PDT Partners LLC Takes Position in Karat Packaging Inc. $KRT

PDT Partners LLC bought a new position in Karat Packaging Inc. (NASDAQ:KRT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 33,040 shares of the company’s stock, valued at approximately $1,106,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Goldman Sachs Group Inc. grew its position in Karat Packaging by 19.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 28,565 shares of the company’s stock worth $759,000 after purchasing an additional 4,684 shares during the last quarter. Jane Street Group LLC acquired a new stake in Karat Packaging in the 1st quarter valued at approximately $219,000. JPMorgan Chase & Co. raised its stake in Karat Packaging by 921.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 34,203 shares of the company’s stock valued at $963,000 after acquiring an additional 30,855 shares in the last quarter. Hsbc Holdings PLC boosted its position in Karat Packaging by 41.1% during the 2nd quarter. Hsbc Holdings PLC now owns 13,731 shares of the company’s stock worth $379,000 after acquiring an additional 3,999 shares during the period. Finally, First Trust Advisors LP grew its stake in shares of Karat Packaging by 3.9% in the second quarter. First Trust Advisors LP now owns 22,061 shares of the company’s stock worth $621,000 after purchasing an additional 830 shares in the last quarter. Institutional investors and hedge funds own 25.20% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on KRT shares. Zacks Research lowered shares of Karat Packaging from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 12th. Lake Street Capital reiterated a “buy” rating and issued a $39.00 price objective on shares of Karat Packaging in a report on Friday, May 8th. Bank of America raised their price objective on shares of Karat Packaging from $23.00 to $34.00 and gave the company an “underperform” rating in a research note on Tuesday, July 14th. Weiss Ratings raised Karat Packaging from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Finally, Wall Street Zen upgraded Karat Packaging from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Three equities research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $36.50.

Karat Packaging Stock Down 0.4%

NASDAQ KRT opened at $49.26 on Thursday. Karat Packaging Inc. has a 12 month low of $20.61 and a 12 month high of $50.81. The company has a market capitalization of $981.75 million, a P/E ratio of 19.70, a PEG ratio of 1.45 and a beta of 0.82. The company’s 50 day simple moving average is $39.49 and its 200 day simple moving average is $31.57. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.25 and a quick ratio of 1.25.

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

Karat Packaging Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 21st will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $1.88 annualized dividend and a dividend yield of 3.8%. This is a boost from Karat Packaging’s previous quarterly dividend of $0.45. Karat Packaging’s dividend payout ratio is 75.20%.

Karat Packaging Profile

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.