Clearwater Paper Co. (NYSE:CLW) Sees Large Decline in Short Interest

Clearwater Paper Co. (NYSE:CLW) was the target of a large drop in short interest in the month of January. As of January 15th, there was short interest totalling 389,800 shares, a drop of 60.6% from the December 31st total of 988,200 shares. Currently, 2.4% of the company’s stock are sold short. Based on an average trading volume of 464,600 shares, the days-to-cover ratio is presently 0.8 days.

Clearwater Paper Stock Performance

CLW traded down $0.20 on Friday, reaching $32.17. The company had a trading volume of 207,201 shares, compared to its average volume of 313,630. The stock has a 50-day moving average price of $28.84 and a 200-day moving average price of $31.77. The stock has a market capitalization of $533.12 million, a PE ratio of 37.41 and a beta of 0.32. Clearwater Paper has a 1 year low of $23.97 and a 1 year high of $57.13. The company has a quick ratio of 1.13, a current ratio of 1.78 and a debt-to-equity ratio of 1.72.

Clearwater Paper announced that its board has authorized a share repurchase program on Monday, November 4th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 23.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

CLW has been the topic of several research analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $37.00 target price on shares of Clearwater Paper in a research note on Tuesday, November 5th. StockNews.com downgraded shares of Clearwater Paper from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th.

Institutional Investors Weigh In On Clearwater Paper

Large investors have recently added to or reduced their stakes in the business. nVerses Capital LLC purchased a new stake in Clearwater Paper during the 3rd quarter worth $74,000. Truist Financial Corp acquired a new stake in shares of Clearwater Paper in the second quarter valued at about $351,000. Paloma Partners Management Co purchased a new stake in shares of Clearwater Paper during the 3rd quarter valued at about $209,000. D.A. Davidson & CO. lifted its position in Clearwater Paper by 23.4% during the 3rd quarter. D.A. Davidson & CO. now owns 7,900 shares of the basic materials company’s stock worth $225,000 after acquiring an additional 1,500 shares in the last quarter. Finally, PEAK6 Investments LLC boosted its holdings in Clearwater Paper by 15.5% in the 3rd quarter. PEAK6 Investments LLC now owns 9,127 shares of the basic materials company’s stock worth $260,000 after acquiring an additional 1,227 shares during the period. 89.98% of the stock is owned by institutional investors and hedge funds.

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.