Shares of Karat Packaging Inc. (NASDAQ:KRT – Get Free Report) have earned a consensus rating of “Hold” from the six ratings firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $47.00.
KRT has been the topic of several recent research reports. Lake Street Capital restated a “buy” rating and set a $60.00 price target on shares of Karat Packaging in a report on Monday, September 14th. Bank of America raised their price target on Karat Packaging from $23.00 to $34.00 and gave the stock an “underperform” rating in a research report on Tuesday, July 14th. Wall Street Zen raised shares of Karat Packaging from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, Weiss Ratings upgraded shares of Karat Packaging from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th.
View Our Latest Research Report on KRT
Karat Packaging Trading Down 0.8%
Shares of NASDAQ KRT opened at $53.97 on Friday. Karat Packaging has a 1-year low of $20.61 and a 1-year high of $56.06. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.25 and a quick ratio of 1.25. The business’s 50 day moving average is $51.55 and its two-hundred day moving average is $35.71. The stock has a market capitalization of $1.08 billion, a P/E ratio of 21.59, a PEG ratio of 1.50 and a beta of 0.79.
Karat Packaging (NASDAQ:KRT – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $1.01. The business had revenue of $136.30 million during the quarter, compared to analyst estimates of $135.46 million. Karat Packaging had a return on equity of 30.62% and a net margin of 10.18%. As a group, research analysts expect that Karat Packaging will post 2.63 EPS for the current year.
Karat Packaging Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 21st were issued a $0.47 dividend. This is a boost from Karat Packaging’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, August 21st. This represents a $1.88 annualized dividend and a dividend yield of 3.5%. Karat Packaging’s dividend payout ratio (DPR) is 75.20%.
Hedge Funds Weigh In On Karat Packaging
A number of large investors have recently made changes to their positions in KRT. BlackRock Inc. bought a new position in Karat Packaging in the 2nd quarter valued at $19,840,000. Ranger Investment Management L.P. purchased a new stake in Karat Packaging in the second quarter worth $11,129,000. De Lisle Partners LLP bought a new stake in shares of Karat Packaging during the second quarter worth $7,307,000. Dimensional Fund Advisors LP lifted its position in shares of Karat Packaging by 8.6% during the first quarter. Dimensional Fund Advisors LP now owns 218,437 shares of the company’s stock worth $6,098,000 after purchasing an additional 17,326 shares during the last quarter. Finally, CWA Asset Management Group LLC boosted its stake in shares of Karat Packaging by 35.9% during the third quarter. CWA Asset Management Group LLC now owns 185,066 shares of the company’s stock valued at $9,725,000 after purchasing an additional 48,906 shares during the period. 25.20% of the stock is owned by hedge funds and other institutional investors.
About Karat Packaging
Karat Packaging Inc is a foodservice packaging company that manufactures and distributes disposable products for restaurants, cafés, convenience stores, supermarkets, institutional foodservice providers and other businesses. The company is headquartered in Chino, California, and serves customers primarily across North America through its distribution and manufacturing operations.
Its product portfolio includes paper and plastic cups, food containers, lids, cutlery, straws, gloves, napkins, bags and other supplies used for food preparation, packaging and takeout service.
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