Denali Advisors LLC Sells 5,000 Shares of Karat Packaging Inc. (NASDAQ:KRT)

Denali Advisors LLC reduced its holdings in Karat Packaging Inc. (NASDAQ:KRT) by 15.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,600 shares of the company’s stock after selling 5,000 shares during the quarter. Denali Advisors LLC owned 0.13% of Karat Packaging worth $761,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Los Angeles Capital Management LLC lifted its stake in Karat Packaging by 93.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 98,258 shares of the company’s stock worth $2,442,000 after purchasing an additional 47,377 shares during the last quarter. Corient Private Wealth LLC bought a new position in Karat Packaging during the fourth quarter valued at approximately $1,677,000. O Shaughnessy Asset Management LLC purchased a new position in shares of Karat Packaging during the third quarter worth approximately $641,000. Quadrature Capital Ltd purchased a new position in shares of Karat Packaging during the third quarter worth approximately $627,000. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Karat Packaging by 17.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 24,348 shares of the company’s stock worth $605,000 after acquiring an additional 3,668 shares during the last quarter. Hedge funds and other institutional investors own 25.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on KRT. Truist Financial lifted their target price on shares of Karat Packaging from $24.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Stifel Nicolaus reiterated a “buy” rating and issued a $32.00 price objective (up previously from $30.00) on shares of Karat Packaging in a report on Friday, March 15th.

Karat Packaging Trading Down 0.4 %

NASDAQ:KRT opened at $27.88 on Thursday. The firm has a market capitalization of $557.04 million, a P/E ratio of 18.84 and a beta of 1.06. The company has a quick ratio of 1.69, a current ratio of 3.33 and a debt-to-equity ratio of 0.30. The company has a fifty day moving average of $28.28 and a 200 day moving average of $27.05. Karat Packaging Inc. has a 52 week low of $16.90 and a 52 week high of $30.94.

Karat Packaging (NASDAQ:KRT) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). The business had revenue of $95.61 million for the quarter, compared to analysts’ expectations of $99.76 million. Karat Packaging had a net margin of 7.31% and a return on equity of 21.94%. During the same quarter in the prior year, the firm earned $0.45 EPS. On average, research analysts predict that Karat Packaging Inc. will post 1.95 earnings per share for the current year.

Karat Packaging Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Friday, May 17th were paid a dividend of $0.35 per share. This is a positive change from Karat Packaging’s previous quarterly dividend of $0.30. The ex-dividend date was Thursday, May 16th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.02%. Karat Packaging’s payout ratio is presently 94.59%.

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.