Karat Packaging (NASDAQ:KRT) Reaches New 52-Week High – Should You Buy?

Karat Packaging Inc. (NASDAQ:KRT)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $31.91 and last traded at $31.80, with a volume of 7939 shares changing hands. The stock had previously closed at $31.48.

Karat Packaging Price Performance

The stock has a market cap of $636.36 million, a P/E ratio of 22.69 and a beta of 1.08. The company has a quick ratio of 1.82, a current ratio of 3.12 and a debt-to-equity ratio of 0.29. The business’s 50-day simple moving average is $28.36 and its two-hundred day simple moving average is $27.65.

Karat Packaging Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Wednesday, November 20th were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, November 20th. This represents a $1.60 annualized dividend and a dividend yield of 5.03%. This is an increase from Karat Packaging’s previous quarterly dividend of $0.35. Karat Packaging’s dividend payout ratio is currently 114.29%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Karat Packaging by 0.8% in the first quarter. Vanguard Group Inc. now owns 348,678 shares of the company’s stock valued at $9,976,000 after acquiring an additional 2,804 shares during the period. Ellsworth Advisors LLC boosted its holdings in Karat Packaging by 7.0% in the 2nd quarter. Ellsworth Advisors LLC now owns 20,402 shares of the company’s stock valued at $603,000 after purchasing an additional 1,336 shares during the period. Gladius Capital Management LP purchased a new position in shares of Karat Packaging during the 2nd quarter valued at $33,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Karat Packaging in the second quarter worth $52,000. Finally, Bank of New York Mellon Corp raised its position in shares of Karat Packaging by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 170,310 shares of the company’s stock worth $5,038,000 after buying an additional 4,408 shares in the last quarter. Hedge funds and other institutional investors own 25.20% of the company’s stock.

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.