International Flavors & Fragrances (NYSE:IFF) Price Target Raised to $108.00

Key Points

• Oppenheimer raised IFF’s price target from $95 to $108 and maintained an “outperform” rating, implying 15.81% upside from the prior close. Analysts overall hold a “Moderate Buy” consensus with an average target of $94.28.
• IFF shares rose 2.4% to $93.25, near their 52-week high, despite the company’s latest quarterly results missing expectations: earnings were $0.82 per share versus $1.07 expected, while revenue reached $1.95 billion versus $2.62 billion forecast.
• The board authorized a $2.5 billion share-repurchase program, allowing buybacks of up to 12.1% of outstanding shares; institutional investors own approximately 96.02% of the stock.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) had its target price boosted by equities research analysts at Oppenheimer from $95.00 to $108.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an "outperform" rating on the specialty chemicals company's stock. Oppenheimer's price objective would indicate a potential upside of 15.81% from the company's previous close.

IFF has been the topic of a number of other reports. UBS Group increased their price objective on shares of International Flavors & Fragrances from $84.00 to $91.00 and gave the stock a "neutral" rating in a research report on Thursday, August 6th. KeyCorp initiated coverage on International Flavors & Fragrances in a research report on Thursday, September 10th. They set a "sector weight" rating for the company. Morgan Stanley upped their target price on International Flavors & Fragrances from $93.00 to $95.00 and gave the company an "overweight" rating in a research note on Wednesday, July 1st. Citigroup reduced their price target on International Flavors & Fragrances from $101.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, October 7th. Finally, Vertical Research lowered International Flavors & Fragrances from a "buy" rating to a "hold" rating and set a $93.00 price target for the company. in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $94.28.

International Flavors & Fragrances Trading Up 2.4%

NYSE IFF traded up $2.22 on Thursday, hitting $93.25. 419,394 shares of the stock were exchanged, compared to its average volume of 1,811,158. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.72 and a current ratio of 2.06. International Flavors & Fragrances has a 52-week low of $61.29 and a 52-week high of $92.82. The firm has a market capitalization of $23.79 billion, a P/E ratio of 85.25, a P/E/G ratio of 3.85 and a beta of 0.91. The stock has a fifty day moving average price of $85.55 and a two-hundred day moving average price of $79.63.

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 analysts' expectations 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 was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.15 EPS. Research analysts forecast that International Flavors & Fragrances will post 3.29 EPS for the current fiscal year.

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

Insider Activity at International Flavors & Fragrances

In related news, CAO Marc Birenkrant sold 1,000 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer owned 3,446 shares of the company's stock, valued at $292,910. This represents a 22.49% 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. Also, EVP Michael Deveau sold 8,825 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $85.55, for a total value of $754,978.75. Following the transaction, the executive vice president owned 5,199 shares in the company, 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. Over the last quarter, insiders sold 15,543 shares of company stock worth $1,315,659. Company insiders own 1.07% of the company's stock.

Institutional Trading of International Flavors & Fragrances

Several institutional investors and hedge funds have recently made changes to their positions in IFF. Root Financial Partners LLC purchased a new position in shares of International Flavors & Fragrances during the 3rd quarter valued at about $54,000. Adams Natural Resources Fund Inc. lifted its holdings in shares of International Flavors & Fragrances by 9.2% in the 3rd quarter. Adams Natural Resources Fund Inc. now owns 72,606 shares of the specialty chemicals company's stock valued at $6,061,000 after buying an additional 6,100 shares during the period. Cantor Fitzgerald Investment Advisors L.P. boosted its stake in shares of International Flavors & Fragrances by 2.4% in the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 208,502 shares of the specialty chemicals company's stock worth $17,406,000 after buying an additional 4,890 shares during the last quarter. Cooke & Bieler LP grew its holdings in International Flavors & Fragrances by 7.3% during the third quarter. Cooke & Bieler LP now owns 645,778 shares of the specialty chemicals company's stock worth $53,910,000 after acquiring an additional 43,914 shares during the period. Finally, Strengthening Families & Communities LLC grew its holdings in International Flavors & Fragrances by 2.2% during the third quarter. Strengthening Families & Communities LLC now owns 24,250 shares of the specialty chemicals company's stock worth $2,024,000 after acquiring an additional 516 shares during the period. 96.02% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.