Karat Packaging (NASDAQ:KRT) Sets New 1-Year High on Analyst Upgrade

Karat Packaging Inc. (NASDAQ:KRT) shares reached a new 52-week high on Tuesday after Bank of America raised their price target on the stock from $23.00 to $34.00. Bank of America currently has an underperform rating on the stock. Karat Packaging traded as high as $35.67 and last traded at $34.9450, with a volume of 30320 shares. The stock had previously closed at $34.73.

Several other brokerages have also weighed in on KRT. Weiss Ratings reissued a “hold (c+)” rating on shares of Karat Packaging in a report on Thursday, June 11th. Lake Street Capital reaffirmed a “buy” rating and set a $39.00 target price on shares of Karat Packaging in a report on Friday, May 8th. The Goldman Sachs Group lowered Karat Packaging to a “neutral” rating in a research report on Thursday, June 4th. William Blair upgraded Karat Packaging from a “market perform” rating to an “outperform” rating in a report on Thursday, June 4th. Finally, Wall Street Zen raised Karat Packaging from a “hold” rating to a “buy” rating in a research report on Sunday. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $36.50.

Hedge Funds Weigh In On Karat Packaging

Large investors have recently bought and sold shares of the business. Clearstead Advisors LLC grew its holdings in Karat Packaging by 188.8% in the 4th quarter. Clearstead Advisors LLC now owns 1,493 shares of the company’s stock worth $34,000 after buying an additional 976 shares in the last quarter. CWM LLC grew its stake in shares of Karat Packaging by 61.5% in the fourth quarter. CWM LLC now owns 2,651 shares of the company’s stock worth $60,000 after purchasing an additional 1,010 shares in the last quarter. Quarry LP acquired a new position in shares of Karat Packaging during the third quarter valued at $70,000. Deutsche Bank AG raised its stake in shares of Karat Packaging by 142.8% during the fourth quarter. Deutsche Bank AG now owns 3,861 shares of the company’s stock valued at $87,000 after purchasing an additional 2,271 shares in the last quarter. Finally, State of Wyoming bought a new stake in shares of Karat Packaging during the fourth quarter valued at about $122,000. Institutional investors own 25.20% of the company’s stock.

Karat Packaging Stock Up 1.5%

The firm has a market cap of $718.50 million, a price-to-earnings ratio of 22.78, a P/E/G ratio of 1.76 and a beta of 0.85. The firm’s fifty day moving average is $29.93 and its two-hundred day moving average is $27.41. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.29 and a quick ratio of 1.15.

Karat Packaging (NASDAQ:KRT) last released its earnings results on Thursday, May 7th. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.32 by $0.02. Karat Packaging had a net margin of 6.61% and a return on equity of 19.87%. The firm had revenue of $116.95 million for the quarter, compared to analysts’ expectations of $112.98 million. On average, sell-side analysts expect that Karat Packaging Inc. will post 1.78 EPS for the current fiscal year.

Karat Packaging Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Thursday, May 21st were given a dividend of $0.45 per share. The ex-dividend date was Thursday, May 21st. This represents a $1.80 annualized dividend and a dividend yield of 5.0%. Karat Packaging’s dividend payout ratio (DPR) is 113.92%.

Karat Packaging Company Profile

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.