Karat Packaging (NASDAQ:KRT) Price Target Raised to $34.00

Karat Packaging (NASDAQ:KRT) had its price objective raised by Bank of America from $23.00 to $34.00 in a research note released on Tuesday morning,Benzinga reports. Bank of America currently has an underperform rating on the stock.

Other analysts have also issued reports about the stock. Wall Street Zen raised shares of Karat Packaging from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Karat Packaging in a research note on Thursday, June 11th. Zacks Research cut shares of Karat Packaging from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 12th. William Blair raised shares of Karat Packaging from a “market perform” rating to an “outperform” rating in a research report on Thursday, June 4th. Finally, Lake Street Capital restated a “buy” rating and issued a $39.00 target price on shares of Karat Packaging in a research note on Friday, May 8th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Karat Packaging currently has a consensus rating of “Hold” and a consensus price target of $36.50.

Karat Packaging Trading Up 4.5%

KRT opened at $37.62 on Tuesday. The company has a current ratio of 2.29, a quick ratio of 1.15 and a debt-to-equity ratio of 0.15. The firm has a market cap of $750.90 million, a price-to-earnings ratio of 23.81, a PEG ratio of 1.56 and a beta of 0.85. Karat Packaging has a 12 month low of $20.61 and a 12 month high of $37.76. The stock has a fifty day moving average price of $30.07 and a 200-day moving average price of $27.51.

Karat Packaging (NASDAQ:KRT) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02. Karat Packaging had a return on equity of 19.87% and a net margin of 6.61%.The company had revenue of $116.95 million for the quarter, compared to the consensus estimate of $112.98 million. As a group, equities research analysts anticipate that Karat Packaging will post 1.78 earnings per share for the current fiscal year.

Karat Packaging Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Thursday, May 21st were paid a dividend of $0.45 per share. The ex-dividend date was Thursday, May 21st. This represents a $1.80 dividend on an annualized basis and a dividend yield of 4.8%. Karat Packaging’s payout ratio is presently 113.92%.

Hedge Funds Weigh In On Karat Packaging

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Clearstead Advisors LLC boosted its stake in Karat Packaging by 188.8% in the 4th quarter. Clearstead Advisors LLC now owns 1,493 shares of the company’s stock worth $34,000 after purchasing an additional 976 shares in the last quarter. CWM LLC increased its stake in Karat Packaging by 61.5% during the 4th quarter. CWM LLC now owns 2,651 shares of the company’s stock valued at $60,000 after purchasing an additional 1,010 shares in the last quarter. Quarry LP acquired a new position in Karat Packaging during the 3rd quarter valued at approximately $70,000. Deutsche Bank AG raised its holdings in shares of Karat Packaging by 142.8% in the fourth quarter. Deutsche Bank AG now owns 3,861 shares of the company’s stock worth $87,000 after buying an additional 2,271 shares during the last quarter. Finally, State of Wyoming purchased a new position in shares of Karat Packaging in the fourth quarter worth $122,000. 25.20% of the stock is owned by hedge funds and other institutional investors.

Karat Packaging Company Profile

Karat Packaging Technologies, Inc (NASDAQ: KRT) is a U.S.-based provider of premium packaging solutions for consumer goods and industrial products. The company specializes in the design, manufacture and delivery of high-quality litho-laminated folding cartons, tubes and flexible packaging. Karat Packaging operates an integrated production model that combines prepress, printing, converting and finishing capabilities to support the branding and shelf-appeal needs of its customers.

The company serves a diverse range of end markets, including food and beverage, confectionery, health and beauty, pharmaceuticals, specialty chemicals and promotional packaging.