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Steven Cohen, SAC Capital Boost Exposure to Clearwater Paper Corp

Steven Cohen and SAC Capital have been bullish on Clearwater Paper Corp (NYSE:CLW), slightly increasing their position in the company. According to a new filing with the Securities and Exchange Commission, SAC currently owns 1.84 million shares of Clearwater Paper, the stake amassing 8.7% of the company’s common stock. In the latest 13F filing, the fund managed by Mr. Cohen disclosed holding 1.79 million shares of the company. The new stake is passive by nature and its value amounts to $97.2 million, at the current stock price of the company.

Steven Cohen

The stock of Clearwater Paper Corp (NYSE:CLW) returned almost 35% since the beginning of the year, sporting a P/E of around 27.5. In the third quarter, the net sales of the company slightly increased to $488 million in the third quarter, from $480 million a year ago. Net earnings, however, declined to $13.3 million, equal to $0.6 per share, from $19.1 million in the same period of last year. The GAAP net earnings decline was mainly caused by significant maintenance costs, the company said in a statement.

Among other significant investors of Clearwater Paper Corp (NYSE:CLW), we can mention Corsair Capital Management, led by Jay Petschek and Steven Major, with a $38.7 million stake, which contains 810,500 shares. Chuck Royce’s Royce & Associates, and Peter S. Park’s Park West Asset Management reported holding 596,000 shares and 539,300 shares respectively. The value of the positions amounts to $28.5 million, and $25.8 million respectively.

In the past couple of weeks, Steven Cohen and SAC disclosed several significant moves into their equity portfolio. The fund initiated a position in Tile Shop Holdings, Inc. (NASDAQ:TTS), which amasses 5.0% of the common stock. Also, SAC boosted its stakes in KAR Auction Services Inc (NYSE:KAR), and Armstrong World Industries, Inc. (NYSE:AWI), currently holding 5.2% of KAR and 7% of Armstrong’s common stock.

Disclosure: none

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