33,040 Shares in Karat Packaging Inc. $KRT Acquired by PDT Partners LLC

Key Points

• PDT Partners LLC acquired 33,040 Karat Packaging shares worth approximately $1.1 million, while several other institutional investors also initiated positions. Hedge funds and other institutions collectively own 25.2% of the company.
• Karat Packaging reported a strong quarter, posting earnings per share of $1.48 versus analysts’ $0.47 estimate and revenue of $136.3 million, slightly ahead of forecasts.
• Analyst sentiment remains mixed, with an average rating of “Hold” and a $36.50 target price, even as the stock opened at $49.26. The company also raised its quarterly dividend to $0.47, implying a 3.8% annual yield.

PDT Partners LLC purchased a new position in shares of Karat Packaging Inc. (NASDAQ:KRT - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 33,040 shares of the company's stock, valued at approximately $1,106,000. PDT Partners LLC owned about 0.17% of Karat Packaging as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently made changes to their positions in KRT. BlackRock Inc. purchased a new position in shares of Karat Packaging in the 2nd quarter worth $19,840,000. Ranger Investment Management L.P. purchased a new position in Karat Packaging in the second quarter valued at approximately $11,129,000. Bank of Montreal Can purchased a new position in Karat Packaging in the fourth quarter valued at approximately $5,216,000. De Lisle Partners LLP acquired a new position in Karat Packaging during the second quarter valued at approximately $7,307,000. Finally, Polar Asset Management Partners Inc. purchased a new stake in Karat Packaging during the third quarter worth approximately $5,039,000. 25.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wall Street Zen raised shares of Karat Packaging from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Bank of America upped their price target on shares of Karat Packaging from $23.00 to $34.00 and gave the stock an "underperform" rating in a research report on Tuesday, July 14th. Weiss Ratings upgraded Karat Packaging from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 12th. William Blair raised Karat Packaging from a "market perform" rating to an "outperform" rating in a research report on Thursday, June 4th. Finally, The Goldman Sachs Group cut Karat Packaging to a "neutral" rating in a research note on Thursday, June 4th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $36.50.

Karat Packaging Trading Down 0.4%

NASDAQ KRT opened at $49.26 on Thursday. The company has a market capitalization of $981.75 million, a price-to-earnings ratio of 19.70, a price-to-earnings-growth ratio of 1.45 and a beta of 0.82. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.25 and a quick ratio of 1.25. Karat Packaging Inc. has a 12 month low of $20.61 and a 12 month high of $50.81. The company's fifty day moving average price is $39.49 and its two-hundred day moving average price is $31.57.

Karat Packaging (NASDAQ:KRT - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $1.01. The business had revenue of $136.30 million for the quarter, compared to analyst estimates of $135.46 million. Karat Packaging had a net margin of 10.18% and a return on equity of 30.62%. As a group, research analysts predict that Karat Packaging Inc. will post 2.63 earnings per share for the current fiscal year.

Karat Packaging Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 21st will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Friday, August 21st. This is a positive change from Karat Packaging's previous quarterly dividend of $0.45. Karat Packaging's payout ratio is 75.20%.

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.

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