Connor Clark & Lunn Investment Management Ltd. Boosts Stock Position in Clearwater Paper Co. (NYSE:CLW)

Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Clearwater Paper Co. (NYSE:CLW) by 16.2% during the third quarter, Holdings Channel reports. The institutional investor owned 35,762 shares of the basic materials company’s stock after buying an additional 4,994 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Clearwater Paper were worth $1,021,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Innealta Capital LLC purchased a new position in shares of Clearwater Paper during the 2nd quarter valued at about $52,000. GAMMA Investing LLC lifted its position in shares of Clearwater Paper by 30.3% during the 2nd 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 purchased a new position in shares of Clearwater Paper during the 3rd quarter valued at about $74,000. DekaBank Deutsche Girozentrale bought a new stake in Clearwater Paper during the 2nd quarter valued at approximately $153,000. Finally, Caxton Associates LP bought a new stake in Clearwater Paper during the 2nd quarter valued at approximately $200,000. 89.98% of the stock is owned by hedge funds and other institutional investors.

Clearwater Paper Stock Performance

NYSE:CLW opened at $27.39 on Thursday. 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 Co. has a 1 year low of $24.17 and a 1 year high of $57.13. The stock’s 50 day simple moving average is $27.32 and its two-hundred day simple moving average is $38.50. The company has a market cap of $453.85 million, a price-to-earnings ratio of 31.91 and a beta of 0.34.

Clearwater Paper announced that its board has initiated a share buyback 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 shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages recently issued reports on CLW. StockNews.com downgraded Clearwater Paper from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Royal Bank of Canada reissued an “outperform” rating and set a $37.00 target price on shares of Clearwater Paper in a research note 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.