Los Angeles Capital Management LLC Reduces Position in Karat Packaging Inc. (NASDAQ:KRT)

Los Angeles Capital Management LLC decreased its holdings in shares of Karat Packaging Inc. (NASDAQ:KRT) by 30.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 44,204 shares of the company’s stock after selling 19,741 shares during the quarter. Los Angeles Capital Management LLC owned 0.22% of Karat Packaging worth $1,144,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Karat Packaging by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 348,678 shares of the company’s stock worth $9,976,000 after buying 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 second quarter. Acadian Asset Management LLC now owns 283,278 shares of the company’s stock worth $8,375,000 after acquiring an additional 21,383 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Karat Packaging by 2.7% during 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 acquiring an additional 4,408 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Karat Packaging by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 121,473 shares of the company’s stock valued at $3,592,000 after purchasing an additional 3,397 shares during the period. Finally, AQR Capital Management LLC grew its stake in Karat Packaging by 37.8% in the second quarter. AQR Capital Management LLC now owns 116,980 shares of the company’s stock worth $3,460,000 after purchasing an additional 32,069 shares in the last quarter. 25.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Karat Packaging Price Performance

Shares of KRT opened at $30.28 on Friday. The stock has a market capitalization of $606.21 million, a PE ratio of 21.88 and a beta of 1.03. The company has a 50 day moving average price of $26.53 and a 200-day moving average price of $27.36. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 3.12. Karat Packaging Inc. has a fifty-two week low of $20.68 and a fifty-two week high of $31.21.

Karat Packaging Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Wednesday, November 20th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 5.28%. The ex-dividend date is Wednesday, November 20th. This is a boost from Karat Packaging’s previous quarterly dividend of $0.35. Karat Packaging’s dividend payout ratio (DPR) is 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.