Wellington Management Group LLP Sells 21,500 Shares of Karat Packaging Inc. (NASDAQ:KRT)

Wellington Management Group LLP trimmed its position in shares of Karat Packaging Inc. (NASDAQ:KRT - Free Report) by 4.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 424,860 shares of the company's stock after selling 21,500 shares during the period. Wellington Management Group LLP owned 2.12% of Karat Packaging worth $11,000,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of KRT. Acadian Asset Management LLC increased its position in Karat Packaging by 8.2% in the 2nd quarter. Acadian Asset Management LLC now owns 283,278 shares of the company's stock worth $8,375,000 after buying an additional 21,383 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Karat Packaging during the second quarter worth $1,162,000. Janney Montgomery Scott LLC raised its stake in Karat Packaging by 4.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 28,488 shares of the company's stock valued at $738,000 after purchasing an additional 1,148 shares during the last quarter. US Bancorp DE bought a new stake in Karat Packaging in the 3rd quarter valued at $30,000. Finally, Jacobs Levy Equity Management Inc. grew 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 worth $1,407,000 after purchasing an additional 18,612 shares during the last quarter. Hedge funds and other institutional investors own 25.20% of the company's stock.

Karat Packaging Stock Performance

Shares of NASDAQ KRT traded down $0.10 during trading hours on Monday, reaching $32.34. The stock had a trading volume of 46,749 shares, compared to its average volume of 42,725. The company has a market cap of $647.58 million, a price-to-earnings ratio of 23.10 and a beta of 1.08. Karat Packaging Inc. has a twelve month low of $22.51 and a twelve month high of $33.14. The business's fifty day moving average is $29.03 and its two-hundred day moving average is $27.77. 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 firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Wednesday, November 20th were paid a $0.40 dividend. The ex-dividend date was Wednesday, November 20th. This represents a $1.60 dividend on an annualized basis and a yield of 4.95%. This is a boost from Karat Packaging's previous quarterly dividend of $0.35. Karat Packaging's payout ratio is presently 114.29%.

Wall Street Analyst Weigh In

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

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.