Ritholtz Wealth Management Trims Stock Position in Karat Packaging Inc. (NASDAQ:KRT)

Ritholtz Wealth Management cut its holdings in shares of Karat Packaging Inc. (NASDAQ:KRT) by 8.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 24,586 shares of the company’s stock after selling 2,409 shares during the quarter. Ritholtz Wealth Management’s holdings in Karat Packaging were worth $744,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. US Bancorp DE acquired a new stake in Karat Packaging during the third quarter worth about $30,000. Copeland Capital Management LLC acquired a new stake in Karat Packaging during the third quarter worth about $49,000. Nisa Investment Advisors LLC increased its stake in Karat Packaging by 497.7% during the third quarter. Nisa Investment Advisors LLC now owns 3,676 shares of the company’s stock worth $95,000 after acquiring an additional 3,061 shares during the last quarter. Rhumbline Advisers increased its stake in Karat Packaging by 4.4% during the second quarter. Rhumbline Advisers now owns 9,203 shares of the company’s stock worth $272,000 after acquiring an additional 387 shares during the last quarter. Finally, Kings Path Partners LLC acquired a new stake in Karat Packaging during the third quarter worth about $401,000. 25.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

KRT has been the subject of a number of recent research reports. William Blair lowered Karat Packaging from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Stifel Nicolaus increased their target price on Karat Packaging from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th.

Karat Packaging Price Performance

KRT stock opened at $29.58 on Tuesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.82 and a current ratio of 3.12. Karat Packaging Inc. has a 1 year low of $23.10 and a 1 year high of $33.14. The firm has a market cap of $592.19 million, a P/E ratio of 21.13 and a beta of 1.08. The stock has a 50-day simple moving average of $30.25 and a 200-day simple moving average of $28.01.

Karat Packaging Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Wednesday, November 20th were issued a $0.40 dividend. The ex-dividend date was Wednesday, November 20th. This represents a $1.60 dividend on an annualized basis and a yield of 5.41%. This is an increase from Karat Packaging’s previous quarterly dividend of $0.35. Karat Packaging’s dividend payout ratio is currently 114.29%.

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.