Ameriprise Financial Inc. Lowers Stake in Karat Packaging Inc. (NASDAQ:KRT)

Ameriprise Financial Inc. lessened its stake in Karat Packaging Inc. (NASDAQ:KRT - Free Report) by 3.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 345,515 shares of the company's stock after selling 13,166 shares during the period. Ameriprise Financial Inc. owned 1.73% of Karat Packaging worth $10,455,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. grew its holdings in Karat Packaging by 3.4% during the 4th quarter. American Century Companies Inc. now owns 187,549 shares of the company's stock worth $5,675,000 after acquiring an additional 6,224 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Karat Packaging by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 182,271 shares of the company's stock worth $5,517,000 after purchasing an additional 3,626 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Karat Packaging by 9.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 145,946 shares of the company's stock valued at $4,416,000 after purchasing an additional 12,676 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Karat Packaging by 28.0% during the fourth quarter. Russell Investments Group Ltd. now owns 79,645 shares of the company's stock valued at $2,410,000 after buying an additional 17,419 shares during the period. Finally, Barclays PLC raised its stake in Karat Packaging by 12.5% in the third quarter. Barclays PLC now owns 71,153 shares of the company's stock worth $1,843,000 after buying an additional 7,911 shares in the last quarter. Institutional investors own 25.20% of the company's stock.

Karat Packaging Price Performance

KRT opened at $31.45 on Tuesday. The firm has a market capitalization of $630.89 million, a PE ratio of 22.46 and a beta of 1.12. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.12 and a quick ratio of 1.82. The business's 50-day moving average is $26.90 and its two-hundred day moving average is $29.11. Karat Packaging Inc. has a 1 year low of $23.00 and a 1 year high of $33.89.

Karat Packaging (NASDAQ:KRT - Get Free Report) last issued its quarterly earnings data on Thursday, March 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.14). The firm had revenue of $101.65 million during the quarter, compared to analysts' expectations of $102.27 million. Karat Packaging had a return on equity of 19.84% and a net margin of 6.78%. Research analysts anticipate that Karat Packaging Inc. will post 1.66 earnings per share for the current fiscal year.

Karat Packaging Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Friday, May 16th will be issued a dividend of $0.45 per share. The ex-dividend date is Friday, May 16th. This represents a $1.80 annualized dividend and a dividend yield of 5.72%. Karat Packaging's dividend payout ratio is presently 120.00%.

Wall Street Analyst Weigh In

Separately, Truist Financial upped their target price on Karat Packaging from $28.00 to $31.00 and gave the stock a "hold" rating in a report on Monday, May 12th.

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.

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