Strs Ohio Acquires 1,600 Shares of Karat Packaging Inc. (NASDAQ:KRT)

Posted by Defense World Staff on Nov 5th, 2023

Strs Ohio grew its holdings in Karat Packaging Inc. (NASDAQ:KRT – Free Report) by 145.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,700 shares of the company’s stock after purchasing an additional 1,600 shares during the period. Strs Ohio’s holdings in Karat Packaging were worth $49,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Bank of America Corp DE boosted its stake in shares of Karat Packaging by 195.8% in the 4th quarter. Bank of America Corp DE now owns 2,763 shares of the company’s stock worth $40,000 after buying an additional 1,829 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of Karat Packaging by 90.4% in the 1st quarter. Deutsche Bank AG now owns 3,822 shares of the company’s stock worth $51,000 after buying an additional 1,815 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Karat Packaging in the 1st quarter worth $58,000. JPMorgan Chase & Co. boosted its stake in shares of Karat Packaging by 40.7% in the 4th quarter. JPMorgan Chase & Co. now owns 4,302 shares of the company’s stock worth $62,000 after buying an additional 1,245 shares during the last quarter. Finally, Morgan Stanley boosted its stake in shares of Karat Packaging by 24.1% in the 4th quarter. Morgan Stanley now owns 11,569 shares of the company’s stock worth $166,000 after buying an additional 2,247 shares during the last quarter. Institutional investors own 21.11% of the company’s stock.

Insider Buying and Selling at Karat Packaging

In other news, VP Marvin Cheng sold 150,000 shares of Karat Packaging stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $21.00, for a total value of $3,150,000.00. Following the sale, the vice president now directly owns 6,099,727 shares of the company’s stock, valued at $128,094,267. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Joanne Tzu Jung Wang sold 8,645 shares of Karat Packaging stock in a transaction dated Tuesday, October 17th. The stock was sold at an average price of $22.09, for a total value of $190,968.05. Following the sale, the chief operating officer now directly owns 23,578 shares of the company’s stock, valued at $520,838.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Marvin Cheng sold 150,000 shares of Karat Packaging stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $21.00, for a total value of $3,150,000.00. Following the completion of the sale, the vice president now directly owns 6,099,727 shares in the company, valued at $128,094,267. The disclosure for this sale can be found here. Insiders have sold a total of 659,135 shares of company stock valued at $13,851,792 over the last ninety days. 71.50% of the stock is currently owned by company insiders.

Karat Packaging Price Performance

NASDAQ KRT opened at $22.05 on Friday. The company has a market capitalization of $438.57 million, a PE ratio of 14.51 and a beta of 0.99. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.67 and a current ratio of 3.17. The business’s fifty day moving average is $22.29 and its 200 day moving average is $19.42. Karat Packaging Inc. has a fifty-two week low of $12.50 and a fifty-two week high of $26.69.

Karat Packaging (NASDAQ:KRT – Get Free Report) last posted its quarterly earnings results on Wednesday, August 9th. The company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.37. The business had revenue of $108.74 million for the quarter, compared to analysts’ expectations of $109.22 million. Karat Packaging had a return on equity of 21.83% and a net margin of 7.40%. Sell-side analysts predict that Karat Packaging Inc. will post 1.94 earnings per share for the current year.

Karat Packaging Dividend Announcement

The firm also recently declared a None dividend, which was paid on Thursday, August 31st. Shareholders of record on Wednesday, August 23rd were issued a dividend of $0.50 per share. The ex-dividend date was Tuesday, August 22nd. Karat Packaging’s dividend payout ratio is presently 26.32%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Truist Financial raised their price target on Karat Packaging from $25.00 to $26.00 in a research note on Friday, August 11th. Lake Street Capital lifted their target price on Karat Packaging from $22.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, August 10th. Finally, Stifel Nicolaus lifted their target price on Karat Packaging from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, September 6th.

Check Out Our Latest Report on Karat Packaging

Karat Packaging Company Profile

(Free Report)

Karat Packaging Inc, together with its subsidiaries, manufactures and distributes 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.