Bank of New York Mellon Corp Has $376,000 Stake in Karat Packaging Inc. (NASDAQ:KRT)

Bank of New York Mellon Corp trimmed its holdings in Karat Packaging Inc. (NASDAQ:KRTFree Report) by 5.9% in the third quarter, Holdings Channel reports. The fund owned 16,299 shares of the company’s stock after selling 1,023 shares during the period. Bank of New York Mellon Corp’s holdings in Karat Packaging were worth $376,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Citigroup Inc. boosted its holdings in shares of Karat Packaging by 6,881.5% in the second quarter. Citigroup Inc. now owns 1,885 shares of the company’s stock valued at $34,000 after buying an additional 1,858 shares during the period. Strs Ohio increased its holdings in Karat Packaging by 145.5% during the 2nd quarter. Strs Ohio now owns 2,700 shares of the company’s stock worth $49,000 after purchasing an additional 1,600 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Karat Packaging by 195.8% in the 4th quarter. Bank of America Corp DE now owns 2,763 shares of the company’s stock valued at $40,000 after purchasing an additional 1,829 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Karat Packaging by 61.4% in the second quarter. Wells Fargo & Company MN now owns 3,381 shares of the company’s stock valued at $62,000 after purchasing an additional 1,286 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Karat Packaging by 90.4% during the first quarter. Deutsche Bank AG now owns 3,822 shares of the company’s stock worth $51,000 after buying an additional 1,815 shares during the period. 21.11% of the stock is currently owned by institutional investors.

Karat Packaging Stock Up 0.3 %

Shares of KRT stock opened at $26.80 on Tuesday. The company has a current ratio of 3.47, a quick ratio of 1.90 and a debt-to-equity ratio of 0.30. Karat Packaging Inc. has a 1 year low of $12.54 and a 1 year high of $27.37. The firm’s fifty day moving average price is $23.87 and its two-hundred day moving average price is $22.71. The firm has a market capitalization of $534.93 million, a P/E ratio of 16.14 and a beta of 0.98.

Karat Packaging Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 29th. Shareholders of record on Wednesday, February 21st will be paid a $0.30 dividend. This is a positive change from Karat Packaging’s previous quarterly dividend of $0.20. This represents a $1.20 annualized dividend and a yield of 4.48%. The ex-dividend date is Tuesday, February 20th. Karat Packaging’s payout ratio is presently 48.19%.

Wall Street Analysts Forecast Growth

Separately, Truist Financial cut their target price on 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 Karat Packaging

Karat Packaging Company Profile

(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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Institutional Ownership by Quarter for Karat Packaging (NASDAQ:KRT)

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