Wall Street Zen upgraded shares of International Flavors & Fragrances (NYSE:IFF – Free Report) from a sell rating to a hold rating in a research report report published on Saturday,Wall Street Zen reports.
A number of other research analysts also recently issued reports on IFF. Barclays boosted their price target on shares of International Flavors & Fragrances from $90.00 to $96.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of International Flavors & Fragrances from $95.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, June 1st. Benchmark boosted their target price on shares of International Flavors & Fragrances from $100.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Morgan Stanley upped their price target on shares of International Flavors & Fragrances from $93.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Finally, Citigroup decreased their price target on International Flavors & Fragrances from $96.00 to $88.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. Twelve investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $91.40.
Read Our Latest Analysis on IFF
International Flavors & Fragrances Trading Down 2.2%
International Flavors & Fragrances (NYSE:IFF – Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.25). International Flavors & Fragrances had a return on equity of 7.11% and a net margin of 2.78%.The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $2.62 billion. During the same period in the prior year, the firm earned $1.15 earnings per share. International Flavors & Fragrances’s revenue was up 1.8% compared to the same quarter last year. On average, analysts expect that International Flavors & Fragrances will post 3.08 EPS for the current year.
International Flavors & Fragrances declared that its board has initiated a share buyback plan on Tuesday, August 4th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy up to 12.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
International Flavors & Fragrances Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be paid a $0.40 dividend. The ex-dividend date is Friday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 1.9%. International Flavors & Fragrances’s payout ratio is currently 146.79%.
Insider Buying and Selling
In related news, EVP Michael Deveau sold 8,825 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $85.55, for a total transaction of $754,978.75. Following the transaction, the executive vice president directly owned 5,199 shares of the company’s stock, valued at $444,774.45. This represents a 62.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Marc Birenkrant sold 1,000 shares of International Flavors & Fragrances stock in a transaction on Friday, August 7th. The shares were sold at an average price of $85.00, for a total transaction of $85,000.00. Following the completion of the sale, the chief accounting officer directly owned 3,446 shares of the company’s stock, valued at approximately $292,910. This trade represents a 22.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 15,543 shares of company stock valued at $1,315,659 over the last ninety days. 1.07% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of International Flavors & Fragrances during the second quarter valued at approximately $1,835,955,000. Eurizon Capital SGR S.p.A. bought a new position in shares of International Flavors & Fragrances in the 4th quarter worth $211,703,000. Nykredit A S acquired a new stake in International Flavors & Fragrances in the 2nd quarter valued at $223,065,000. Norges Bank acquired a new stake in International Flavors & Fragrances in the 4th quarter valued at $113,284,000. Finally, Bank of America Corp DE bought a new stake in International Flavors & Fragrances during the 2nd quarter valued at $131,760,000. 96.02% of the stock is owned by institutional investors and hedge funds.
International Flavors & Fragrances Company Profile
International Flavors & Fragrances Inc (NYSE:IFF) develops and manufactures ingredients, flavor systems, fragrances and related solutions used in consumer and industrial products. Its offerings help customers create or enhance the taste, aroma, texture, appearance and performance of products across the food, beverage, personal care, home care, health and pharmaceutical markets.
IFF’s business includes natural and synthetic flavor compounds, fragrance ingredients and compositions, cosmetic and personal-care ingredients, specialty food ingredients, enzymes, cultures, probiotics and other bioscience-based solutions.
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