Karat Packaging (NASDAQ:KRT) Reaches New 12-Month High – Here’s What Happened

Shares of Karat Packaging Inc. (NASDAQ:KRT) hit a new 52-week high on Tuesday . The company traded as high as $33.41 and last traded at $33.68, with a volume of 12042 shares trading hands. The stock had previously closed at $32.18.

Wall Street Analyst Weigh In

Several research firms have weighed in on KRT. William Blair cut Karat Packaging from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Stifel Nicolaus upped their price target on Karat Packaging from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th.

Karat Packaging Trading Down 0.4 %

The company has a market capitalization of $640.14 million, a P/E ratio of 22.84 and a beta of 1.08. The company has a 50-day simple moving average of $30.45 and a 200 day simple moving average of $28.35. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.82 and a current ratio of 3.12.

Karat Packaging Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Monday, February 24th will be given a dividend of $0.45 per share. The ex-dividend date is Monday, February 24th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.63%. This is a positive change from Karat Packaging’s previous quarterly dividend of $0.40. Karat Packaging’s dividend payout ratio is currently 114.29%.

Institutional Trading of Karat Packaging

A number of hedge funds have recently modified their holdings of the company. Copeland Capital Management LLC acquired a new position in Karat Packaging in the third quarter worth about $49,000. Nisa Investment Advisors LLC grew its stake in shares of Karat Packaging by 497.7% during the third quarter. Nisa Investment Advisors LLC now owns 3,676 shares of the company’s stock valued at $95,000 after purchasing an additional 3,061 shares during the last quarter. US Bancorp DE bought a new position in Karat Packaging in the 3rd quarter valued at $30,000. Janney Montgomery Scott LLC increased its stake in shares of Karat Packaging by 4.2% in the 3rd quarter. Janney Montgomery Scott LLC now owns 28,488 shares of the company’s stock valued at $738,000 after buying an additional 1,148 shares during the period. Finally, GSA Capital Partners LLP raised its position in shares of Karat Packaging by 186.4% during the third quarter. GSA Capital Partners LLP now owns 34,366 shares of the company’s stock worth $890,000 after acquiring an additional 22,365 shares during the last quarter. Institutional investors own 25.20% of the company’s stock.

About Karat Packaging

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.