American Century Companies Inc. Cuts Stake in Karat Packaging Inc. (NASDAQ:KRT)

American Century Companies Inc. cut its holdings in Karat Packaging Inc. (NASDAQ:KRT) by 15.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 261,832 shares of the company’s stock after selling 48,710 shares during the quarter. American Century Companies Inc. owned approximately 1.31% of Karat Packaging worth $7,745,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. LSV Asset Management bought a new stake in shares of Karat Packaging in the 2nd quarter valued at about $2,359,000. Corient Private Wealth LLC bought a new position in Karat Packaging in the fourth quarter worth approximately $1,677,000. Allspring Global Investments Holdings LLC purchased a new stake in Karat Packaging during the second quarter worth $1,162,000. Price T Rowe Associates Inc. MD boosted its position in Karat Packaging by 95.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 61,547 shares of the company’s stock valued at $1,762,000 after acquiring an additional 30,137 shares in the last quarter. Finally, Acadian Asset Management LLC increased its holdings in shares of Karat Packaging by 11.7% in the 1st quarter. Acadian Asset Management LLC now owns 261,895 shares of the company’s stock valued at $7,489,000 after acquiring an additional 27,370 shares during the period. 25.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Truist Financial downgraded Karat Packaging from a “buy” rating to a “hold” rating and dropped their price objective for the company from $34.00 to $28.00 in a research report on Friday, August 9th.

Karat Packaging Trading Down 1.9 %

NASDAQ:KRT opened at $25.84 on Tuesday. The stock has a market capitalization of $516.15 million, a price-to-earnings ratio of 17.46 and a beta of 1.03. Karat Packaging Inc. has a 52 week low of $17.23 and a 52 week high of $30.94. The company has a quick ratio of 1.62, a current ratio of 3.05 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average of $26.62 and a 200 day moving average of $27.61.

Karat Packaging (NASDAQ:KRT) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.11). Karat Packaging had a net margin of 6.90% and a return on equity of 19.79%. The business had revenue of $112.60 million for the quarter, compared to analysts’ expectations of $114.03 million. During the same quarter in the prior year, the company posted $0.68 EPS. As a group, sell-side analysts anticipate that Karat Packaging Inc. will post 1.84 earnings per share for the current fiscal year.

Karat Packaging Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Wednesday, August 21st were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 5.42%. The ex-dividend date was Wednesday, August 21st. Karat Packaging’s payout ratio is currently 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.