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

Shares of Karat Packaging Inc. (NASDAQ:KRT) reached a new 52-week high on Thursday . The stock traded as high as $31.18 and last traded at $30.90, with a volume of 33471 shares traded. The stock had previously closed at $30.66.

Wall Street Analysts Forecast Growth

A number of research firms have commented on KRT. William Blair raised shares of Karat Packaging from a “market perform” rating to an “outperform” rating in a research note on Thursday, June 4th. Lake Street Capital reaffirmed a “buy” rating and set a $39.00 price objective on shares of Karat Packaging in a report on Friday, May 8th. The Goldman Sachs Group cut Karat Packaging to a “neutral” rating in a research note on Thursday, June 4th. Weiss Ratings restated a “hold (c+)” rating on shares of Karat Packaging in a research report on Thursday, June 11th. Finally, Wall Street Zen raised Karat Packaging from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $31.50.

Karat Packaging Price Performance

The stock has a market capitalization of $614.47 million, a PE ratio of 19.48, a P/E/G ratio of 1.48 and a beta of 0.90. The firm’s 50 day simple moving average is $28.48 and its 200 day simple moving average is $26.23. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.29 and a quick ratio of 1.15.

Karat Packaging (NASDAQ:KRT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02. The company had revenue of $116.95 million during the quarter, compared to analysts’ expectations of $112.98 million. Karat Packaging had a net margin of 6.61% and a return on equity of 19.87%. As a group, equities analysts forecast that Karat Packaging Inc. will post 1.78 EPS for the current fiscal year.

Karat Packaging Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Thursday, May 21st were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date of this dividend was Thursday, May 21st. Karat Packaging’s payout ratio is 113.92%.

Institutional Trading of Karat Packaging

A number of institutional investors have recently made changes to their positions in KRT. Bank of Montreal Can purchased a new position in shares of Karat Packaging in the fourth quarter worth $5,216,000. KTF Investments LLC bought a new stake in Karat Packaging in the 4th quarter worth $5,075,000. Polar Asset Management Partners Inc. purchased a new position in shares of Karat Packaging in the third quarter valued at about $5,039,000. Marshall Wace LLP purchased a new position in shares of Karat Packaging in the second quarter valued at about $4,312,000. Finally, CWA Asset Management Group LLC bought a new position in shares of Karat Packaging during the fourth quarter valued at about $2,398,000. Hedge funds and other institutional investors own 25.20% of the company’s stock.

About Karat Packaging

Karat Packaging Technologies, Inc (NASDAQ: KRT) is a U.S.-based provider of premium packaging solutions for consumer goods and industrial products. The company specializes in the design, manufacture and delivery of high-quality litho-laminated folding cartons, tubes and flexible packaging. Karat Packaging operates an integrated production model that combines prepress, printing, converting and finishing capabilities to support the branding and shelf-appeal needs of its customers.

The company serves a diverse range of end markets, including food and beverage, confectionery, health and beauty, pharmaceuticals, specialty chemicals and promotional packaging.