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

Shares of Karat Packaging Inc. (NASDAQ:KRT - Get Free Report) reached a new 52-week high during trading on Monday . The company traded as high as $32.78 and last traded at $32.78, with a volume of 849 shares. The stock had previously closed at $32.44.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus upped their price target on shares of Karat Packaging from $32.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, December 11th.

Karat Packaging Trading Down 0.3 %

The stock has a fifty day moving average of $29.03 and a 200-day moving average of $27.77. The company has a market cap of $647.58 million, a PE ratio of 23.10 and a beta of 1.08. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.82 and a current ratio of 3.12.

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 issued a $0.40 dividend. The ex-dividend date was Wednesday, November 20th. This is a boost from Karat Packaging's previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.95%. Karat Packaging's dividend payout ratio is presently 114.29%.

Hedge Funds Weigh In On Karat Packaging

Institutional investors have recently modified their holdings of the stock. LSV Asset Management bought a new stake in shares of Karat Packaging in the second quarter valued at about $2,359,000. Allspring Global Investments Holdings LLC purchased a new position in Karat Packaging during the 2nd quarter valued at about $1,162,000. AQR Capital Management LLC lifted its position in shares of Karat Packaging by 37.8% in the 2nd quarter. AQR Capital Management LLC now owns 116,980 shares of the company's stock worth $3,460,000 after purchasing an additional 32,069 shares during the period. Geode Capital Management LLC boosted its stake in shares of Karat Packaging by 15.5% during the third 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. Finally, GSA Capital Partners LLP boosted its stake in shares of Karat Packaging by 186.4% during the third 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. 25.20% of the stock is 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.