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

Karat Packaging Inc. (NASDAQ:KRT) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $31.91 and last traded at $31.80, with a volume of 7939 shares changing hands. The stock had previously closed at $31.48.

Analysts Set New Price Targets

Separately, Stifel Nicolaus increased their target price on shares of Karat Packaging from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday.

Karat Packaging Price Performance

The company has a fifty day simple moving average of $28.62 and a two-hundred day simple moving average of $27.70. The stock has a market capitalization of $648.18 million, a price-to-earnings ratio of 23.12 and a beta of 1.08. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.82 and a current ratio of 3.12.

Karat Packaging Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Wednesday, November 20th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date of this dividend was Wednesday, November 20th. This is an increase from Karat Packaging’s previous quarterly dividend of $0.35. Karat Packaging’s payout ratio is 114.29%.

Institutional Trading of Karat Packaging

Several large investors have recently made changes to their positions in KRT. Acadian Asset Management LLC raised its stake in Karat Packaging by 8.2% during the second quarter. Acadian Asset Management LLC now owns 283,278 shares of the company’s stock worth $8,375,000 after acquiring an additional 21,383 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Karat Packaging during the 2nd quarter worth approximately $1,162,000. Janney Montgomery Scott LLC increased its position in Karat Packaging by 4.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 28,488 shares of the company’s stock worth $738,000 after purchasing an additional 1,148 shares in the last quarter. US Bancorp DE bought a new position in Karat Packaging in the 3rd quarter valued at approximately $30,000. Finally, Gladius Capital Management LP acquired a new stake in Karat Packaging in the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 25.20% of the company’s stock.

Karat Packaging Company Profile

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.