Geode Capital Management LLC Raises Stock Position in Karat Packaging Inc. (NASDAQ:KRT)

Geode Capital Management LLC boosted its position in shares of Karat Packaging Inc. (NASDAQ:KRT - Free Report) by 15.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 178,645 shares of the company's stock after purchasing an additional 24,020 shares during the period. Geode Capital Management LLC owned about 0.89% of Karat Packaging worth $4,626,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. US Bancorp DE bought a new position in shares of Karat Packaging in the third quarter worth about $30,000. Copeland Capital Management LLC purchased a new stake in Karat Packaging in the 3rd quarter valued at about $49,000. Nisa Investment Advisors LLC grew its stake in Karat Packaging by 497.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 3,676 shares of the company's stock worth $95,000 after acquiring an additional 3,061 shares in the last quarter. Rhumbline Advisers increased its position in shares of Karat Packaging by 4.4% during the second quarter. Rhumbline Advisers now owns 9,203 shares of the company's stock worth $272,000 after acquiring an additional 387 shares during the period. Finally, Kings Path Partners LLC purchased a new position in shares of Karat Packaging during the third quarter worth approximately $401,000. 25.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

KRT has been the subject of a number of research reports. Stifel Nicolaus boosted their price target on Karat Packaging from $32.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, December 11th. William Blair cut Karat Packaging from an "outperform" rating to a "market perform" rating in a report on Thursday.

Karat Packaging Stock Down 1.7 %

Shares of NASDAQ:KRT traded down $0.50 during trading hours on Monday, hitting $29.74. The company's stock had a trading volume of 43,512 shares, compared to its average volume of 36,104. The firm's fifty day moving average price is $30.06 and its 200 day moving average price is $27.97. Karat Packaging Inc. has a 52 week low of $22.51 and a 52 week high of $33.14. The company has a market capitalization of $595.51 million, a price-to-earnings ratio of 21.24 and a beta of 1.08. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.12 and a quick ratio of 1.82.

Karat Packaging Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Wednesday, November 20th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 5.38%. This is a positive change from Karat Packaging's previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Wednesday, November 20th. Karat Packaging's payout ratio is presently 114.29%.

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.