Karat Packaging Inc. (NASDAQ:KRT) Stock Holdings Increased by Millennium Management LLC

Millennium Management LLC raised its holdings in shares of Karat Packaging Inc. (NASDAQ:KRT - Free Report) by 108.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 84,038 shares of the company's stock after acquiring an additional 43,740 shares during the quarter. Millennium Management LLC owned approximately 0.42% of Karat Packaging worth $2,543,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in KRT. Citadel Advisors LLC lifted its position in Karat Packaging by 91.1% during the 4th quarter. Citadel Advisors LLC now owns 34,344 shares of the company's stock worth $1,039,000 after acquiring an additional 16,371 shares during the period. Barclays PLC increased its stake in Karat Packaging by 12.5% in the 3rd quarter. Barclays PLC now owns 71,153 shares of the company's stock valued at $1,843,000 after purchasing an additional 7,911 shares in the last quarter. Northern Trust Corp increased its stake in Karat Packaging by 5.2% in the 4th quarter. Northern Trust Corp now owns 56,330 shares of the company's stock valued at $1,705,000 after purchasing an additional 2,762 shares in the last quarter. Exchange Traded Concepts LLC purchased a new position in Karat Packaging in the 4th quarter valued at approximately $291,000. Finally, Stifel Financial Corp purchased a new position in Karat Packaging in the 4th quarter valued at approximately $436,000. 25.20% of the stock is owned by institutional investors and hedge funds.

Karat Packaging Price Performance

NASDAQ:KRT traded down $0.77 during trading hours on Wednesday, reaching $30.78. 54,840 shares of the company traded hands, compared to its average volume of 40,669. The firm's 50-day moving average is $27.62 and its 200-day moving average is $29.28. The stock has a market cap of $617.45 million, a P/E ratio of 21.99 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. 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 announced its earnings results on Thursday, March 13th. The company reported $0.29 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.14). The company had revenue of $101.65 million for the quarter, compared to analyst estimates of $102.27 million. Karat Packaging had a net margin of 6.78% and a return on equity of 19.84%. Equities research analysts expect that Karat Packaging Inc. will post 1.66 earnings per share for the current fiscal year.

Karat Packaging Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Friday, May 16th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 5.85%. The ex-dividend date of this dividend was Friday, May 16th. Karat Packaging's dividend payout ratio (DPR) is presently 120.00%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on KRT. Wall Street Zen raised Karat Packaging from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Truist Financial raised their price objective on Karat Packaging from $28.00 to $31.00 and gave the company a "hold" rating in a research note 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.