Shares of Karat Packaging Inc. (NASDAQ:KRT – Get Free Report) reached a new 52-week high on Wednesday . The stock traded as high as $33.77 and last traded at $33.4730, with a volume of 155409 shares traded. The stock had previously closed at $32.79.
Analyst Ratings Changes
A number of research analysts have recently issued reports on the company. Wall Street Zen raised Karat Packaging from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Karat Packaging in a research note on Thursday, June 11th. Lake Street Capital reiterated a “buy” rating and issued a $39.00 target price on shares of Karat Packaging in a report on Friday, May 8th. Bank of America set a $24.00 price target on Karat Packaging and gave the company an “underperform” rating in a research note on Friday, March 13th. Finally, The Goldman Sachs Group downgraded shares of Karat Packaging to a “neutral” rating in a research report on Thursday, June 4th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $31.50.
Check Out Our Latest Stock Report on KRT
Karat Packaging Stock Up 2.1%
Karat Packaging (NASDAQ:KRT – Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.34 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 company had revenue of $116.95 million during the quarter, compared to the consensus estimate of $112.98 million. Sell-side analysts forecast that Karat Packaging Inc. will post 1.78 earnings per share for the current fiscal year.
Karat Packaging Announces Dividend
The company also recently disclosed 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 5.4%. The ex-dividend date of this dividend was Thursday, May 21st. Karat Packaging’s dividend payout ratio (DPR) is 113.92%.
Hedge Funds Weigh In On Karat Packaging
Institutional investors have recently modified their holdings of the company. Clearstead Advisors LLC lifted its holdings in shares of Karat Packaging by 188.8% in the 4th quarter. Clearstead Advisors LLC now owns 1,493 shares of the company’s stock worth $34,000 after purchasing an additional 976 shares in the last quarter. CWM LLC increased its stake in Karat Packaging by 61.5% during the 4th quarter. CWM LLC now owns 2,651 shares of the company’s stock valued at $60,000 after purchasing an additional 1,010 shares in the last quarter. Quarry LP acquired a new position in Karat Packaging during the third quarter worth $70,000. Deutsche Bank AG raised its holdings in Karat Packaging by 142.8% during the fourth quarter. Deutsche Bank AG now owns 3,861 shares of the company’s stock worth $87,000 after buying an additional 2,271 shares during the last quarter. Finally, State of Wyoming bought a new position in shares of Karat Packaging in the fourth quarter valued at $122,000. 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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