Ritholtz Wealth Management Has $970,000 Stock Position in Karat Packaging Inc. (NASDAQ:KRT)

Ritholtz Wealth Management increased its holdings in Karat Packaging Inc. (NASDAQ:KRT) by 29.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,783 shares of the company’s stock after acquiring an additional 7,518 shares during the period. Ritholtz Wealth Management owned about 0.16% of Karat Packaging worth $970,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in KRT. Jacobs Levy Equity Management Inc. boosted its holdings in Karat Packaging by 2.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 36,922 shares of the company’s stock worth $1,056,000 after acquiring an additional 710 shares during the last quarter. Gladius Capital Management LP bought a new position in shares of Karat Packaging during the second quarter valued at about $33,000. Ellsworth Advisors LLC boosted its holdings in Karat Packaging by 7.0% during the second quarter. Ellsworth Advisors LLC now owns 20,402 shares of the company’s stock worth $603,000 after purchasing an additional 1,336 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Karat Packaging in the 2nd quarter worth about $52,000. Finally, Janney Montgomery Scott LLC increased its stake in Karat Packaging by 8.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 26,444 shares of the company’s stock valued at $757,000 after buying an additional 2,096 shares during the last quarter. Institutional investors own 25.20% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Truist Financial lowered Karat Packaging from a “buy” rating to a “hold” rating and reduced their target price for the company from $34.00 to $28.00 in a report on Friday, August 9th.

Karat Packaging Price Performance

Shares of NASDAQ:KRT opened at $24.29 on Wednesday. The company has a market capitalization of $485.19 million, a P/E ratio of 16.41 and a beta of 1.06. The company’s 50-day moving average is $27.47 and its 200 day moving average is $27.95. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 3.05. Karat Packaging Inc. has a fifty-two week low of $17.23 and a fifty-two week high of $30.94.

Karat Packaging (NASDAQ:KRT) last released its earnings results on Thursday, August 8th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.11). The company had revenue of $112.60 million during the quarter, compared to analysts’ expectations of $114.03 million. Karat Packaging had a net margin of 6.90% and a return on equity of 19.79%. During the same quarter in the previous year, the firm earned $0.68 earnings per share. On average, equities research analysts forecast that Karat Packaging Inc. will post 1.84 earnings per share for the current year.

Karat Packaging Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Wednesday, August 21st were paid a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $1.40 annualized dividend and a dividend yield of 5.76%. Karat Packaging’s payout ratio is presently 94.59%.

About Karat Packaging

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.