Citigroup Lowers International Flavors & Fragrances (NYSE:IFF) Price Target to $88.00

Key Points

• Citigroup cut its price target on International Flavors & Fragrances to $88 from $96, while keeping a buy rating on the stock. The new target still implies about 15.4% upside from the previous close.
• IFF reported stronger-than-expected quarterly results, posting EPS of $1.25 versus the $1.08 estimate and revenue of $2.74 billion versus $2.64 billion expected. However, revenue was still down 3.6% year over year.
• Analyst and investor sentiment remains broadly positive, with 13 Buy ratings and five Hold ratings, plus an average target price of $90.58. Director Paul J. Fribourg also bought 260,000 shares, and institutional ownership remains high at 96.02%.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) had its target price decreased by investment analysts at Citigroup from $96.00 to $88.00 in a research note issued on Wednesday,MarketScreener reports. The firm presently has a "buy" rating on the specialty chemicals company's stock. Citigroup's price target indicates a potential upside of 15.39% from the stock's previous close.

A number of other equities research analysts also recently commented on IFF. Oppenheimer increased their price objective on International Flavors & Fragrances from $88.00 to $90.00 and gave the company an "outperform" rating in a research report on Thursday, May 7th. Weiss Ratings upgraded shares of International Flavors & Fragrances from a "sell (d)" rating to a "hold (c)" rating in a report on Wednesday, May 6th. UBS Group boosted their target price on International Flavors & Fragrances from $75.00 to $86.00 in a research note on Thursday, May 7th. Jefferies Financial Group boosted their target price on shares of International Flavors & Fragrances from $97.00 to $105.00 in a research report on Thursday, May 7th. Finally, Barclays increased their price objective on International Flavors & Fragrances from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Thirteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, International Flavors & Fragrances has an average rating of "Moderate Buy" and an average target price of $90.58.

International Flavors & Fragrances Trading Up 2.1%

Shares of NYSE:IFF opened at $76.27 on Wednesday. International Flavors & Fragrances has a twelve month low of $59.14 and a twelve month high of $84.45. The firm has a market cap of $19.47 billion, a P/E ratio of 23.15, a P/E/G ratio of 1.76 and a beta of 0.94. The company has a 50 day moving average of $74.74 and a 200-day moving average of $72.74. The company has a current ratio of 1.49, a quick ratio of 0.87 and a debt-to-equity ratio of 0.33.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The specialty chemicals company reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.08 by $0.17. International Flavors & Fragrances had a return on equity of 7.65% and a net margin of 7.78%.The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.64 billion. During the same period last year, the company posted $1.20 EPS. The firm's quarterly revenue was down 3.6% on a year-over-year basis. As a group, analysts anticipate that International Flavors & Fragrances will post 4.56 earnings per share for the current fiscal year.

Insider Activity at International Flavors & Fragrances

In related news, Director Paul J. Fribourg purchased 260,000 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The shares were acquired at an average price of $74.28 per share, with a total value of $19,312,800.00. Following the purchase, the director directly owned 2,682,730 shares in the company, valued at $199,273,184.40. This represents a 10.73% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On International Flavors & Fragrances

Several institutional investors have recently added to or reduced their stakes in IFF. Invesco Ltd. boosted its stake in International Flavors & Fragrances by 131.3% in the third quarter. Invesco Ltd. now owns 7,167,176 shares of the specialty chemicals company's stock worth $441,068,000 after purchasing an additional 4,069,075 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new position in shares of International Flavors & Fragrances in the 4th quarter valued at about $211,703,000. Ameriprise Financial Inc. grew its holdings in International Flavors & Fragrances by 1,842.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,491,606 shares of the specialty chemicals company's stock worth $183,264,000 after acquiring an additional 2,363,307 shares during the period. Dodge & Cox grew its stake in shares of International Flavors & Fragrances by 5.5% during the third quarter. Dodge & Cox now owns 36,972,638 shares of the specialty chemicals company's stock worth $2,275,296,000 after purchasing an additional 1,925,251 shares during the period. Finally, First Eagle Investment Management LLC increased its stake in shares of International Flavors & Fragrances by 27.5% in the 4th 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 acquiring an additional 1,904,598 shares during the last quarter. 96.02% of the stock is owned by institutional investors.

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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