Karat Packaging (NASDAQ:KRT) Sets New 12-Month High – Here’s Why

Karat Packaging Inc. (NASDAQ:KRT)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $31.50 and last traded at $31.42, with a volume of 5248 shares changing hands. The stock had previously closed at $31.26.

Analyst Ratings Changes

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

Karat Packaging Trading Up 0.7 %

The company has a debt-to-equity ratio of 0.29, a current ratio of 3.12 and a quick ratio of 1.82. The firm has a fifty day simple moving average of $27.69 and a two-hundred day simple moving average of $27.53. The firm has a market capitalization of $630.23 million, a P/E ratio of 22.33 and a beta of 1.08.

Karat Packaging Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Wednesday, November 20th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, November 20th. This is an increase from Karat Packaging’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 5.08%. Karat Packaging’s dividend payout ratio (DPR) is 114.29%.

Institutional Investors Weigh In On Karat Packaging

Several hedge funds and other institutional investors have recently modified their holdings of KRT. Price T Rowe Associates Inc. MD grew 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 worth $1,762,000 after buying an additional 30,137 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Karat Packaging by 8.2% in the 2nd quarter. Acadian Asset Management LLC now owns 283,278 shares of the company’s stock worth $8,375,000 after purchasing an additional 21,383 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Karat Packaging during the 2nd quarter valued at about $1,162,000. Janney Montgomery Scott LLC boosted its stake in Karat Packaging by 4.2% in the third quarter. Janney Montgomery Scott LLC now owns 28,488 shares of the company’s stock worth $738,000 after buying an additional 1,148 shares in the last quarter. Finally, US Bancorp DE bought a new position in Karat Packaging during the third quarter valued at approximately $30,000. 25.20% of the stock is currently owned by institutional investors.

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.