Los Angeles Capital Management LLC Sells 19,741 Shares of Karat Packaging Inc. (NASDAQ:KRT)

Los Angeles Capital Management LLC lessened its position in shares of Karat Packaging Inc. (NASDAQ:KRT) by 30.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 44,204 shares of the company’s stock after selling 19,741 shares during the period. Los Angeles Capital Management LLC’s holdings in Karat Packaging were worth $1,144,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. LSV Asset Management acquired a new position in shares of Karat Packaging during the second quarter valued at about $2,359,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Karat Packaging in the second quarter worth $1,162,000. AQR Capital Management LLC lifted its stake in shares of Karat Packaging by 37.8% during the second quarter. AQR Capital Management LLC now owns 116,980 shares of the company’s stock worth $3,460,000 after buying an additional 32,069 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Karat Packaging by 95.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 61,547 shares of the company’s stock valued at $1,762,000 after buying an additional 30,137 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in Karat Packaging by 11.7% in the 1st quarter. Acadian Asset Management LLC now owns 261,895 shares of the company’s stock worth $7,489,000 after acquiring an additional 27,370 shares during the last quarter. Hedge funds and other institutional investors own 25.20% of the company’s stock.

Analysts Set New Price Targets

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

Karat Packaging Stock Performance

KRT opened at $30.28 on Friday. The company has a current ratio of 3.12, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29. Karat Packaging Inc. has a 12-month low of $20.68 and a 12-month high of $31.21. The firm has a 50 day moving average of $26.53 and a two-hundred day moving average of $27.36. The firm has a market capitalization of $606.21 million, a PE ratio of 21.88 and a beta of 1.03.

Karat Packaging Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Wednesday, November 20th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This is an increase from Karat Packaging’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a yield of 5.28%. Karat Packaging’s payout ratio is currently 100.00%.

Karat Packaging 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.