DAVENPORT & Co LLC Buys New Position in Karat Packaging Inc. $KRT

DAVENPORT & Co LLC purchased a new stake in shares of Karat Packaging Inc. (NASDAQ:KRT) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 9,200 shares of the company’s stock, valued at approximately $259,000.

Several other large investors have also added to or reduced their stakes in KRT. GAMMA Investing LLC boosted its position in 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 in the last quarter. Rhumbline Advisers lifted its position in shares of Karat Packaging by 10.3% in the first quarter. Rhumbline Advisers now owns 11,668 shares of the company’s stock valued at $310,000 after acquiring an additional 1,088 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in 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 in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its stake in Karat Packaging by 94.6% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 10,080 shares of the company’s stock worth $268,000 after purchasing an additional 4,900 shares in the last quarter. Finally, Independent Advisor Alliance increased its holdings in shares of Karat Packaging by 2.8% during the 1st quarter. Independent Advisor Alliance now owns 38,654 shares of the company’s stock worth $1,027,000 after buying an additional 1,059 shares during the last quarter. Hedge funds and other institutional investors own 25.20% of the company’s stock.

Karat Packaging Trading Up 3.8%

Shares of Karat Packaging stock opened at $23.89 on Tuesday. Karat Packaging Inc. has a 12-month low of $22.96 and a 12-month high of $33.89. The company has a current ratio of 2.68, a quick ratio of 1.40 and a debt-to-equity ratio of 0.29. The stock has a market cap of $479.95 million, a PE ratio of 15.03, a price-to-earnings-growth ratio of 1.21 and a beta of 1.09. The company has a 50-day moving average of $24.87 and a two-hundred day moving average of $26.82.

Karat Packaging Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 27th. Shareholders of record on Wednesday, August 20th were issued a $0.45 dividend. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $1.80 dividend on an annualized basis and a yield of 7.5%. Karat Packaging’s dividend payout ratio (DPR) is 113.21%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on KRT shares. Zacks Research upgraded Karat Packaging from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Weiss Ratings downgraded shares of Karat Packaging from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Bank of America raised shares of Karat Packaging from a “neutral” rating to a “buy” rating and set a $31.00 price target for the company in a research report on Thursday, October 9th. Finally, Wall Street Zen cut Karat Packaging from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 9th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $32.67.

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.