Convergence Investment Partners LLC Takes Position in Darling Ingredients Inc. $DAR

Key Points

• Convergence Investment Partners disclosed a new first-quarter stake in Darling Ingredients, buying 42,699 shares worth about $2.64 million.
• Institutional ownership remains very high, with hedge funds and other investors holding 94.44% of the stock. Several large firms, including Goldman Sachs and Invesco, also increased their positions.
• Darling Ingredients reported stronger-than-expected quarterly results, posting $0.83 EPS versus the $0.56 estimate and 12.3% revenue growth year over year. Analysts currently rate the stock a Moderate Buy with an average price target of $67.82.

Convergence Investment Partners LLC purchased a new stake in Darling Ingredients Inc. (NYSE:DAR - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 42,699 shares of the company's stock, valued at approximately $2,641,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DAR. Goldman Sachs Group Inc. raised its holdings in Darling Ingredients by 17.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 644,022 shares of the company's stock valued at $20,119,000 after buying an additional 93,408 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Darling Ingredients by 10.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 600,777 shares of the company's stock worth $18,768,000 after buying an additional 58,925 shares during the period. Focus Partners Wealth bought a new position in Darling Ingredients during the first quarter valued at $205,000. M&T Bank Corp increased its position in Darling Ingredients by 11.2% during the second quarter. M&T Bank Corp now owns 8,384 shares of the company's stock valued at $318,000 after acquiring an additional 847 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Darling Ingredients by 5.0% in the second quarter. Invesco Ltd. now owns 677,528 shares of the company's stock valued at $25,705,000 after acquiring an additional 32,553 shares during the period. Hedge funds and other institutional investors own 94.44% of the company's stock.

Insider Transactions at Darling Ingredients

In related news, CAO Joseph Manzi sold 3,000 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $63.89, for a total value of $191,670.00. Following the transaction, the chief accounting officer owned 19,969 shares of the company's stock, valued at $1,275,819.41. This represents a 13.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.90% of the stock is currently owned by company insiders.

Darling Ingredients Price Performance

Darling Ingredients stock opened at $63.61 on Tuesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.58 and a quick ratio of 1.03. The stock has a market cap of $10.11 billion, a price-to-earnings ratio of 46.09 and a beta of 1.04. The firm has a 50-day moving average of $58.39 and a two-hundred day moving average of $54.60. Darling Ingredients Inc. has a 1 year low of $29.15 and a 1 year high of $66.02.

Darling Ingredients (NYSE:DAR - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.27. Darling Ingredients had a net margin of 3.54% and a return on equity of 5.65%. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.56 billion. During the same period last year, the company posted ($0.16) earnings per share. The company's quarterly revenue was up 12.3% compared to the same quarter last year. On average, research analysts forecast that Darling Ingredients Inc. will post 4.67 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on DAR. Zacks Research upgraded shares of Darling Ingredients from a "hold" rating to a "strong-buy" rating in a report on Monday, June 22nd. Stephens upped their price target on shares of Darling Ingredients from $65.00 to $70.00 and gave the company an "overweight" rating in a report on Tuesday, April 21st. Barclays increased their price objective on shares of Darling Ingredients from $58.00 to $62.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. raised their price objective on shares of Darling Ingredients from $78.00 to $79.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 12th. Finally, TD Cowen dropped their target price on Darling Ingredients from $76.00 to $70.00 and set a "buy" rating for the company in a research report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $67.82.

About Darling Ingredients

Darling Ingredients Inc NYSE: DAR is a global leader in converting edible and inedible bio-nutrient streams into sustainable food, feed ingredients, renewable fuels and specialty products. Founded in 1882 and headquartered in Irving, Texas, the company builds on more than a century of experience in animal rendering and by-product recycling. Over time, Darling has expanded its capabilities beyond traditional rendering to include advanced processing technologies that support a circular economy and reduce waste from food and agricultural industries.

The company's core operations revolve around four primary segments: Feed Ingredients & Services, Food & Nutrition, Fuel Ingredients & Services, and Specialty Ingredients.

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