Karat Packaging (NASDAQ:KRT) Price Target Raised to $36.00

Karat Packaging (NASDAQ:KRT) had its price target raised by Stifel Nicolaus from $32.00 to $36.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Karat Packaging Stock Up 1.1 %

Shares of NASDAQ KRT opened at $32.44 on Wednesday. Karat Packaging has a 52-week low of $22.25 and a 52-week high of $32.70. The company has a quick ratio of 1.82, a current ratio of 3.12 and a debt-to-equity ratio of 0.29. The company’s 50-day simple moving average is $28.89 and its 200-day simple moving average is $27.76. The firm has a market cap of $649.45 million, a price-to-earnings ratio of 23.17 and a beta of 1.08.

Karat Packaging Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Wednesday, November 20th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 4.93%. 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 dividend payout ratio (DPR) is 114.29%.

Institutional Trading of Karat Packaging

Several large investors have recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in Karat Packaging by 15.5% in the 3rd quarter. Geode Capital Management LLC now owns 178,645 shares of the company’s stock valued at $4,626,000 after purchasing an additional 24,020 shares in the last quarter. Barclays PLC lifted its stake in shares of Karat Packaging by 12.5% in the third quarter. Barclays PLC now owns 71,153 shares of the company’s stock worth $1,843,000 after buying an additional 7,911 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Karat Packaging by 52.1% during the third quarter. Jacobs Levy Equity Management Inc. now owns 54,333 shares of the company’s stock worth $1,407,000 after acquiring an additional 18,612 shares during the last quarter. Janus Henderson Group PLC grew its stake in Karat Packaging by 7.1% during the 3rd quarter. Janus Henderson Group PLC now owns 26,567 shares of the company’s stock valued at $688,000 after acquiring an additional 1,760 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Karat Packaging by 5.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 19,720 shares of the company’s stock valued at $511,000 after acquiring an additional 1,053 shares during the last quarter. 25.20% of the stock is currently owned by hedge funds and other institutional investors.

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.