American Century Companies Inc. Cuts Stock Holdings in Karat Packaging Inc. (NASDAQ:KRT)

American Century Companies Inc. reduced its position in shares of Karat Packaging Inc. (NASDAQ:KRTFree Report) by 23.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 348,408 shares of the company’s stock after selling 106,109 shares during the period. American Century Companies Inc. owned 1.75% of Karat Packaging worth $8,034,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of KRT. Northern Trust Corp raised its stake in shares of Karat Packaging by 1.8% in the second quarter. Northern Trust Corp now owns 44,994 shares of the company’s stock valued at $821,000 after acquiring an additional 775 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Karat Packaging by 7.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 16,663 shares of the company’s stock valued at $222,000 after acquiring an additional 1,182 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Karat Packaging by 40.7% in the fourth quarter. JPMorgan Chase & Co. now owns 4,302 shares of the company’s stock valued at $62,000 after buying an additional 1,245 shares in the last quarter. Barclays PLC raised its stake in Karat Packaging by 3.7% in the fourth quarter. Barclays PLC now owns 36,229 shares of the company’s stock valued at $521,000 after buying an additional 1,284 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in Karat Packaging by 61.4% in the second quarter. Wells Fargo & Company MN now owns 3,381 shares of the company’s stock valued at $62,000 after buying an additional 1,286 shares in the last quarter. 25.20% of the stock is currently owned by hedge funds and other institutional investors.

Karat Packaging Stock Performance

NASDAQ KRT opened at $28.01 on Tuesday. Karat Packaging Inc. has a 52-week low of $12.57 and a 52-week high of $30.94. The business’s 50-day moving average price is $26.79 and its 200 day moving average price is $23.83. The firm has a market cap of $559.36 million, a P/E ratio of 17.29 and a beta of 1.07. The company has a quick ratio of 1.88, a current ratio of 3.49 and a debt-to-equity ratio of 0.30.

Karat Packaging (NASDAQ:KRTGet Free Report) last announced its quarterly earnings data on Thursday, March 14th. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.16). Karat Packaging had a net margin of 8.00% and a return on equity of 22.54%. The business had revenue of $95.58 million during the quarter, compared to analysts’ expectations of $95.51 million. On average, equities research analysts expect that Karat Packaging Inc. will post 1.92 earnings per share for the current year.

Karat Packaging Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Wednesday, February 21st were given a dividend of $0.30 per share. This is an increase from Karat Packaging’s previous quarterly dividend of $0.20. This represents a $1.20 annualized dividend and a dividend yield of 4.28%. The ex-dividend date of this dividend was Tuesday, February 20th. Karat Packaging’s payout ratio is currently 74.07%.

Analysts Set New Price Targets

KRT has been the topic of a number of analyst reports. Truist Financial raised their price target on Karat Packaging from $24.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Stifel Nicolaus reiterated a “buy” rating and set a $32.00 target price (up previously from $30.00) on shares of Karat Packaging in a research report on Friday, March 15th.

Check Out Our Latest Research Report on KRT

Karat Packaging Company Profile

(Free Report)

Karat Packaging Inc, together with its subsidiaries, manufactures and distributes 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.

Featured Stories

Institutional Ownership by Quarter for Karat Packaging (NASDAQ:KRT)

Receive News & Ratings for Karat Packaging Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Karat Packaging and related companies with MarketBeat.com's FREE daily email newsletter.