Ranger Investment Management L.P. Takes $11.13 Million Position in Karat Packaging Inc. $KRT

Key Points

• Ranger Investment Management purchased 332,596 shares of Karat Packaging in the second quarter, establishing a stake worth approximately $11.13 million, or 1.67% of the company.
• Karat Packaging reported quarterly EPS of $1.48, significantly exceeding the $0.47 analyst consensus, while revenue of $136.3 million was slightly above expectations.
• The company raised its quarterly dividend from $0.45 to $0.47 per share, implying an annualized dividend of $1.88 and a yield of about 3.9%; despite some improved analyst ratings, the consensus rating remains “Hold.”

Ranger Investment Management L.P. purchased a new stake in Karat Packaging Inc. (NASDAQ:KRT - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 332,596 shares of the company's stock, valued at approximately $11,129,000. Ranger Investment Management L.P. owned about 1.67% of Karat Packaging at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in KRT. Clearstead Advisors LLC lifted its stake in Karat Packaging by 188.8% during the fourth quarter. Clearstead Advisors LLC now owns 1,493 shares of the company's stock valued at $34,000 after buying an additional 976 shares in the last quarter. CWM LLC increased its position 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. Quarry LP purchased a new position in shares of Karat Packaging in the third quarter worth approximately $70,000. Deutsche Bank AG raised its holdings in shares of Karat Packaging by 142.8% during the fourth quarter. Deutsche Bank AG now owns 3,861 shares of the company's stock valued at $87,000 after acquiring an additional 2,271 shares during the period. Finally, State of Wyoming acquired a new stake in shares of Karat Packaging during the fourth quarter valued at approximately $122,000. 25.20% of the stock is currently owned by institutional investors.

Karat Packaging Price Performance

Shares of NASDAQ:KRT opened at $48.05 on Monday. The business has a 50 day moving average price of $38.33 and a 200 day moving average price of $31.08. Karat Packaging Inc. has a twelve month low of $20.61 and a twelve month high of $50.81. The company has a market cap of $957.64 million, a price-to-earnings ratio of 19.22, a PEG ratio of 1.41 and a beta of 0.82. The company has a quick ratio of 1.25, a current ratio of 2.25 and a debt-to-equity ratio of 0.13.

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

Karat Packaging Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 21st will be paid a $0.47 dividend. This is an increase from Karat Packaging's previous quarterly dividend of $0.45. This represents a $1.88 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 21st. Karat Packaging's payout ratio is presently 75.20%.

Analyst Ratings Changes

Several analysts have recently commented on KRT shares. Weiss Ratings raised Karat Packaging from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 12th. Wall Street Zen raised Karat Packaging from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Lake Street Capital reissued a "buy" rating and issued a $39.00 price objective on shares of Karat Packaging in a research note on Friday, May 8th. The Goldman Sachs Group downgraded shares of Karat Packaging to a "neutral" rating in a research report on Thursday, June 4th. Finally, William Blair raised shares of Karat Packaging from a "market perform" rating to an "outperform" rating in a research note on Thursday, June 4th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $36.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source