Citigroup Forecasts Strong Price Appreciation for International Flavors & Fragrances (NYSE:IFF) Stock

Key Points

• Citigroup raised its price target on International Flavors & Fragrances to $105 from $100 and maintained a Buy rating, implying 21.34% upside from the stock’s reported price. Analysts’ consensus rating is Moderate Buy, with an average target of $94.58.
• IFF reported quarterly EPS of $0.83, ahead of the $0.81 consensus, and revenue of $1.94 billion versus estimates of $1.91 billion; revenue grew 3.9% year over year.
• The company authorized a $2.5 billion share-repurchase plan, allowing it to buy back up to 12.1% of its outstanding shares.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) had its price target upped by Citigroup from $100.00 to $105.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the specialty chemicals company's stock. Citigroup's price objective points to a potential upside of 21.34% from the stock's current price.

IFF has been the subject of several other reports. Barclays lifted their target price on International Flavors & Fragrances from $96.00 to $105.00 and gave the company an "overweight" rating in a research report on Friday, October 16th. Benchmark upped 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. Weiss Ratings upgraded shares of International Flavors & Fragrances from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, October 8th. Argus boosted their target price on International Flavors & Fragrances from $85.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, October 7th. Finally, KeyCorp started coverage on shares of International Flavors & Fragrances in a research note on Thursday, September 10th. They issued a "sector weight" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $94.58.

International Flavors & Fragrances Price Performance

NYSE:IFF traded down $1.13 during trading hours on Thursday, reaching $86.54. 3,517,758 shares of the company were exchanged, compared to its average volume of 1,874,546. The stock's 50-day moving average is $87.19 and its 200-day moving average is $78.85. International Flavors & Fragrances has a twelve month low of $61.72 and a twelve month high of $95.27. The firm has a market cap of $22.08 billion, a PE ratio of 121.88, a price-to-earnings-growth ratio of 3.96 and a beta of 0.86. The company has a current ratio of 2.06, a quick ratio of 1.72 and a debt-to-equity ratio of 0.34.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last issued its quarterly earnings results on Tuesday, November 3rd. The specialty chemicals company reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.81 by $0.02. International Flavors & Fragrances had a return on equity of 6.72% and a net margin of 1.97%. The firm had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same period in the previous year, the company posted $1.05 earnings per share. The business's revenue was up 3.9% on a year-over-year basis. On average, sell-side analysts anticipate that International Flavors & Fragrances will post 3.24 earnings per share for the current fiscal year.

International Flavors & Fragrances declared that its board has authorized a share repurchase plan on Tuesday, August 4th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to buy up to 12.1% of its shares through open market purchases. Share repurchase plans are usually an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling at International Flavors & Fragrances

In other International Flavors & Fragrances news, CAO Marc Birenkrant sold 1,000 shares of the business's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $85.00, for a total value of $85,000.00. Following the completion of the transaction, the chief accounting officer directly owned 3,446 shares in the company, valued at approximately $292,910. The trade was a 22.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider De Mendonca Ana Paula Teles sold 5,718 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $83.19, for a total value of $475,680.42. The SEC filing for this sale provides additional information. Insiders own 1.07% of the company's stock.

Institutional Investors Weigh In On International Flavors & Fragrances

A number of institutional investors have recently added to or reduced their stakes in IFF. Studio Investment Management LLC lifted its position in shares of International Flavors & Fragrances by 3.7% during the second quarter. Studio Investment Management LLC now owns 3,916 shares of the specialty chemicals company's stock worth $312,000 after purchasing an additional 138 shares during the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of International Flavors & Fragrances by 27.9% in the 2nd quarter. Parkside Financial Bank & Trust now owns 706 shares of the specialty chemicals company's stock worth $56,000 after purchasing an additional 154 shares during the last quarter. Waverly Advisors LLC boosted its holdings in shares of International Flavors & Fragrances by 4.2% during the second quarter. Waverly Advisors LLC now owns 3,850 shares of the specialty chemicals company's stock valued at $305,000 after acquiring an additional 156 shares during the period. HB Wealth Management LLC grew its position in International Flavors & Fragrances by 2.8% in the 2nd quarter. HB Wealth Management LLC now owns 6,272 shares of the specialty chemicals company's stock worth $497,000 after purchasing an additional 171 shares during the last quarter. Finally, Chicago Partners Investment Group LLC increased its position in International Flavors & Fragrances by 2.5% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 8,473 shares of the specialty chemicals company's stock valued at $798,000 after acquiring an additional 207 shares during the period. Hedge funds and other institutional investors own 96.02% of the company's stock.

About International Flavors & Fragrances

International Flavors & Fragrances Inc NYSE: IFF develops and manufactures ingredients, flavor systems, fragrances and specialty solutions used in consumer and industrial products. Its offerings support food and beverage manufacturers, fragrance and personal care companies, household-product makers, pharmaceutical businesses and other customers.

The company's portfolio includes flavors for beverages, dairy products, sweet goods, savory foods and other applications; fragrances for fine fragrance, personal care and home care products; and functional ingredients, enzymes, cultures, natural extracts and other specialty materials.

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