Hsbc Holdings PLC purchased a new stake in shares of International Flavors & Fragrances Inc. (NYSE:IFF – Free Report) in the second quarter, HoldingsChannel.com reports. The fund purchased 512,379 shares of the specialty chemicals company’s stock, valued at approximately $40,317,000.
A number of other institutional investors and hedge funds have also modified their holdings of IFF. BlackRock Inc. purchased a new position in International Flavors & Fragrances in the 2nd quarter valued at approximately $1,835,955,000. State Street Corp boosted its position in International Flavors & Fragrances by 1.1% during the fourth quarter. State Street Corp now owns 11,092,368 shares of the specialty chemicals company’s stock worth $751,875,000 after purchasing an additional 121,260 shares in the last quarter. First Eagle Investment Management LLC grew its holdings in International Flavors & Fragrances by 27.5% in the fourth quarter. First Eagle Investment Management LLC now owns 8,831,668 shares of the specialty chemicals company’s stock valued at $595,166,000 after purchasing an additional 1,904,598 shares during the last quarter. Invesco Ltd. increased its position in shares of International Flavors & Fragrances by 4.9% in the fourth quarter. Invesco Ltd. now owns 7,519,812 shares of the specialty chemicals company’s stock valued at $506,760,000 after buying an additional 352,636 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of International Flavors & Fragrances by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 6,771,894 shares of the specialty chemicals company’s stock valued at $454,607,000 after buying an additional 172,781 shares in the last quarter. Institutional investors and hedge funds own 96.02% of the company’s stock.
Insider Activity
In related news, insider De Mendonca Ana Paula Teles sold 5,718 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $83.19, for a total transaction of $475,680.42. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Michael Deveau sold 8,825 shares of International Flavors & Fragrances stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $85.55, for a total transaction of $754,978.75. Following the completion of the sale, the executive vice president directly owned 5,199 shares of the company’s stock, valued at $444,774.45. The trade was a 62.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 15,543 shares of company stock worth $1,315,659. Corporate insiders own 1.07% of the company’s stock.
International Flavors & Fragrances Stock Down 0.0%
International Flavors & Fragrances (NYSE:IFF – Get Free Report) last announced its earnings results on Tuesday, August 4th. The specialty chemicals company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.25). The firm had revenue of $1.95 billion during the quarter, compared to analyst estimates of $2.62 billion. International Flavors & Fragrances had a net margin of 2.78% and a return on equity of 7.11%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.15 EPS. As a group, equities research analysts anticipate that International Flavors & Fragrances Inc. will post 3.08 EPS for the current fiscal year.
International Flavors & Fragrances announced that its board has initiated a share repurchase plan on Tuesday, August 4th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 12.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
International Flavors & Fragrances Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, September 18th. International Flavors & Fragrances’s payout ratio is currently 146.79%.
Wall Street Analyst Weigh In
Several equities research analysts recently commented on IFF shares. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of International Flavors & Fragrances from $95.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday, June 1st. Berenberg Bank lifted their target price on shares of International Flavors & Fragrances from $83.00 to $84.80 and gave the stock a “hold” rating in a research report on Thursday, May 7th. Rothschild & Co Redburn reduced their price target on shares of International Flavors & Fragrances from $74.00 to $71.00 in a report on Friday, May 8th. JPMorgan Chase & Co. increased their price target on shares of International Flavors & Fragrances from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen cut shares of International Flavors & Fragrances from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Twelve analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $91.40.
Read Our Latest Analysis on IFF
International Flavors & Fragrances Company Profile
International Flavors & Fragrances Inc (NYSE:IFF) is a global leader in the creation and production of flavors, fragrances, cosmetic actives and nutritional lipids. The company develops taste and scent solutions for a wide array of end markets including food and beverage, personal care, household goods and pharmaceutical products. Its portfolio spans natural and nature-identical flavors, fine fragrances, functional ingredients for skin and hair care, and specialty oils that enhance nutritional value and sensory appeal.
IFF’s research and development network comprises innovation centers in North America, Europe, Asia-Pacific and Latin America, where multidisciplinary teams collaborate on aroma chemistry, sensory science and biotechnology.
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