Karat Packaging Inc. (NASDAQ:KRT) Shares Acquired by Bank of America Corp DE

Bank of America Corp DE lifted its position in Karat Packaging Inc. (NASDAQ:KRT) by 15.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,550 shares of the company’s stock after purchasing an additional 1,307 shares during the quarter. Bank of America Corp DE’s holdings in Karat Packaging were worth $289,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of KRT. Barclays PLC grew its holdings in Karat Packaging by 12.5% in the 3rd quarter. Barclays PLC now owns 71,153 shares of the company’s stock valued at $1,843,000 after buying an additional 7,911 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Karat Packaging by 3.4% in the 4th quarter. American Century Companies Inc. now owns 187,549 shares of the company’s stock valued at $5,675,000 after buying an additional 6,224 shares during the period. Geode Capital Management LLC raised its holdings in 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 purchasing an additional 3,626 shares during the last quarter. Trexquant Investment LP acquired a new position in shares of Karat Packaging in the fourth quarter worth $352,000. Finally, Wells Fargo & Company MN grew its position in shares of Karat Packaging by 20.8% in the fourth quarter. Wells Fargo & Company MN now owns 5,538 shares of the company’s stock valued at $168,000 after purchasing an additional 955 shares during the period. 25.20% of the stock is currently owned by hedge funds and other institutional investors.

Karat Packaging Price Performance

KRT opened at $26.44 on Friday. 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 Inc. has a 12-month low of $23.00 and a 12-month high of $33.89. The stock has a fifty day moving average of $28.12 and a 200-day moving average of $29.25. The firm has a market capitalization of $530.39 million, a P/E ratio of 18.89 and a beta of 1.19.

Karat Packaging (NASDAQ:KRT) last issued its quarterly earnings results on Thursday, March 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.14). Karat Packaging had a net margin of 6.78% and a return on equity of 19.84%. The business had revenue of $101.65 million during the quarter, compared to analyst estimates of $102.27 million. Equities analysts forecast that Karat Packaging Inc. will post 1.66 EPS for the current fiscal year.

Karat Packaging Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Friday, May 16th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 6.81%. The ex-dividend date of this dividend was Friday, May 16th. Karat Packaging’s dividend payout ratio (DPR) is presently 120.00%.

Insider Buying and Selling at Karat Packaging

In related news, CEO Alan Yu sold 750,000 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $27.00, for a total value of $20,250,000.00. Following the completion of the transaction, the chief executive officer now owns 6,203,805 shares in the company, valued at $167,502,735. The trade was a 10.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 66.20% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Truist Financial boosted their price target on Karat Packaging from $28.00 to $31.00 and gave the company a “hold” rating in a research report on Monday, May 12th. Wall Street Zen raised Karat Packaging from a “buy” rating to a “strong-buy” rating in a research note on Saturday.

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.