State Street Corp Decreases Holdings in Clearwater Paper Co. (NYSE:CLW)

State Street Corp reduced its position in Clearwater Paper Co. (NYSE:CLW) by 2.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 649,880 shares of the basic materials company’s stock after selling 19,103 shares during the period. State Street Corp owned about 3.92% of Clearwater Paper worth $18,548,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CLW. Pacer Advisors Inc. increased its position in shares of Clearwater Paper by 45.2% in the third quarter. Pacer Advisors Inc. now owns 1,887,015 shares of the basic materials company’s stock valued at $53,855,000 after buying an additional 587,043 shares in the last quarter. American Century Companies Inc. increased its holdings in Clearwater Paper by 23.2% during the 2nd quarter. American Century Companies Inc. now owns 495,358 shares of the basic materials company’s stock valued at $24,010,000 after acquiring an additional 93,123 shares in the last quarter. Readystate Asset Management LP acquired a new position in Clearwater Paper during the third quarter worth about $1,978,000. Acadian Asset Management LLC lifted its holdings in shares of Clearwater Paper by 39.1% in the second quarter. Acadian Asset Management LLC now owns 218,505 shares of the basic materials company’s stock valued at $10,586,000 after purchasing an additional 61,366 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Clearwater Paper by 35.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 148,051 shares of the basic materials company’s stock valued at $7,176,000 after purchasing an additional 38,917 shares during the last quarter. 89.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CLW. StockNews.com lowered 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 issued a $37.00 price objective on shares of Clearwater Paper in a research report on Tuesday, November 5th.

Clearwater Paper Stock Performance

NYSE:CLW opened at $30.29 on Tuesday. 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 firm has a market cap of $501.84 million, a PE ratio of 35.22 and a beta of 0.33. The firm has a 50 day simple moving average of $26.80 and a 200-day simple moving average of $35.16. Clearwater Paper Co. has a 1-year low of $23.97 and a 1-year high of $57.13.

Clearwater Paper announced that its board has initiated a stock repurchase program on Monday, November 4th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the basic materials company to buy up to 23.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are 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.