Goldman Sachs Group Inc. Increases Holdings in Karat Packaging Inc. $KRT

Goldman Sachs Group Inc. increased its holdings in shares of Karat Packaging Inc. (NASDAQ:KRT) by 19.6% in the 1st quarter, HoldingsChannel.com reports. The firm owned 28,565 shares of the company’s stock after acquiring an additional 4,684 shares during the period. Goldman Sachs Group Inc.’s holdings in Karat Packaging were worth $759,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Millennium Management LLC boosted its stake in Karat Packaging by 108.5% in the 4th quarter. Millennium Management LLC now owns 84,038 shares of the company’s stock worth $2,543,000 after purchasing an additional 43,740 shares during the period. American Century Companies Inc. boosted its position in shares of Karat Packaging by 13.2% during the first quarter. American Century Companies Inc. now owns 212,340 shares of the company’s stock worth $5,644,000 after acquiring an additional 24,791 shares during the last quarter. Acadian Asset Management LLC grew its stake in Karat Packaging by 9.0% during the first quarter. Acadian Asset Management LLC now owns 245,734 shares of the company’s stock valued at $6,529,000 after acquiring an additional 20,262 shares in the last quarter. Citadel Advisors LLC increased its holdings in Karat Packaging by 91.1% in the 4th quarter. Citadel Advisors LLC now owns 34,344 shares of the company’s stock valued at $1,039,000 after acquiring an additional 16,371 shares during the last quarter. Finally, Trexquant Investment LP increased its holdings in Karat Packaging by 112.3% in the 1st quarter. Trexquant Investment LP now owns 24,698 shares of the company’s stock valued at $656,000 after acquiring an additional 13,062 shares during the last quarter. 25.20% of the stock is owned by hedge funds and other institutional investors.

Karat Packaging Stock Performance

Shares of Karat Packaging stock opened at $24.78 on Wednesday. The company has a current ratio of 2.68, a quick ratio of 1.40 and a debt-to-equity ratio of 0.29. The stock’s fifty day moving average price is $25.92 and its 200-day moving average price is $27.27. The firm has a market cap of $497.83 million, a P/E ratio of 15.59, a P/E/G ratio of 1.29 and a beta of 1.11. Karat Packaging Inc. has a 12 month low of $23.00 and a 12 month high of $33.89.

Karat Packaging Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 27th. Stockholders of record on Wednesday, August 20th were paid a dividend of $0.45 per share. The ex-dividend date was Wednesday, August 20th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.3%. Karat Packaging’s dividend payout ratio (DPR) is currently 113.21%.

Wall Street Analyst Weigh In

KRT has been the subject of several research reports. Bank of America assumed coverage on shares of Karat Packaging in a report on Wednesday, August 13th. They set a “neutral” rating and a $28.00 price objective for the company. Wall Street Zen cut Karat Packaging from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 9th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Karat Packaging presently has an average rating of “Hold” and a consensus price target of $31.67.

Insider Transactions at Karat Packaging

In related news, CEO Alan Yu sold 112,500 shares of the business’s stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $27.00, for a total value of $3,037,500.00. Following the completion of the transaction, the chief executive officer owned 6,091,305 shares of the company’s stock, valued at $164,465,235. The trade was a 1.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 66.10% of the stock is currently owned by insiders.

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.