Polar Asset Management Partners Inc. Takes $5.04 Million Position in Karat Packaging Inc. $KRT

Polar Asset Management Partners Inc. purchased a new position in shares of Karat Packaging Inc. (NASDAQ:KRT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 199,896 shares of the company’s stock, valued at approximately $5,039,000. Polar Asset Management Partners Inc. owned 0.99% of Karat Packaging at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Karat Packaging by 12.0% in the 3rd quarter. Vanguard Group Inc. now owns 477,450 shares of the company’s stock valued at $12,037,000 after buying an additional 51,179 shares during the period. Wasatch Advisors LP lifted its position in Karat Packaging by 3.3% in the second quarter. Wasatch Advisors LP now owns 330,961 shares of the company’s stock valued at $9,320,000 after buying an additional 10,617 shares during the last quarter. Ranger Investment Management L.P. boosted its stake in Karat Packaging by 0.6% during the third quarter. Ranger Investment Management L.P. now owns 322,536 shares of the company’s stock worth $8,131,000 after buying an additional 1,980 shares during the period. De Lisle Partners LLP boosted its stake in Karat Packaging by 53.6% during the second quarter. De Lisle Partners LLP now owns 229,143 shares of the company’s stock worth $6,444,000 after buying an additional 80,000 shares during the period. Finally, American Century Companies Inc. increased its position in shares of Karat Packaging by 7.9% during the second quarter. American Century Companies Inc. now owns 229,038 shares of the company’s stock valued at $6,450,000 after acquiring an additional 16,698 shares during the last quarter. 25.20% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on KRT. Zacks Research upgraded shares of Karat Packaging from a “strong sell” rating to a “hold” rating in a report on Monday, January 5th. Bank of America set a $24.00 target price on shares of Karat Packaging and gave the company an “underperform” rating in a report on Friday, March 13th. Weiss Ratings reissued a “hold (c+)” rating on shares of Karat Packaging in a research report on Thursday, January 22nd. Finally, Wall Street Zen upgraded Karat Packaging from a “hold” rating to a “buy” rating in a research report on Saturday, March 14th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $27.50.

Karat Packaging Stock Down 0.6%

Shares of KRT opened at $27.75 on Thursday. The stock has a market capitalization of $553.89 million, a PE ratio of 17.79, a P/E/G ratio of 1.34 and a beta of 1.09. Karat Packaging Inc. has a 1 year low of $20.61 and a 1 year high of $32.68. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.09 and a current ratio of 2.30. The company’s 50-day simple moving average is $24.92 and its 200-day simple moving average is $23.99.

Karat Packaging (NASDAQ:KRT) last announced its quarterly earnings data on Thursday, March 12th. The company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.06. Karat Packaging had a net margin of 6.73% and a return on equity of 19.63%. The firm had revenue of $115.62 million during the quarter, compared to analysts’ expectations of $113.95 million. Analysts forecast that Karat Packaging Inc. will post 1.66 earnings per share for the current fiscal year.

Karat Packaging Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 20th were paid a $0.45 dividend. The ex-dividend date was Friday, February 20th. This represents a $1.80 annualized dividend and a dividend yield of 6.5%. Karat Packaging’s payout ratio is 115.38%.

About Karat Packaging

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.