Karat Packaging (NASDAQ:KRT) Given New $36.00 Price Target at Stifel Nicolaus

Karat Packaging (NASDAQ:KRT) had its price objective increased by Stifel Nicolaus from $32.00 to $36.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

Karat Packaging Trading Up 1.1 %

Shares of KRT stock opened at $32.44 on Wednesday. The company has a current ratio of 3.12, a quick ratio of 1.82 and a debt-to-equity ratio of 0.29. Karat Packaging has a twelve month low of $22.25 and a twelve month high of $32.70. The company’s 50-day moving average price is $28.89 and its 200-day moving average price is $27.76. The stock has a market cap of $649.45 million, a price-to-earnings ratio of 23.17 and a beta of 1.08.

Karat Packaging Increases Dividend

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Karat Packaging by 0.8% in the first quarter. Vanguard Group Inc. now owns 348,678 shares of the company’s stock valued at $9,976,000 after purchasing an additional 2,804 shares during the period. Acadian Asset Management LLC increased its position in shares of Karat Packaging by 8.2% during the 2nd quarter. Acadian Asset Management LLC now owns 283,278 shares of the company’s stock worth $8,375,000 after purchasing an additional 21,383 shares during the last quarter. Geode Capital Management LLC raised its holdings in Karat Packaging by 15.5% in the 3rd quarter. Geode Capital Management LLC now owns 178,645 shares of the company’s stock valued at $4,626,000 after buying an additional 24,020 shares during the period. Bank of New York Mellon Corp lifted its position in Karat Packaging by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 170,310 shares of the company’s stock valued at $5,038,000 after buying an additional 4,408 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Karat Packaging by 2.9% during the second quarter. Dimensional Fund Advisors LP now owns 121,473 shares of the company’s stock worth $3,592,000 after buying an additional 3,397 shares during the period. 25.20% of the stock is currently owned by institutional investors and hedge funds.

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.