Ritholtz Wealth Management Has $699,000 Holdings in Karat Packaging Inc. (NASDAQ:KRT)

Ritholtz Wealth Management lessened its stake in Karat Packaging Inc. (NASDAQ:KRT) by 17.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,995 shares of the company’s stock after selling 5,788 shares during the quarter. Ritholtz Wealth Management owned about 0.14% of Karat Packaging worth $699,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in KRT. Gladius Capital Management LP acquired a new stake in Karat Packaging in the second quarter worth $33,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Karat Packaging during the 2nd quarter worth $52,000. SG Americas Securities LLC bought a new position in Karat Packaging during the first quarter worth about $115,000. Caxton Associates LP acquired a new position in Karat Packaging in the first quarter valued at about $210,000. Finally, Rhumbline Advisers increased its holdings in shares of Karat Packaging by 4.4% in the second quarter. Rhumbline Advisers now owns 9,203 shares of the company’s stock worth $272,000 after acquiring an additional 387 shares in the last quarter. Institutional investors and hedge funds own 25.20% of the company’s stock.

Karat Packaging Trading Up 0.1 %

KRT opened at $26.84 on Wednesday. The stock has a market capitalization of $536.13 million, a P/E ratio of 18.14 and a beta of 1.03. The company has a current ratio of 3.05, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29. Karat Packaging Inc. has a 12 month low of $17.23 and a 12 month high of $30.94. The firm’s fifty day simple moving average is $25.59 and its 200 day simple moving average is $27.33.

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

Karat Packaging Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Wednesday, August 21st were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 5.22%. The ex-dividend date of this dividend was Wednesday, August 21st. Karat Packaging’s payout ratio is 94.59%.

Wall Street Analyst Weigh In

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

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.