Karat Packaging (NASDAQ:KRT) Hits New 1-Year High After Dividend Announcement

Karat Packaging Inc. (NASDAQ:KRTGet Free Report) hit a new 52-week high during mid-day trading on Friday after the company announced a dividend. The company traded as high as $26.82 and last traded at $26.46, with a volume of 15529 shares trading hands. The stock had previously closed at $25.98.

The newly announced dividend which will be paid on Thursday, February 29th. Stockholders of record on Wednesday, February 21st will be paid a $0.30 dividend. This is an increase from Karat Packaging’s previous quarterly dividend of $0.20. The ex-dividend date is Tuesday, February 20th. This represents a $1.20 annualized dividend and a dividend yield of 4.49%. Karat Packaging’s dividend payout ratio (DPR) is presently 48.19%.

Wall Street Analyst Weigh In

Separately, Truist Financial lowered their price objective on shares of Karat Packaging from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Friday, November 10th.

View Our Latest Research Report on KRT

Karat Packaging Stock Performance

The firm’s 50 day moving average price is $23.77 and its 200-day moving average price is $22.63. The firm has a market cap of $533.44 million, a price-to-earnings ratio of 16.10 and a beta of 0.98. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.47 and a quick ratio of 1.90.

Karat Packaging (NASDAQ:KRTGet Free Report) last posted its quarterly earnings results on Thursday, November 9th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. Karat Packaging had a net margin of 8.22% and a return on equity of 23.57%. The firm had revenue of $105.53 million for the quarter, compared to the consensus estimate of $106.62 million. On average, analysts anticipate that Karat Packaging Inc. will post 1.94 earnings per share for the current year.

Institutional Investors Weigh In On Karat Packaging

A number of institutional investors have recently bought and sold shares of the business. Ellsworth Advisors LLC boosted its stake in Karat Packaging by 3.1% during the fourth quarter. Ellsworth Advisors LLC now owns 17,901 shares of the company’s stock worth $445,000 after buying an additional 531 shares in the last quarter. Northern Trust Corp boosted its stake in Karat Packaging by 1.8% during the second quarter. Northern Trust Corp now owns 44,994 shares of the company’s stock worth $821,000 after buying an additional 775 shares in the last quarter. McGlone Suttner Wealth Management Inc. acquired a new stake in Karat Packaging during the fourth quarter worth $29,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Karat Packaging by 7.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 16,663 shares of the company’s stock valued at $222,000 after acquiring an additional 1,182 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Karat Packaging by 40.7% during the fourth quarter. JPMorgan Chase & Co. now owns 4,302 shares of the company’s stock valued at $62,000 after acquiring an additional 1,245 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Karat Packaging Company Profile

(Get Free Report)

Karat Packaging Inc, together with its subsidiaries, manufactures and distributes 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.

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