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

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

Wall Street Analysts Forecast Growth

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

Karat Packaging Trading Down 1.5 %

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 stock has a market cap of $609.81 million, a price-to-earnings ratio of 21.76 and a beta of 1.03. The company’s 50 day simple moving average is $27.43 and its two-hundred day simple moving average is $27.48.

Karat Packaging Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Wednesday, November 20th will be paid a $0.40 dividend. The ex-dividend date is Wednesday, November 20th. This is an increase from Karat Packaging’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a dividend yield of 5.25%. Karat Packaging’s dividend payout ratio is 114.29%.

Institutional Trading of Karat Packaging

Institutional investors have recently bought and sold shares of the company. Rhumbline Advisers lifted its holdings in shares of Karat Packaging by 4.4% during the 2nd quarter. Rhumbline Advisers now owns 9,203 shares of the company’s stock valued at $272,000 after buying an additional 387 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in Karat Packaging by 2.0% in the first quarter. Jacobs Levy Equity Management Inc. now owns 36,922 shares of the company’s stock valued at $1,056,000 after acquiring an additional 710 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Karat Packaging by 5.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 19,720 shares of the company’s stock worth $511,000 after acquiring an additional 1,053 shares in the last quarter. Gladius Capital Management LP acquired a new position in shares of Karat Packaging during the 2nd quarter worth $33,000. Finally, Janney Montgomery Scott LLC increased its stake in shares of Karat Packaging by 4.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 28,488 shares of the company’s stock worth $738,000 after purchasing an additional 1,148 shares during the last quarter. Institutional investors and hedge funds 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.