Karat Packaging (NASDAQ:KRT) Sets New 12-Month High - Should You Buy?

Karat Packaging Inc. (NASDAQ:KRT - Get Free Report) shares reached a new 52-week high on Tuesday . The stock 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

Several equities research analysts have issued reports on the stock. William Blair cut shares of Karat Packaging from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 2nd. Stifel Nicolaus lifted their target price on shares of Karat Packaging from $32.00 to $36.00 and gave the stock a "buy" rating in a research note on Wednesday, December 11th.

Karat Packaging Stock Down 2.8 %

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 business has a 50 day simple moving average of $30.42 and a 200 day simple moving average of $28.40. The company has a market capitalization of $620.42 million, a price-to-earnings ratio of 22.14 and a beta of 1.08.

Karat Packaging Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Monday, February 24th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.81%. This is a boost from Karat Packaging's previous quarterly dividend of $0.40. Karat Packaging's payout ratio is 114.29%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Millennium Management LLC raised its position in Karat Packaging by 108.5% in the 4th quarter. Millennium Management LLC now owns 84,038 shares of the company's stock valued at $2,543,000 after purchasing an additional 43,740 shares in the last quarter. Geode Capital Management LLC raised its position in Karat Packaging by 15.5% in the 3rd quarter. Geode Capital Management LLC now owns 178,645 shares of the company's stock valued at $4,626,000 after purchasing an additional 24,020 shares in the last quarter. GSA Capital Partners LLP raised its position in Karat Packaging by 186.4% in the 3rd quarter. GSA Capital Partners LLP now owns 34,366 shares of the company's stock valued at $890,000 after purchasing an additional 22,365 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in Karat Packaging by 52.1% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 54,333 shares of the company's stock valued at $1,407,000 after purchasing an additional 18,612 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Karat Packaging by 28.0% in the 4th quarter. Russell Investments Group Ltd. now owns 79,645 shares of the company's stock valued at $2,410,000 after purchasing an additional 17,419 shares in the last quarter. Institutional investors and hedge funds own 25.20% of the company's stock.

About Karat Packaging

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.