Karat Packaging (NASDAQ:KRT) Reaches New 1-Year High – Here’s Why

Karat Packaging Inc. (NASDAQ:KRT) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $32.78 and last traded at $32.78, with a volume of 849 shares changing hands. The stock had previously closed at $32.44.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus lifted their price target on Karat Packaging from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th.

Karat Packaging Price Performance

The firm has a market cap of $628.35 million, a P/E ratio of 22.41 and a beta of 1.08. The company has a current ratio of 3.12, a quick ratio of 1.82 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average of $29.14 and a two-hundred day moving average of $27.79.

Karat Packaging Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Wednesday, November 20th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $1.60 dividend on an annualized basis and a yield of 5.10%. This is a positive change from Karat Packaging’s previous quarterly dividend of $0.35. Karat Packaging’s payout ratio is currently 114.29%.

Institutional Investors Weigh In On Karat Packaging

Hedge funds and other institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC grew its position in Karat Packaging by 8.2% during the 2nd quarter. Acadian Asset Management LLC now owns 283,278 shares of the company’s stock worth $8,375,000 after acquiring an additional 21,383 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Karat Packaging during the 2nd quarter worth $1,162,000. Janney Montgomery Scott LLC grew its position in 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 acquiring an additional 1,148 shares during the last quarter. US Bancorp DE acquired a new position in Karat Packaging during the 3rd quarter worth about $30,000. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in Karat Packaging by 52.1% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 54,333 shares of the company’s stock worth $1,407,000 after buying an additional 18,612 shares during the period. 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.