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Kari G. Moyes, Senior Vice President of Human Resources at Clearwater Paper Corp (NYSE:CLW), recently sold a portion of her shares in the company. According to a recent SEC filing, Moyes sold 1,132 shares on March 17 at a price of $23.98 per share, totaling $27,145. Following this transaction, Moyes now holds 81,439 shares in the company. The sale comes as Clearwater Paper, currently rated ’FAIR’ by InvestingPro’s Financial Health Score, shows signs of potential recovery with analysts forecasting profitability this year despite recent challenges.
In addition to the sale, Moyes also had shares withheld by Clearwater Paper to cover tax obligations related to the vesting of restricted stock units. On March 15, shares totaling $18,896 were withheld for this purpose, priced at $23.95 per share.
These transactions were conducted under a 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for selling stocks to avoid potential insider trading accusations.
In other recent news, Clearwater Paper Corporation is reportedly the subject of acquisition interest from Suzano SA, according to Bloomberg. Suzano, a major player in the pulp and paper industry, is said to be exploring a potential bid for Clearwater and is working with an advisor to potentially reach an agreement. This development aligns with Suzano’s strategy to expand its North American packaging assets, as previously indicated by their Chief Financial Officer. RBC Capital Markets has maintained an Outperform rating for Clearwater, with a price target of $37.00, amid these acquisition rumors. The potential deal follows Suzano’s recent acquisition of two paperboard mills in the U.S. for $110 million, highlighting their ongoing investment in the region. Despite the reports, both Suzano and Clearwater have declined to comment, leaving the market to speculate on the outcome. Analysts from RBC Capital have identified Suzano as a likely buyer, given their interest in expanding their packaging operations. Investors are keeping a close eye on any further announcements or developments regarding this potential acquisition.
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