Karat Packaging (NASDAQ:KRT) Hits New 52-Week High – Here’s Why

Karat Packaging Inc. (NASDAQ:KRT)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $31.32 and last traded at $31.16, with a volume of 15507 shares traded. The stock had previously closed at $30.87.

Analyst Ratings Changes

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

Karat Packaging Price Performance

The stock has a market capitalization of $618.82 million, a PE ratio of 22.05 and a beta of 1.03. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.82 and a current ratio of 3.12. The company’s fifty day simple moving average is $27.33 and its two-hundred day simple moving average is $27.45.

Karat Packaging Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Wednesday, November 20th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 5.18%. This is a positive change from Karat Packaging’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Wednesday, November 20th. Karat Packaging’s dividend payout ratio (DPR) is presently 114.29%.

Hedge Funds Weigh In On Karat Packaging

A number of hedge funds and other institutional investors have recently bought and sold shares of KRT. SG Americas Securities LLC bought a new stake in shares of Karat Packaging during the first quarter valued at about $115,000. Vanguard Group Inc. boosted its stake in Karat Packaging by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 348,678 shares of the company’s stock worth $9,976,000 after purchasing an additional 2,804 shares during the period. Price T Rowe Associates Inc. MD raised its position in Karat Packaging by 95.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 61,547 shares of the company’s stock valued at $1,762,000 after buying an additional 30,137 shares during the period. Caxton Associates LP purchased a new stake in shares of Karat Packaging in the first quarter worth approximately $210,000. Finally, Jacobs Levy Equity Management Inc. grew its position in Karat Packaging by 2.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 36,922 shares of the company’s stock valued at $1,056,000 after purchasing an additional 710 shares in the last quarter. 25.20% of the stock is currently owned by institutional investors and hedge funds.

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.