Karat Packaging (NASDAQ:KRT) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Karat Packaging (NASDAQ:KRT) from a strong sell rating to a hold rating in a research report released on Monday morning,Zacks.com reports.

Several other research analysts have also weighed in on the stock. Wall Street Zen lowered shares of Karat Packaging from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Bank of America downgraded Karat Packaging from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $27.00 to $22.00 in a research report on Monday, November 17th. Finally, Weiss Ratings cut shares of Karat Packaging from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $26.50.

Karat Packaging Trading Up 1.9%

Shares of KRT stock opened at $23.26 on Monday. The company has a market cap of $467.43 million, a price-to-earnings ratio of 15.57, a PEG ratio of 1.58 and a beta of 1.09. The stock has a 50 day simple moving average of $22.61 and a 200-day simple moving average of $24.80. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.14 and a quick ratio of 1.09. Karat Packaging has a 1-year low of $20.61 and a 1-year high of $33.89.

Karat Packaging (NASDAQ:KRT) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.37 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.37. Karat Packaging had a net margin of 6.67% and a return on equity of 18.98%. The firm had revenue of $124.52 million for the quarter, compared to analyst estimates of $124.09 million. On average, equities research analysts expect that Karat Packaging will post 1.66 EPS for the current fiscal year.

Karat Packaging Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 21st were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, November 21st. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.7%. Karat Packaging’s dividend payout ratio (DPR) is currently 120.00%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Polar Asset Management Partners Inc. purchased a new stake in shares of Karat Packaging in the 3rd quarter worth about $5,039,000. Ranger Investment Management L.P. raised its holdings in Karat Packaging by 105.7% in the 2nd quarter. Ranger Investment Management L.P. now owns 320,556 shares of the company’s stock valued at $9,027,000 after acquiring an additional 164,716 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Karat Packaging during the 2nd quarter worth $4,312,000. Russell Investments Group Ltd. increased its stake in Karat Packaging by 92.2% in the second quarter. Russell Investments Group Ltd. now owns 171,119 shares of the company’s stock valued at $4,819,000 after purchasing an additional 82,091 shares during the last quarter. Finally, De Lisle Partners LLP lifted its position in Karat Packaging by 53.6% during the second quarter. De Lisle Partners LLP now owns 229,143 shares of the company’s stock worth $6,444,000 after buying an additional 80,000 shares during the period. Hedge funds and other institutional investors own 25.20% of the company’s stock.

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.