12,695 Shares in Karat Packaging Inc. (NASDAQ:KRT) Purchased by Summit Global Investments

Summit Global Investments bought a new position in Karat Packaging Inc. (NASDAQ:KRT) during the 4th quarter, Holdings Channel.com reports. The fund bought 12,695 shares of the company’s stock, valued at approximately $315,000.

Several other institutional investors also recently bought and sold shares of the stock. Acadian Asset Management LLC grew its holdings in shares of Karat Packaging by 484.5% in the third quarter. Acadian Asset Management LLC now owns 183,620 shares of the company’s stock valued at $4,229,000 after purchasing an additional 152,207 shares in the last quarter. Rice Hall James & Associates LLC bought a new stake in shares of Karat Packaging in the 3rd quarter worth about $1,937,000. EAM Investors LLC purchased a new stake in shares of Karat Packaging during the 3rd quarter valued at about $1,390,000. Los Angeles Capital Management LLC bought a new position in shares of Karat Packaging in the 3rd quarter valued at about $1,173,000. Finally, O Shaughnessy Asset Management LLC purchased a new position in Karat Packaging in the third quarter worth about $641,000. 25.20% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on KRT shares. Stifel Nicolaus reaffirmed a “buy” rating and issued a $32.00 price objective (up from $30.00) on shares of Karat Packaging in a research note on Friday, March 15th. Truist Financial lifted their price objective on shares of Karat Packaging from $24.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, March 15th.

Karat Packaging Stock Down 0.6 %

Shares of NASDAQ:KRT opened at $27.66 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.49 and a quick ratio of 1.88. The business has a 50 day simple moving average of $28.11 and a two-hundred day simple moving average of $25.00. Karat Packaging Inc. has a 1 year low of $13.43 and a 1 year high of $30.94. The firm has a market capitalization of $552.37 million, a PE ratio of 17.07 and a beta of 1.06.

Karat Packaging (NASDAQ:KRT) last issued its earnings results on Thursday, March 14th. The company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.16). Karat Packaging had a return on equity of 22.54% and a net margin of 8.00%. The company had revenue of $95.58 million during the quarter, compared to the consensus estimate of $95.51 million. On average, equities analysts predict that Karat Packaging Inc. will post 1.92 EPS for the current year.

Karat Packaging Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Wednesday, February 21st were issued a $0.30 dividend. This is an increase from Karat Packaging’s previous quarterly dividend of $0.20. This represents a $1.20 annualized dividend and a dividend yield of 4.34%. The ex-dividend date of this dividend was Tuesday, February 20th. Karat Packaging’s payout ratio is presently 74.07%.

Karat Packaging 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.