Karat Packaging Inc. (NASDAQ:KRT – Get Free Report) was the recipient of a significant growth in short interest during the month of May. As of May 29th, there was short interest totaling 279,601 shares, a growth of 59.4% from the May 14th total of 175,403 shares. Based on an average daily trading volume, of 125,943 shares, the short-interest ratio is currently 2.2 days. Approximately 3.3% of the company’s stock are short sold.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on KRT shares. Wall Street Zen raised shares of Karat Packaging from a “hold” rating to a “buy” rating in a research note on Saturday. William Blair raised Karat Packaging from a “market perform” rating to an “outperform” rating in a report on Thursday, June 4th. Weiss Ratings restated a “hold (c+)” rating on shares of Karat Packaging in a research note on Thursday, June 11th. Zacks Research downgraded Karat Packaging from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 12th. Finally, The Goldman Sachs Group downgraded Karat Packaging to a “neutral” rating in a research report on Thursday, June 4th. Two 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $31.50.
Read Our Latest Stock Analysis on Karat Packaging
Karat Packaging Trading Down 0.2%
Karat Packaging (NASDAQ:KRT – Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02. The firm 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%. On average, equities analysts anticipate that Karat Packaging will post 1.78 earnings per share for the current year.
Karat Packaging Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Thursday, May 21st were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date of this dividend was Thursday, May 21st. Karat Packaging’s dividend payout ratio (DPR) is currently 113.92%.
Institutional Investors Weigh In On Karat Packaging
A number of large investors have recently modified their holdings of KRT. CWA Asset Management Group LLC acquired a new position in Karat Packaging during the fourth quarter worth about $2,398,000. Harel Insurance Investments & Financial Services Ltd. raised its stake in Karat Packaging by 87.2% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 107,730 shares of the company’s stock worth $2,431,000 after acquiring an additional 50,178 shares in the last quarter. North Star Investment Management Corp. acquired a new position in Karat Packaging during the fourth quarter worth about $1,377,000. Polar Asset Management Partners Inc. acquired a new position in Karat Packaging during the third quarter worth about $5,039,000. Finally, KTF Investments LLC acquired a new position in Karat Packaging during the fourth quarter worth about $5,075,000. Institutional investors and hedge funds 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.
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