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

Karat Packaging Inc. (NASDAQ:KRT)’s stock price reached a new 52-week high on Monday . The stock traded as high as $32.78 and last traded at $32.78, with a volume of 849 shares. The stock had previously closed at $32.44.

Analyst Upgrades and Downgrades

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

Karat Packaging Stock Performance

The firm has a market capitalization of $628.35 million, a price-to-earnings ratio of 22.41 and a beta of 1.08. The company has a fifty day moving average of $29.14 and a two-hundred day moving average of $27.79. 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 was paid on Friday, November 29th. Shareholders of record on Wednesday, November 20th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 5.10%. The ex-dividend date was Wednesday, November 20th. This is a positive change from Karat Packaging’s previous quarterly dividend of $0.35. Karat Packaging’s dividend payout ratio (DPR) is 114.29%.

Hedge Funds Weigh In On Karat Packaging

A number of hedge funds have recently added to or reduced their stakes in KRT. LSV Asset Management bought a new position in Karat Packaging during the 2nd quarter worth $2,359,000. Allspring Global Investments Holdings LLC bought a new position in Karat Packaging during the 2nd quarter worth $1,162,000. AQR Capital Management LLC increased its stake in Karat Packaging by 37.8% during the 2nd quarter. AQR Capital Management LLC now owns 116,980 shares of the company’s stock worth $3,460,000 after acquiring an additional 32,069 shares during the period. Geode Capital Management LLC increased its stake in Karat Packaging by 15.5% during the 3rd quarter. Geode Capital Management LLC now owns 178,645 shares of the company’s stock worth $4,626,000 after acquiring an additional 24,020 shares during the period. Finally, GSA Capital Partners LLP increased its stake in Karat Packaging by 186.4% during the 3rd 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 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.