Karat Packaging Inc. (NASDAQ:KRT – Get Free Report) shares saw unusually-high trading volume on Wednesday . 137,752 shares were traded during mid-day trading, an increase of 62% from the previous session’s volume of 85,193 shares.The stock last traded at $30.52 and had previously closed at $29.80.
Analyst Upgrades and Downgrades
A number of brokerages have commented on KRT. William Blair raised Karat Packaging from a “market perform” rating to an “outperform” rating in a report on Thursday, June 4th. Bank of America set a $24.00 price target on Karat Packaging and gave the stock an “underperform” rating in a research note on Friday, March 13th. The Goldman Sachs Group downgraded 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 report on Thursday, June 11th. Finally, Lake Street Capital restated a “buy” rating and issued a $39.00 price objective on shares of Karat Packaging in a report on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $31.50.
Read Our Latest Analysis on Karat Packaging
Karat Packaging Stock Performance
Karat Packaging (NASDAQ:KRT – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.02. The business had revenue of $116.95 million for the quarter, compared to analyst estimates of $112.98 million. Karat Packaging had a net margin of 6.61% and a return on equity of 19.87%. On average, research analysts anticipate that Karat Packaging Inc. will post 1.78 earnings per share for the current fiscal year.
Karat Packaging Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 21st were given a dividend of $0.45 per share. The ex-dividend date was Thursday, May 21st. This represents a $1.80 dividend on an annualized basis and a yield of 5.9%. Karat Packaging’s dividend payout ratio (DPR) is presently 113.92%.
Institutional Trading of Karat Packaging
Large investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its stake in shares of Karat Packaging by 19.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 28,565 shares of the company’s stock worth $759,000 after acquiring an additional 4,684 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Karat Packaging during the 1st quarter valued at about $219,000. JPMorgan Chase & Co. grew its holdings in shares of Karat Packaging by 921.6% in the second quarter. JPMorgan Chase & Co. now owns 34,203 shares of the company’s stock valued at $963,000 after purchasing an additional 30,855 shares during the period. Hsbc Holdings PLC grew its holdings in shares of Karat Packaging by 41.1% in the second quarter. Hsbc Holdings PLC now owns 13,731 shares of the company’s stock valued at $379,000 after purchasing an additional 3,999 shares during the period. Finally, First Trust Advisors LP increased its position in Karat Packaging by 3.9% during the second quarter. First Trust Advisors LP now owns 22,061 shares of the company’s stock worth $621,000 after purchasing an additional 830 shares during the last quarter. 25.20% of the stock is currently owned by hedge funds and other institutional investors.
Karat Packaging Company Profile
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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