Rhumbline Advisers Has $310,000 Stock Holdings in Karat Packaging Inc. $KRT

Rhumbline Advisers boosted its position in Karat Packaging Inc. (NASDAQ:KRT) by 10.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 11,668 shares of the company’s stock after purchasing an additional 1,088 shares during the period. Rhumbline Advisers owned about 0.06% of Karat Packaging worth $310,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Acadian Asset Management LLC lifted its stake in Karat Packaging by 9.0% in the 1st quarter. Acadian Asset Management LLC now owns 245,734 shares of the company’s stock valued at $6,529,000 after purchasing an additional 20,262 shares during the last quarter. American Century Companies Inc. lifted its stake in Karat Packaging by 13.2% in the 1st quarter. American Century Companies Inc. now owns 212,340 shares of the company’s stock valued at $5,644,000 after purchasing an additional 24,791 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Karat Packaging by 11.8% in the 1st quarter. Russell Investments Group Ltd. now owns 89,028 shares of the company’s stock valued at $2,366,000 after purchasing an additional 9,383 shares during the last quarter. Millennium Management LLC lifted its stake in Karat Packaging by 108.5% in the 4th quarter. Millennium Management LLC now owns 84,038 shares of the company’s stock valued at $2,543,000 after purchasing an additional 43,740 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Karat Packaging by 2.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 59,768 shares of the company’s stock valued at $1,589,000 after purchasing an additional 1,307 shares during the last quarter. 25.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Karat Packaging

In other news, CEO Alan Yu sold 112,500 shares of the firm’s stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $27.00, for a total transaction of $3,037,500.00. Following the transaction, the chief executive officer directly owned 6,091,305 shares of the company’s stock, valued at approximately $164,465,235. This trade represents a 1.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 66.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on KRT. Bank of America began coverage on shares of Karat Packaging in a research note on Wednesday, August 13th. They issued a “neutral” rating and a $28.00 target price for the company. Wall Street Zen downgraded shares of Karat Packaging from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Karat Packaging has a consensus rating of “Hold” and a consensus target price of $31.67.

Karat Packaging Trading Down 1.2%

Shares of KRT stock opened at $24.49 on Thursday. The firm has a 50 day moving average price of $25.84 and a two-hundred day moving average price of $27.26. The company has a quick ratio of 1.40, a current ratio of 2.68 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $492.00 million, a PE ratio of 15.40, a price-to-earnings-growth ratio of 1.32 and a beta of 1.11. Karat Packaging Inc. has a 12-month low of $23.00 and a 12-month high of $33.89.

Karat Packaging Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 27th. Stockholders of record on Wednesday, August 20th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $1.80 annualized dividend and a dividend yield of 7.3%. Karat Packaging’s dividend payout ratio (DPR) is currently 113.21%.

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.