Kings Path Partners LLC Buys New Stake in Karat Packaging Inc. $KRT

Kings Path Partners LLC bought a new position in shares of Karat Packaging Inc. (NASDAQ:KRT) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 12,590 shares of the company’s stock, valued at approximately $662,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Revisor Wealth Management LLC acquired a new position in Karat Packaging in the 3rd quarter valued at approximately $211,000. CWA Asset Management Group LLC raised 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 acquiring an additional 48,906 shares during the last quarter. USA Financial Formulas bought a new position in shares of Karat Packaging during the third quarter valued at $46,000. GK Wealth Management LLC acquired a new position in shares of Karat Packaging during the third quarter worth $106,000. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Karat Packaging during the second quarter worth $25,000. 25.20% of the stock is owned by institutional investors.

Karat Packaging Price Performance

Karat Packaging stock opened at $54.42 on Thursday. The stock’s 50 day moving average is $50.71 and its 200 day moving average is $38.76. 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 firm has a market cap of $1.08 billion, a P/E ratio of 21.77, a P/E/G ratio of 1.48 and a beta of 0.79. Karat Packaging Inc. has a one year low of $20.61 and a one year high of $56.06.

Karat Packaging (NASDAQ:KRT) last released its earnings results on Thursday, August 6th. The company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $1.01. Karat Packaging had a net margin of 10.18% and a return on equity of 30.62%. The business had revenue of $136.30 million during the quarter, compared to the consensus estimate of $135.46 million. As a group, research analysts expect that Karat Packaging Inc. 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. Investors of record on Friday, August 21st were issued a $0.47 dividend. The ex-dividend date was Friday, August 21st. This is a positive change from Karat Packaging’s previous quarterly dividend of $0.45. This represents a $1.88 annualized dividend and a yield of 3.5%. Karat Packaging’s dividend payout ratio (DPR) is presently 75.20%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on KRT. Weiss Ratings raised shares of Karat Packaging from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. Lake Street Capital restated a “buy” rating and issued a $60.00 price objective on shares of Karat Packaging in a report on Monday, September 14th. Bank of America raised their target price on Karat Packaging from $23.00 to $34.00 and gave the stock an “underperform” rating in a research report on Tuesday, July 14th. Finally, Wall Street Zen raised Karat Packaging from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $47.00.

Karat Packaging Profile

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.