Kings Path Partners LLC Buys 12,590 Shares of Karat Packaging Inc. $KRT

Kings Path Partners LLC bought a new stake in Karat Packaging Inc. (NASDAQ:KRT) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 12,590 shares of the company’s stock, valued at approximately $662,000. Kings Path Partners LLC owned approximately 0.06% of Karat Packaging as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of KRT. Integrated Wealth Concepts LLC bought a new stake in shares of Karat Packaging during the 2nd quarter worth $25,000. USA Financial Formulas acquired a new stake in Karat Packaging in the third quarter valued at about $46,000. Legal & General Group Plc bought a new position in Karat Packaging in the second quarter valued at about $75,000. GK Wealth Management LLC bought a new position in Karat Packaging in the third quarter valued at about $106,000. Finally, Bard Associates Inc. bought a new position in Karat Packaging in the second quarter valued at about $167,000. Institutional investors own 25.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wall Street Zen raised shares of Karat Packaging from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Bank of America raised their price target on shares of Karat Packaging from $23.00 to $34.00 and gave the company an “underperform” rating in a research note on Tuesday, July 14th. Weiss Ratings raised shares of Karat Packaging from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Finally, Lake Street Capital reaffirmed a “buy” rating and set a $60.00 price target on shares of Karat Packaging in a report on Monday, September 14th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $47.00.

Karat Packaging Stock Up 0.9%

Shares of NASDAQ:KRT opened at $54.42 on Thursday. Karat Packaging Inc. has a 52-week low of $20.61 and a 52-week high of $56.06. The company has a market capitalization of $1.08 billion, a PE ratio of 21.77, a price-to-earnings-growth ratio of 1.48 and a beta of 0.79. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.25 and a current ratio of 2.25. The company has a fifty day moving average of $50.71 and a 200-day moving average of $38.76.

Karat Packaging (NASDAQ:KRT) last released its quarterly earnings data on Thursday, August 6th. The company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $0.47 by $1.01. The company had revenue of $136.30 million for the quarter, compared to the consensus estimate of $135.46 million. Karat Packaging had a return on equity of 30.62% and a net margin of 10.18%. On average, equities analysts predict that Karat Packaging Inc. will post 2.63 EPS for the current fiscal year.

Karat Packaging Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 21st were given a $0.47 dividend. This is a boost from Karat Packaging’s previous quarterly dividend of $0.45. This represents a $1.88 annualized dividend and a yield of 3.5%. The ex-dividend date was Friday, August 21st. Karat Packaging’s dividend payout ratio is 75.20%.

About Karat Packaging

Karat Packaging Inc is a foodservice packaging company that manufactures and distributes disposable products for restaurants, cafés, convenience stores, supermarkets, institutional foodservice providers and other businesses. The company is headquartered in Chino, California, and serves customers primarily across North America through its distribution and manufacturing operations.

Its product portfolio includes paper and plastic cups, food containers, lids, cutlery, straws, gloves, napkins, bags and other supplies used for food preparation, packaging and takeout service.