Karat Packaging (NASDAQ:KRT) Shares Down 6.1% - Here's What Happened

Karat Packaging Inc. (NASDAQ:KRT - Get Free Report)'s stock price dropped 6.1% during trading on Wednesday . The company traded as low as $32.41 and last traded at $31.43. Approximately 20,153 shares were traded during trading, a decline of 35% from the average daily volume of 31,093 shares. The stock had previously closed at $33.46.

Analyst Upgrades and Downgrades

KRT has been the topic of a number of recent research reports. William Blair lowered Karat Packaging from an "outperform" rating to a "market perform" rating in a research report on Thursday, January 2nd. Stifel Nicolaus increased their target price on Karat Packaging from $32.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday, December 11th.

Karat Packaging Stock Down 2.8 %

The stock has a market cap of $620.42 million, a PE ratio of 22.14 and a beta of 1.08. The firm has a fifty day moving average of $30.42 and a 200 day moving average of $28.40. The company has a quick ratio of 1.82, a current ratio of 3.12 and a debt-to-equity ratio of 0.29.

Karat Packaging Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Monday, February 24th will be issued a dividend of $0.45 per share. This is a positive change from Karat Packaging's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.80 annualized dividend and a dividend yield of 5.81%. Karat Packaging's dividend payout ratio (DPR) is presently 114.29%.

Hedge Funds Weigh In On Karat Packaging

Several hedge funds have recently made changes to their positions in KRT. American Century Companies Inc. boosted its stake in shares of Karat Packaging by 3.4% during the fourth quarter. American Century Companies Inc. now owns 187,549 shares of the company's stock worth $5,675,000 after buying an additional 6,224 shares during the period. Geode Capital Management LLC boosted its stake in shares of Karat Packaging by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 182,271 shares of the company's stock worth $5,517,000 after buying an additional 3,626 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Karat Packaging by 9.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 145,946 shares of the company's stock worth $4,416,000 after buying an additional 12,676 shares during the period. Millennium Management LLC boosted its stake in shares of Karat Packaging by 108.5% during the fourth quarter. Millennium Management LLC now owns 84,038 shares of the company's stock worth $2,543,000 after buying an additional 43,740 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in shares of Karat Packaging by 28.0% during the fourth quarter. Russell Investments Group Ltd. now owns 79,645 shares of the company's stock worth $2,410,000 after buying an additional 17,419 shares during the period. Hedge funds and other institutional investors 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.