Bank of New York Mellon Corp Has $4.14 Million Stock Holdings in Karat Packaging Inc. (NASDAQ:KRT)

Bank of New York Mellon Corp lessened its stake in shares of Karat Packaging Inc. (NASDAQ:KRT - Free Report) by 18.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 136,793 shares of the company's stock after selling 30,768 shares during the period. Bank of New York Mellon Corp owned 0.68% of Karat Packaging worth $4,139,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in KRT. US Bancorp DE bought a new position in Karat Packaging during the 3rd quarter worth $30,000. Copeland Capital Management LLC increased its stake in shares of Karat Packaging by 38.4% in the 4th quarter. Copeland Capital Management LLC now owns 2,604 shares of the company's stock valued at $79,000 after purchasing an additional 722 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Karat Packaging by 40.8% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 5,180 shares of the company's stock valued at $157,000 after purchasing an additional 1,500 shares during the last quarter. Exchange Traded Concepts LLC bought a new position in shares of Karat Packaging in the 4th quarter valued at $291,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Karat Packaging by 5.6% in 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 during the last quarter. Institutional investors own 25.20% of the company's stock.

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Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on KRT. William Blair lowered Karat Packaging from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 2nd. Stifel Nicolaus boosted 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.

Karat Packaging Price Performance

KRT stock traded down $0.51 during midday trading on Friday, reaching $28.55. 50,560 shares of the stock were exchanged, compared to its average volume of 37,136. The stock has a market capitalization of $572.06 million, a PE ratio of 20.39 and a beta of 1.08. Karat Packaging Inc. has a 52 week low of $23.10 and a 52 week high of $33.89. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.12 and a quick ratio of 1.82. The company has a fifty day moving average price of $30.18 and a 200 day moving average price of $28.89.

Karat Packaging (NASDAQ:KRT - Get Free Report) last announced its earnings results on Thursday, March 13th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.14). The company had revenue of $101.65 million for the quarter, compared to analyst estimates of $102.27 million. Karat Packaging had a return on equity of 19.84% and a net margin of 6.78%. As a group, analysts expect that Karat Packaging Inc. will post 1.66 EPS for the current fiscal year.

Karat Packaging Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Monday, February 24th were issued a dividend of $0.45 per share. The ex-dividend date was Monday, February 24th. This is an increase from Karat Packaging's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 6.30%. Karat Packaging's payout ratio is presently 120.81%.

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.