American Century Companies Inc. Purchases 24,791 Shares of Karat Packaging Inc. $KRT

American Century Companies Inc. raised its stake in Karat Packaging Inc. (NASDAQ:KRT) by 13.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 212,340 shares of the company’s stock after buying an additional 24,791 shares during the period. American Century Companies Inc. owned about 1.06% of Karat Packaging worth $5,644,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC lifted its position in shares of Karat Packaging by 4,151.4% in the 1st quarter. GAMMA Investing LLC now owns 1,488 shares of the company’s stock worth $40,000 after purchasing an additional 1,453 shares during the period. Janney Montgomery Scott LLC lifted its position in shares of Karat Packaging by 8.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 37,599 shares of the company’s stock worth $999,000 after purchasing an additional 2,933 shares during the period. Citadel Advisors LLC lifted its position in shares of Karat Packaging by 91.1% in the 4th quarter. Citadel Advisors LLC now owns 34,344 shares of the company’s stock worth $1,039,000 after purchasing an additional 16,371 shares during the period. Northern Trust Corp lifted its position in Karat Packaging by 5.2% during the fourth quarter. Northern Trust Corp now owns 56,330 shares of the company’s stock valued at $1,705,000 after acquiring an additional 2,762 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in Karat Packaging by 15.9% during the fourth quarter. Bank of America Corp DE now owns 9,550 shares of the company’s stock valued at $289,000 after acquiring an additional 1,307 shares during the last quarter. Hedge funds and other institutional investors own 25.20% of the company’s stock.

Karat Packaging Trading Up 1.2%

NASDAQ KRT opened at $25.64 on Friday. The stock has a market capitalization of $515.11 million, a PE ratio of 16.13, a price-to-earnings-growth ratio of 1.35 and a beta of 1.11. The company has a quick ratio of 1.40, a current ratio of 2.68 and a debt-to-equity ratio of 0.29. Karat Packaging Inc. has a 52 week low of $23.00 and a 52 week high of $33.89. The firm has a 50 day moving average of $27.24 and a two-hundred day moving average of $28.03.

Karat Packaging Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 27th. Shareholders of record on Wednesday, August 20th were given a dividend of $0.45 per share. The ex-dividend date was Wednesday, August 20th. This represents a $1.80 dividend on an annualized basis and a yield of 7.0%. Karat Packaging’s dividend payout ratio is presently 113.21%.

Insider Buying and Selling

In other news, CEO Alan Yu sold 750,000 shares of the company’s stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $27.00, for a total transaction of $20,250,000.00. Following the transaction, the chief executive officer directly owned 6,203,805 shares of the company’s stock, valued at $167,502,735. This represents a 10.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

KRT has been the topic of a number of recent analyst reports. Wall Street Zen lowered shares of Karat Packaging from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 9th. Bank of America initiated coverage on shares of Karat Packaging in a research report on Wednesday, August 13th. They set a “neutral” rating and a $28.00 price target on the stock. Finally, Truist Financial raised their price target on shares of Karat Packaging from $28.00 to $31.00 and gave the company a “hold” rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $31.67.

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.