Wellington Management Group LLP Sells 21,500 Shares of Karat Packaging Inc. (NASDAQ:KRT)

Wellington Management Group LLP lowered its position in Karat Packaging Inc. (NASDAQ:KRT) by 4.8% in the 3rd quarter, Holdings Channel reports. The fund owned 424,860 shares of the company’s stock after selling 21,500 shares during the quarter. Wellington Management Group LLP’s holdings in Karat Packaging were worth $11,000,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Karat Packaging in the second quarter worth $52,000. Bank of New York Mellon Corp lifted its position in Karat Packaging by 2.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 170,310 shares of the company’s stock valued at $5,038,000 after acquiring an additional 4,408 shares during the period. Bailard Inc. boosted its stake in Karat Packaging by 26.0% during the second quarter. Bailard Inc. now owns 16,943 shares of the company’s stock worth $501,000 after acquiring an additional 3,500 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Karat Packaging in the second quarter worth about $1,162,000. Finally, Ritholtz Wealth Management increased its stake in shares of Karat Packaging by 29.8% during the second quarter. Ritholtz Wealth Management now owns 32,783 shares of the company’s stock valued at $970,000 after purchasing an additional 7,518 shares in the last quarter. Hedge funds and other institutional investors own 25.20% of the company’s stock.

Analyst Ratings Changes

Separately, Stifel Nicolaus upped their price target on Karat Packaging from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th.

Karat Packaging Price Performance

Shares of NASDAQ:KRT opened at $32.44 on Monday. The company has a market capitalization of $649.58 million, a PE ratio of 23.17 and a beta of 1.08. The business has a fifty day moving average price of $28.89 and a 200-day moving average price of $27.75. Karat Packaging Inc. has a 1-year low of $22.25 and a 1-year high of $32.70. 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 Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Wednesday, November 20th were paid a dividend of $0.40 per share. This is a positive change from Karat Packaging’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a yield of 4.93%. The ex-dividend date was Wednesday, November 20th. Karat Packaging’s dividend payout ratio (DPR) is currently 114.29%.

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.