Kings Path Partners LLC Takes $401,000 Position in Karat Packaging Inc. (NASDAQ:KRT)

Kings Path Partners LLC bought a new stake in Karat Packaging Inc. (NASDAQ:KRT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 15,498 shares of the company’s stock, valued at approximately $401,000. Kings Path Partners LLC owned 0.08% of Karat Packaging at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of KRT. Rhumbline Advisers grew its position in shares of Karat Packaging by 4.4% in the second quarter. Rhumbline Advisers now owns 9,203 shares of the company’s stock valued at $272,000 after purchasing an additional 387 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Karat Packaging by 2.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 36,922 shares of the company’s stock valued at $1,056,000 after buying an additional 710 shares during the last quarter. Gladius Capital Management LP purchased a new position in Karat Packaging during the second quarter worth $33,000. Ellsworth Advisors LLC raised its holdings in shares of Karat Packaging by 7.0% in the second quarter. Ellsworth Advisors LLC now owns 20,402 shares of the company’s stock worth $603,000 after acquiring an additional 1,336 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Karat Packaging in the second quarter valued at $52,000. Institutional investors and hedge funds own 25.20% of the company’s stock.

Karat Packaging Stock Up 3.2 %

Shares of Karat Packaging stock opened at $26.72 on Friday. The business’s 50 day simple moving average is $25.62 and its 200-day simple moving average is $27.36. The stock has a market capitalization of $533.73 million, a price-to-earnings ratio of 18.05 and a beta of 1.03. The company has a current ratio of 3.05, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29. Karat Packaging Inc. has a twelve month low of $17.23 and a twelve month high of $30.94.

Karat Packaging (NASDAQ:KRT) last issued its earnings results on Thursday, August 8th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.11). Karat Packaging had a return on equity of 19.79% and a net margin of 6.90%. The business had revenue of $112.60 million for the quarter, compared to the consensus estimate of $114.03 million. During the same quarter in the previous year, the business posted $0.68 earnings per share. Equities research analysts forecast that Karat Packaging Inc. will post 1.84 earnings per share for the current year.

Karat Packaging Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Wednesday, August 21st were issued a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $1.40 dividend on an annualized basis and a yield of 5.24%. Karat Packaging’s dividend payout ratio is currently 94.59%.

Wall Street Analyst Weigh In

Separately, Truist Financial cut Karat Packaging from a “buy” rating to a “hold” rating and reduced their target price for the company from $34.00 to $28.00 in a report on Friday, August 9th.

Karat Packaging Company Profile

Karat Packaging Inc, together with its subsidiaries, engages in the manufacture and distribution of single-use disposable products in plastic, paper, biopolymer-based, and other compostable forms used in various restaurant and foodservice settings. It provides food and take-out containers, bags, tableware, cups, lids, cutlery, straws, specialty beverage ingredients, equipment, gloves, and other products under the Karat Earth brand.