Shares of Karat Packaging Inc. (NASDAQ:KRT – Get Free Report) have been given an average recommendation of “Hold” by the six brokerages that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $31.50.
Several analysts have weighed in on the stock. Lake Street Capital reiterated a “buy” rating and issued a $39.00 price objective on shares of Karat Packaging in a research note on Friday, May 8th. The Goldman Sachs Group cut shares of Karat Packaging to a “neutral” rating in a research note on Thursday, June 4th. Bank of America set a $24.00 price objective on shares of Karat Packaging and gave the stock an “underperform” rating in a research note on Friday, March 13th. Zacks Research cut shares of Karat Packaging from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, William Blair raised Karat Packaging from a “market perform” rating to an “outperform” rating in a report on Thursday, June 4th.
Check Out Our Latest Research Report on Karat Packaging
Karat Packaging Stock Performance
Karat Packaging (NASDAQ:KRT – Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.02. Karat Packaging had a return on equity of 19.87% and a net margin of 6.61%.The business had revenue of $116.95 million during the quarter, compared to the consensus estimate of $112.98 million. Research analysts expect that Karat Packaging will post 1.78 EPS for the current year.
Karat Packaging Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Thursday, May 21st were issued a $0.45 dividend. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $1.80 annualized dividend and a yield of 6.2%. Karat Packaging’s payout ratio is currently 113.92%.
Hedge Funds Weigh In On Karat Packaging
Several hedge funds and other institutional investors have recently added to or reduced their stakes in KRT. Vanguard Group Inc. raised its position in shares of Karat Packaging by 12.0% in the 3rd quarter. Vanguard Group Inc. now owns 477,450 shares of the company’s stock valued at $12,037,000 after buying an additional 51,179 shares in the last quarter. Wasatch Advisors LP raised its position in shares of Karat Packaging by 3.3% in the 2nd quarter. Wasatch Advisors LP now owns 330,961 shares of the company’s stock valued at $9,320,000 after buying an additional 10,617 shares in the last quarter. Ranger Investment Management L.P. raised its position in shares of Karat Packaging by 8.1% in the 1st quarter. Ranger Investment Management L.P. now owns 325,104 shares of the company’s stock valued at $9,077,000 after buying an additional 24,405 shares in the last quarter. Polar Asset Management Partners Inc. raised its position in shares of Karat Packaging by 57.1% in the 4th quarter. Polar Asset Management Partners Inc. now owns 314,100 shares of the company’s stock valued at $7,089,000 after buying an additional 114,204 shares in the last quarter. Finally, Bank of Montreal Can acquired a new position in shares of Karat Packaging in the 4th quarter valued at approximately $5,216,000. 25.20% of the stock is owned by institutional investors and hedge funds.
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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