Karat Packaging (NASDAQ:KRT) Reaches New 52-Week High – Still a Buy?

Karat Packaging Inc. (NASDAQ:KRT) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $30.94 and last traded at $30.94, with a volume of 4076 shares changing hands. The stock had previously closed at $30.37.

Wall Street Analysts Forecast Growth

Separately, Truist Financial cut shares of Karat Packaging from a “buy” rating to a “hold” rating and cut their target price for the stock from $34.00 to $28.00 in a research note on Friday, August 9th.

Karat Packaging Price Performance

The company has a debt-to-equity ratio of 0.29, a current ratio of 3.12 and a quick ratio of 1.62. The stock has a market capitalization of $613.21 million, a price-to-earnings ratio of 21.88 and a beta of 1.03. The stock has a 50 day moving average price of $26.53 and a 200-day moving average price of $27.36.

Karat Packaging Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Wednesday, November 20th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 5.22%. The ex-dividend date is Wednesday, November 20th. This is a boost from Karat Packaging’s previous quarterly dividend of $0.35. Karat Packaging’s payout ratio is 100.00%.

Institutional Trading of Karat Packaging

Several large investors have recently bought and sold shares of KRT. US Bancorp DE purchased a new stake in shares of Karat Packaging in the third quarter valued at approximately $30,000. Gladius Capital Management LP acquired a new position in Karat Packaging during the second quarter worth $33,000. Copeland Capital Management LLC purchased a new stake in Karat Packaging in the 3rd quarter valued at $49,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Karat Packaging in the 2nd quarter worth $52,000. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Karat Packaging by 497.7% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,676 shares of the company’s stock worth $95,000 after acquiring an additional 3,061 shares during the period. Hedge funds and other institutional investors own 25.20% of the company’s stock.

About Karat Packaging

Karat Packaging Inc, together with its subsidiaries, engages in the manufacture and distribution of single-use disposable products in plastic, paper, biopolymer-based, and other compostable forms used in various restaurant and foodservice settings. It provides food and take-out containers, bags, tableware, cups, lids, cutlery, straws, specialty beverage ingredients, equipment, gloves, and other products under the Karat Earth brand.