Wellington Management Group LLP Lowers Stake in Karat Packaging Inc. (NASDAQ:KRT)

Wellington Management Group LLP trimmed its holdings in Karat Packaging Inc. (NASDAQ:KRT - Free Report) by 18.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 346,160 shares of the company's stock after selling 78,700 shares during the period. Wellington Management Group LLP owned about 1.73% of Karat Packaging worth $10,475,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Deutsche Bank AG lifted its holdings in Karat Packaging by 773.6% during the fourth quarter. Deutsche Bank AG now owns 1,590 shares of the company's stock worth $48,000 after acquiring an additional 1,408 shares during the period. Copeland Capital Management LLC increased its position in shares of Karat Packaging by 38.4% during the 4th quarter. Copeland Capital Management LLC now owns 2,604 shares of the company's stock valued at $79,000 after purchasing an additional 722 shares during the last quarter. Comerica Bank raised its stake in shares of Karat Packaging by 107.8% during the 4th quarter. Comerica Bank now owns 5,262 shares of the company's stock worth $159,000 after purchasing an additional 2,730 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of Karat Packaging by 20.8% in the 4th quarter. Wells Fargo & Company MN now owns 5,538 shares of the company's stock worth $168,000 after buying an additional 955 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in Karat Packaging during the fourth quarter valued at about $231,000. 25.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

KRT has been the subject of several research reports. Truist Financial increased their price target on Karat Packaging from $28.00 to $31.00 and gave the stock a "hold" rating in a research note on Monday, May 12th. Wall Street Zen upgraded shares of Karat Packaging from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th.

Karat Packaging Stock Performance

Shares of NASDAQ:KRT traded up $0.03 during trading on Thursday, hitting $30.82. 58,494 shares of the company were exchanged, compared to its average volume of 40,798. Karat Packaging Inc. has a 52-week low of $23.00 and a 52-week high of $33.89. The stock has a 50 day moving average of $27.62 and a 200 day moving average of $29.28. 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 company has a market cap of $618.29 million, a PE ratio of 22.02 and a beta of 1.19.

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). Karat Packaging had a return on equity of 19.84% and a net margin of 6.78%. The company had revenue of $101.65 million for the quarter, compared to analysts' expectations of $102.27 million. As a group, equities research analysts predict that Karat Packaging Inc. will post 1.66 EPS for the current year.

Karat Packaging Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 16th were given a $0.45 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.84%. Karat Packaging's dividend payout ratio (DPR) is currently 120.00%.

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.