Bank of Nova Scotia Purchases New Shares in Darling Ingredients Inc. (NYSE:DAR)

Posted by on May 23rd, 2023

Bank of Nova Scotia acquired a new position in Darling Ingredients Inc. (NYSE:DAR – Get Rating) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 22,386 shares of the company’s stock, valued at approximately $1,401,000.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. grew its holdings in Darling Ingredients by 2.1% during the 3rd quarter. BlackRock Inc. now owns 17,798,386 shares of the company’s stock valued at $1,177,364,000 after purchasing an additional 369,517 shares during the last quarter. State Street Corp lifted its stake in shares of Darling Ingredients by 1.4% during the 2nd quarter. State Street Corp now owns 4,617,316 shares of the company’s stock worth $276,115,000 after acquiring an additional 61,858 shares during the last quarter. Impax Asset Management Group plc boosted its holdings in Darling Ingredients by 0.7% during the 4th quarter. Impax Asset Management Group plc now owns 3,677,811 shares of the company’s stock valued at $229,327,000 after acquiring an additional 24,116 shares during the period. Bank of New York Mellon Corp grew its position in Darling Ingredients by 33.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,318,315 shares of the company’s stock valued at $153,356,000 after acquiring an additional 575,661 shares during the last quarter. Finally, Artemis Investment Management LLP increased its stake in Darling Ingredients by 0.7% in the fourth quarter. Artemis Investment Management LLP now owns 2,012,431 shares of the company’s stock worth $126,417,000 after purchasing an additional 13,617 shares during the period. 90.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group decreased their price objective on shares of Darling Ingredients from $95.00 to $85.00 in a report on Monday, May 15th. Raymond James dropped their price objective on Darling Ingredients from $100.00 to $95.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, March 1st. BMO Capital Markets raised their price target on Darling Ingredients from $80.00 to $85.00 in a research note on Thursday, May 11th. JPMorgan Chase & Co. dropped their target price on shares of Darling Ingredients from $84.00 to $82.00 and set an “overweight” rating on the stock in a report on Tuesday, April 11th. Finally, Stifel Nicolaus reduced their price target on shares of Darling Ingredients from $121.00 to $120.00 in a report on Friday. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $90.08.

Insiders Place Their Bets

In other news, Director Larry Barden acquired 3,000 shares of the firm’s stock in a transaction on Thursday, May 11th. The shares were bought at an average price of $63.74 per share, for a total transaction of $191,220.00. Following the acquisition, the director now owns 16,726 shares of the company’s stock, valued at approximately $1,066,115.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Larry Barden bought 3,000 shares of Darling Ingredients stock in a transaction on Thursday, May 11th. The shares were bought at an average cost of $63.74 per share, with a total value of $191,220.00. Following the completion of the purchase, the director now directly owns 16,726 shares of the company’s stock, valued at $1,066,115.24. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Patrick Mcnutt purchased 900 shares of Darling Ingredients stock in a transaction dated Wednesday, March 15th. The stock was bought at an average cost of $54.07 per share, for a total transaction of $48,663.00. Following the completion of the purchase, the executive vice president now directly owns 12,287 shares in the company, valued at approximately $664,358.09. The disclosure for this purchase can be found here. In the last three months, insiders bought 4,400 shares of company stock worth $266,958. Corporate insiders own 2.62% of the company’s stock.

Darling Ingredients Stock Down 0.2 %

DAR stock opened at $64.66 on Tuesday. The firm’s fifty day moving average is $58.32 and its 200 day moving average is $63.34. The firm has a market cap of $10.32 billion, a PE ratio of 14.37 and a beta of 1.23. Darling Ingredients Inc. has a one year low of $51.77 and a one year high of $87.59. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.98 and a current ratio of 1.73.

Darling Ingredients (NYSE:DAR – Get Rating) last released its quarterly earnings results on Monday, February 27th. The company reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.20). Darling Ingredients had a return on equity of 19.99% and a net margin of 10.57%. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.80 billion. On average, research analysts forecast that Darling Ingredients Inc. will post 5.57 EPS for the current year.

Darling Ingredients Profile

(Get Rating)

Darling Ingredients, Inc engages in the development and production of natural ingredients from edible and inedible bio-nutrients. It operates through the following segments: Feed Ingredients, Food Ingredients, and Fuel Ingredients. The Feed Ingredients segment includes ingredients business such as fats and proteins used cooking oil, trap grease and food residuals collection, the Rothsay ingredients, and the ingredients and specialty products.

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Institutional Ownership by Quarter for Darling Ingredients (NYSE:DAR)

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