by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 1,218,874 shares of the basic materials company’s stock worth $53,301,000 after purchasing an additional 17,166 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Clearwater Paper by 23.2% in the second quarter. American Century Companies Inc. now owns 495,358 shares of the basic materials company’s stock valued at $24,010,000 after purchasing an additional 93,123 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Clearwater Paper by 24.3% during the second quarter. Assenagon Asset Management S.A. now owns 219,983 shares of the basic materials company’s stock valued at $10,663,000 after buying an additional 42,935 shares during the last quarter. 89.98% of the stock is owned by institutional investors and hedge funds.

Clearwater Paper Stock Down 0.5 %

Shares of Clearwater Paper stock opened at $24.81 on Tuesday. The stock has a market capitalization of $411.10 million, a price-to-earnings ratio of 28.85 and a beta of 0.34. Clearwater Paper has a twelve month low of $24.17 and a twelve month high of $57.13. The company has a current ratio of 1.78, a quick ratio of 1.13 and a debt-to-equity ratio of 1.72. The business’s 50 day simple moving average is $27.63 and its 200-day simple moving average is $39.40.

Clearwater Paper announced that its Board of Directors has authorized a stock buyback program 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 shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have weighed in on CLW. 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 reaffirmed an “outperform” rating and issued a $37.00 price target on shares of Clearwater Paper in a report on Tuesday, November 5th.

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.