Karat Packaging (NASDAQ:KRT) Sets New 52-Week High – Still a Buy?

Karat Packaging Inc. (NASDAQ:KRT) shares hit a new 52-week high on Tuesday . The company traded as high as $33.41 and last traded at $33.68, with a volume of 12042 shares traded. The stock had previously closed at $32.18.

Analyst Upgrades and Downgrades

A number of research firms recently commented on KRT. Stifel Nicolaus lifted their price objective on Karat Packaging from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. William Blair lowered Karat Packaging from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd.

Karat Packaging Stock Down 0.4 %

The firm has a 50-day moving average of $30.45 and a 200 day moving average of $28.35. The company has a current ratio of 3.12, a quick ratio of 1.82 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $640.14 million, a price-to-earnings ratio of 22.84 and a beta of 1.08.

Karat Packaging Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Monday, February 24th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.63%. This is a positive change from Karat Packaging’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Monday, February 24th. Karat Packaging’s payout ratio is presently 114.29%.

Hedge Funds Weigh In On Karat Packaging

Several institutional investors and hedge funds have recently made changes to their positions in the business. Copeland Capital Management LLC raised its position in shares of Karat Packaging by 38.4% during the 4th quarter. Copeland Capital Management LLC now owns 2,604 shares of the company’s stock valued at $79,000 after acquiring an additional 722 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of Karat Packaging by 20.8% in the 4th quarter. Wells Fargo & Company MN now owns 5,538 shares of the company’s stock worth $168,000 after acquiring an additional 955 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Karat Packaging by 5.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 19,720 shares of the company’s stock valued at $511,000 after purchasing an additional 1,053 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in Karat Packaging by 4.2% during the third quarter. Janney Montgomery Scott LLC now owns 28,488 shares of the company’s stock valued at $738,000 after buying an additional 1,148 shares in the last quarter. Finally, US Bancorp DE bought a new position in shares of Karat Packaging during the 3rd quarter valued at about $30,000. 25.20% of the stock is currently owned by hedge funds and other institutional investors.

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.