International Flavors & Fragrances (NYSE:IFF) Upgraded by Zacks Research to Hold Rating

Key Points

• Zacks Research upgraded International Flavors & Fragrances to “hold” from “strong sell.” Despite mixed analyst opinions, the stock retains a “Moderate Buy” consensus rating with an average price target of $91.40.
• IFF shares opened at $85.83, near their 12-month high of $89.32, but the company recently missed quarterly expectations, reporting $0.82 in EPS versus the $1.07 consensus and revenue of $1.95 billion versus $2.62 billion expected.
• The board authorized a $2.5 billion share-repurchase program, covering up to 12.1% of outstanding shares. Institutional investors own approximately 96.02% of the company, while insiders sold shares worth about $1.32 million over the past three months.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Monday, Zacks reports.

A number of other research firms also recently weighed in on IFF. Argus upped their target price on International Flavors & Fragrances from $80.00 to $85.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. Citigroup dropped their price target on International Flavors & Fragrances from $96.00 to $88.00 and set a "buy" rating on the stock in a research report on Wednesday, June 24th. Wall Street Zen raised International Flavors & Fragrances from a "sell" rating to a "hold" rating in a research note on Saturday. Deutsche Bank Aktiengesellschaft decreased their price objective on International Flavors & Fragrances from $95.00 to $90.00 and set a "buy" rating for the company in a report on Monday, June 1st. Finally, 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. Twelve analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $91.40.

International Flavors & Fragrances Trading Up 2.7%

NYSE:IFF opened at $85.83 on Monday. The company has a 50-day moving average price of $82.84 and a 200-day moving average price of $77.31. The stock has a market cap of $21.90 billion, a price-to-earnings ratio of 78.75, a P/E/G ratio of 3.25 and a beta of 0.94. 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 has a 12 month low of $59.14 and a 12 month high of $89.32.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.25). International Flavors & Fragrances had a net margin of 2.78% and a return on equity of 7.11%. The company had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $2.62 billion. During the same quarter in the prior year, the firm earned $1.15 EPS. International Flavors & Fragrances's quarterly revenue was up 1.8% compared to the same quarter last year. Equities analysts predict that International Flavors & Fragrances will post 3.08 EPS for the current year.

International Flavors & Fragrances announced that its board has approved a share repurchase program on Tuesday, August 4th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 12.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Insider Activity

In related news, insider De Mendonca Ana Paula Teles sold 5,718 shares of the stock in a transaction dated 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 can be accessed through the SEC website. Also, EVP Michael Deveau sold 8,825 shares of International Flavors & Fragrances stock in a transaction dated 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 transaction, the executive vice president directly owned 5,199 shares of the company's stock, valued at $444,774.45. This trade represents a 62.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 15,543 shares of company stock worth $1,315,659 over the last three months. 1.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On International Flavors & Fragrances

Several institutional investors and hedge funds have recently made changes to their positions in the company. Studio Investment Management LLC lifted its holdings in shares of International Flavors & Fragrances by 3.7% in the second quarter. Studio Investment Management LLC now owns 3,916 shares of the specialty chemicals company's stock valued at $312,000 after purchasing an additional 138 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in shares of International Flavors & Fragrances by 27.9% during 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 in the last quarter. Waverly Advisors LLC raised its position in shares of International Flavors & Fragrances by 4.2% during the 2nd quarter. Waverly Advisors LLC now owns 3,850 shares of the specialty chemicals company's stock worth $305,000 after purchasing an additional 156 shares during the last quarter. HB Wealth Management LLC lifted its stake 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 valued at $497,000 after buying an additional 171 shares in the last quarter. Finally, QRG Capital Management Inc. grew its holdings in International Flavors & Fragrances by 6.3% during the 1st quarter. QRG Capital Management Inc. now owns 3,875 shares of the specialty chemicals company's stock valued at $281,000 after buying an additional 228 shares during the last quarter. Institutional investors own 96.02% of the company's stock.

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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