Polar Asset Management Partners Inc. Sells 200,801 Shares of Karat Packaging Inc. $KRT

Key Points

• Polar Asset Management Partners cut its Karat Packaging stake by 63.9%, selling 200,801 shares and retaining 113,299 shares worth approximately $3.16 million, or 0.57% of the company.
• Karat Packaging shares rose 3.6% to $40.95, near their 52-week high of $41.38. The company exceeded quarterly earnings and revenue expectations, reporting $0.34 in adjusted earnings per share and $116.95 million in revenue.
• The company declared a quarterly dividend of $0.45 per share, equivalent to an annualized $1.80 payout and a 4.4% yield. Analysts’ consensus rating is Hold, with a $36.50 average price target.

Polar Asset Management Partners Inc. trimmed its position in shares of Karat Packaging Inc. (NASDAQ:KRT - Free Report) by 63.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 113,299 shares of the company's stock after selling 200,801 shares during the quarter. Polar Asset Management Partners Inc. owned 0.57% of Karat Packaging worth $3,163,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Stifel Financial Corp raised its stake in Karat Packaging by 1.8% during the 4th quarter. Stifel Financial Corp now owns 22,798 shares of the company's stock worth $515,000 after buying an additional 398 shares during the period. First Trust Advisors LP grew its stake in Karat Packaging by 1.9% in the fourth quarter. First Trust Advisors LP now owns 27,345 shares of the company's stock valued at $617,000 after acquiring an additional 508 shares during the period. Lazard Asset Management LLC grew its stake in Karat Packaging by 1.9% in the second quarter. Lazard Asset Management LLC now owns 40,390 shares of the company's stock valued at $1,137,000 after acquiring an additional 770 shares during the period. Clearstead Advisors LLC increased its holdings in shares of Karat Packaging by 188.8% in the fourth quarter. Clearstead Advisors LLC now owns 1,493 shares of the company's stock worth $34,000 after acquiring an additional 976 shares in the last quarter. Finally, CWM LLC increased its holdings in shares of Karat Packaging by 61.5% in the fourth quarter. CWM LLC now owns 2,651 shares of the company's stock worth $60,000 after acquiring an additional 1,010 shares in the last quarter. Institutional investors and hedge funds own 25.20% of the company's stock.

Karat Packaging Stock Up 3.6%

Shares of Karat Packaging stock opened at $40.95 on Tuesday. The firm has a market cap of $817.36 million, a PE ratio of 25.92, a P/E/G ratio of 1.71 and a beta of 0.85. The business's 50 day simple moving average is $31.73 and its 200 day simple moving average is $28.31. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.15 and a current ratio of 2.29. Karat Packaging Inc. has a 52-week low of $20.61 and a 52-week high of $41.38.

Karat Packaging (NASDAQ:KRT - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.34 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.02. The firm had revenue of $116.95 million during the quarter, compared to the consensus estimate of $112.98 million. Karat Packaging had a return on equity of 19.87% and a net margin of 6.61%. On average, analysts predict that Karat Packaging Inc. will post 1.78 earnings per share for the current fiscal year.

Karat Packaging Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 21st were issued a dividend of $0.45 per share. The ex-dividend date was Thursday, May 21st. This represents a $1.80 annualized dividend and a yield of 4.4%. Karat Packaging's dividend payout ratio is presently 113.92%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on KRT shares. The Goldman Sachs Group cut Karat Packaging to a "neutral" rating in a report on Thursday, June 4th. Zacks Research downgraded shares of Karat Packaging from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 12th. Wall Street Zen lowered shares of Karat Packaging from a "buy" rating to a "hold" rating in a research note on Saturday. Bank of America upped their price target on shares of Karat Packaging from $23.00 to $34.00 and gave the company an "underperform" rating in a report on Tuesday, July 14th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Karat Packaging in a research report on Thursday, June 11th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Karat Packaging currently has a consensus rating of "Hold" and a consensus target price of $36.50.

Karat Packaging 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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