Bank of America Corp DE Invests $129.37 Million in Darling Ingredients Inc. $DAR

Key Points

• Bank of America acquired a new 2.37 million-share stake in Darling Ingredients valued at approximately $129.4 million, representing 1.5% of the company. Institutional investors collectively own 94.44% of DAR’s outstanding shares.
• Analyst sentiment is favorable: Darling Ingredients has a consensus “Moderate Buy” rating and a $69 price target, with several firms recently upgrading the stock or raising their targets.
• Darling Ingredients exceeded quarterly expectations, reporting $2.41 in EPS versus a $1.40 estimate and $1.72 billion in revenue, up 16.4% year over year.

Bank of America Corp DE purchased a new stake in Darling Ingredients Inc. (NYSE:DAR - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,368,566 shares of the company's stock, valued at approximately $129,371,000. Bank of America Corp DE owned 1.50% of Darling Ingredients as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Freestone Grove Partners LP bought a new stake in shares of Darling Ingredients during the 2nd quarter valued at $885,000. Caisse de depot et placement du Quebec purchased a new stake in Darling Ingredients during the 2nd quarter worth about $1,404,000. Man Group plc bought a new position in Darling Ingredients in the 2nd quarter worth about $78,876,000. Jupiter Topco LLC purchased a new position in Darling Ingredients during the 2nd quarter valued at about $9,034,000. Finally, Hsbc Holdings PLC purchased a new position in Darling Ingredients during the 2nd quarter valued at about $7,953,000. 94.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on DAR shares. Zacks Research upgraded Darling Ingredients from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 19th. TD Cowen boosted their price objective on shares of Darling Ingredients from $70.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Wall Street Zen raised shares of Darling Ingredients from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 15th. Weiss Ratings upgraded shares of Darling Ingredients from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Finally, Barclays raised their price target on shares of Darling Ingredients from $62.00 to $65.00 and gave the company an "equal weight" rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $69.00.

Darling Ingredients Stock Performance

Darling Ingredients stock opened at $66.51 on Friday. The firm's fifty day moving average price is $63.65 and its 200-day moving average price is $60.35. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.56. The stock has a market cap of $10.50 billion, a P/E ratio of 17.93 and a beta of 1.02. Darling Ingredients Inc. has a fifty-two week low of $29.15 and a fifty-two week high of $69.98.

Darling Ingredients (NYSE:DAR - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $1.01. Darling Ingredients had a net margin of 9.13% and a return on equity of 12.98%. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the previous year, the business earned $0.08 earnings per share. The firm's quarterly revenue was up 16.4% compared to the same quarter last year. On average, equities research analysts expect that Darling Ingredients Inc. will post 6.98 earnings per share for the current fiscal year.

Insider Transactions at Darling Ingredients

In other news, Director Charles Adair acquired 1,000 shares of Darling Ingredients stock in a transaction dated Friday, July 31st. The shares were purchased at an average cost of $60.97 per share, for a total transaction of $60,970.00. Following the transaction, the director owned 51,690 shares of the company's stock, valued at $3,151,539.30. This trade represents a 1.97% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Joseph Manzi sold 1,000 shares of the firm's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $67.27, for a total value of $67,270.00. Following the transaction, the chief accounting officer directly owned 18,969 shares in the company, valued at approximately $1,276,044.63. This represents a 5.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 10,591 shares of company stock valued at $704,303 over the last quarter. 1.90% of the stock is owned by company insiders.

Darling Ingredients Company Profile

Darling Ingredients Inc is a global developer and producer of sustainable ingredients derived from animal by-products, used cooking oil, food waste and other organic materials. The company collects and processes these materials into products used in animal feed, pet food, agriculture, food, fuel and industrial applications.

Its product portfolio includes protein meals, animal fats, feed-grade ingredients, fertilizer nutrients, gelatin and collagen products, and specialty ingredients. Darling also produces renewable diesel and other low-carbon fuels through its Diamond Green Diesel joint venture with Valero Energy, which converts waste fats, oils and greases into renewable fuels.

Founded in 1882, Darling Ingredients serves customers through operations spanning North America, South America, Europe, Asia and Australia.

Want to see what other hedge funds are holding DAR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Darling Ingredients Inc. (NYSE:DAR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.