592,941 Shares in Karat Packaging Inc. $KRT Purchased by BlackRock Inc.

BlackRock Inc. purchased a new position in shares of Karat Packaging Inc. (NASDAQ:KRT) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 592,941 shares of the company’s stock, valued at approximately $19,840,000.

A number of other institutional investors also recently added to or reduced their stakes in KRT. Deutsche Bank AG bought a new stake in shares of Karat Packaging in the 2nd quarter valued at approximately $288,000. Bank of New York Mellon Corp bought a new position in shares of Karat Packaging during the 2nd quarter worth approximately $5,337,000. GSA Capital Partners LLP bought a new position in shares of Karat Packaging during the 2nd quarter worth approximately $678,000. Walleye Capital LLC acquired a new stake in Karat Packaging in the 2nd quarter valued at $684,000. Finally, Ranger Investment Management L.P. boosted its stake in 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. 25.20% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. The Goldman Sachs Group cut Karat Packaging to a “neutral” rating in a research report on Thursday, June 4th. Lake Street Capital restated a “buy” rating and issued a $39.00 target price on shares of Karat Packaging in a research note on Friday, May 8th. William Blair upgraded shares of Karat Packaging from a “market perform” rating to an “outperform” rating in a research note on Thursday, June 4th. Zacks Research lowered shares of Karat Packaging from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 12th. Finally, Bank of America lifted their price target on shares of Karat Packaging from $23.00 to $34.00 and gave the company an “underperform” rating in a report on Tuesday, July 14th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $36.50.

Karat Packaging Price Performance

Karat Packaging stock opened at $47.38 on Thursday. The business’s 50-day simple moving average is $41.31 and its 200 day simple moving average is $32.36. The company has a quick ratio of 1.25, a current ratio of 2.25 and a debt-to-equity ratio of 0.13. The stock has a market cap of $944.28 million, a price-to-earnings ratio of 18.95, a P/E/G ratio of 1.39 and a beta of 0.84. Karat Packaging Inc. has a 12-month low of $20.61 and a 12-month high of $50.81.

Karat Packaging (NASDAQ:KRT) last announced its quarterly earnings data on Thursday, August 6th. The company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $0.47 by $1.01. Karat Packaging had a return on equity of 30.62% and a net margin of 10.18%.The firm had revenue of $136.30 million during the quarter, compared to analysts’ expectations of $135.46 million. As a group, research analysts anticipate that Karat Packaging Inc. will post 2.63 earnings per share for the current year.

Karat Packaging Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 21st were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.0%. This is a positive change from Karat Packaging’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, August 21st. Karat Packaging’s payout ratio is presently 75.20%.

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.