Allspring Global Investments Holdings LLC Sells 34,607 Shares of Karat Packaging Inc. (NASDAQ:KRT)

Allspring Global Investments Holdings LLC trimmed its position in shares of Karat Packaging Inc. (NASDAQ:KRT - Free Report) by 88.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,685 shares of the company's stock after selling 34,607 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Karat Packaging were worth $121,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in KRT. Gladius Capital Management LP acquired a new stake in shares of Karat Packaging in the 2nd quarter worth $33,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Karat Packaging in the 2nd quarter valued at about $52,000. SG Americas Securities LLC acquired a new position in Karat Packaging during the first quarter worth approximately $115,000. Caxton Associates LP purchased a new position in shares of Karat Packaging in the 1st quarter valued at approximately $210,000. Finally, Rhumbline Advisers boosted its stake in shares of Karat Packaging by 4.4% in the second quarter. Rhumbline Advisers now owns 9,203 shares of the company's stock valued at $272,000 after buying an additional 387 shares in the last quarter. 25.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Truist Financial lowered Karat Packaging from a "buy" rating to a "hold" rating and dropped their price target for the stock from $34.00 to $28.00 in a research note on Friday, August 9th.

Karat Packaging Stock Performance

KRT stock traded up $0.40 during trading on Tuesday, reaching $27.18. 44,788 shares of the stock were exchanged, compared to its average volume of 42,628. The company has a current ratio of 3.05, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29. The stock has a 50 day simple moving average of $25.91 and a 200-day simple moving average of $27.23. The company has a market capitalization of $543.87 million, a P/E ratio of 19.41 and a beta of 1.03. Karat Packaging Inc. has a twelve month low of $17.23 and a twelve month high of $30.94.

Karat Packaging (NASDAQ:KRT - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.11). The business had revenue of $112.60 million for the quarter, compared to the consensus estimate of $114.03 million. Karat Packaging had a return on equity of 19.79% and a net margin of 6.90%. During the same period last year, the firm earned $0.68 earnings per share. As a group, sell-side analysts anticipate that Karat Packaging Inc. will post 1.84 earnings per share for the current year.

Karat Packaging Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Wednesday, August 21st were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.15%. The ex-dividend date of this dividend was Wednesday, August 21st. Karat Packaging's payout ratio is 100.00%.

Karat Packaging 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.