Gabelli Maintains Hold on Clarcor

Gabelli is out with its report today on Clarcor (NYSE: CLC), maintaining Hold.

In a note to clients, Gabelli writes, "CLC shares rose $1.87 (4.52%) to $43.25, as strong sales and margin improvement helped generate a better than expected quarter. Shares currently trade at a 20% discount to our FY12 PMV per share estimate of $53. We continue to recommend investors Hold shares, though we admit valuation has become more compelling, particularly given evidence of CLC's ability to pass along material cost increases. Should shares drop to the $39 range, we would become more constructive."

Shares of CLC closed Wednesday at $43.25.