Bank of America Corp DE Buys New Holdings in International Flavors & Fragrances Inc. $IFF

Key Points

• Bank of America acquired 1.66 million IFF shares worth approximately $131.8 million, representing about 0.65% of the company. Institutional investors collectively own 96.02% of IFF.
• Analyst sentiment is moderately bullish, with 12 Buy ratings, six Holds and one Sell; the consensus price target is $91.40 versus a recent share price of $84.85.
• IFF missed quarterly earnings and revenue estimates, but declared a $0.40 quarterly dividend and authorized a $2.5 billion share-repurchase program covering up to 12.1% of outstanding shares.

Bank of America Corp DE purchased a new position in shares of International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,663,214 shares of the specialty chemicals company's stock, valued at approximately $131,760,000. Bank of America Corp DE owned about 0.65% of International Flavors & Fragrances as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in International Flavors & Fragrances in the 2nd quarter valued at $1,835,955,000. Eurizon Capital SGR S.p.A. bought a new position in International Flavors & Fragrances during the fourth quarter worth $211,703,000. Norges Bank acquired a new position in shares of International Flavors & Fragrances in the fourth quarter valued at $113,284,000. Bank of New York Mellon Corp bought a new position in shares of International Flavors & Fragrances in the second quarter valued at about $122,792,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of International Flavors & Fragrances in the second quarter valued at about $107,310,000. 96.02% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

IFF has been the topic of a number of research reports. Zacks Research lowered shares of International Flavors & Fragrances from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 6th. KeyCorp initiated coverage on International Flavors & Fragrances in a report on Thursday, September 10th. They set a "sector weight" rating for the company. Argus upped their target price on International Flavors & Fragrances from $80.00 to $85.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Barclays lifted their price target on International Flavors & Fragrances from $90.00 to $96.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Finally, UBS Group boosted their price target on International Flavors & Fragrances from $84.00 to $91.00 and gave the company a "neutral" rating in a research note on Thursday, August 6th. Twelve equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $91.40.

International Flavors & Fragrances Price Performance

Shares of NYSE:IFF opened at $84.85 on Friday. The firm has a 50 day moving average of $82.34 and a 200-day moving average of $77.21. International Flavors & Fragrances Inc. has a 12 month low of $59.14 and a 12 month high of $89.32. The company has a current ratio of 2.06, a quick ratio of 1.72 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $21.65 billion, a PE ratio of 77.85, a PEG ratio of 3.28 and a beta of 0.94.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $0.82 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same period last year, the business earned $1.15 earnings per share. The business's revenue was up 1.8% compared to the same quarter last year. On average, equities research analysts predict that International Flavors & Fragrances Inc. will post 3.08 EPS for the current fiscal year.

International Flavors & Fragrances Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 18th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, September 18th. International Flavors & Fragrances's payout ratio is currently 146.79%.

International Flavors & Fragrances declared that its Board of Directors has initiated a share repurchase plan on Tuesday, August 4th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the specialty chemicals company to buy up to 12.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at International Flavors & Fragrances

In related news, insider De Mendonca Ana Paula Teles sold 5,718 shares of the business's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $83.19, for a total transaction of $475,680.42. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Michael Deveau sold 8,825 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $85.55, for a total value of $754,978.75. Following the completion of the transaction, the executive vice president 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 SEC filing for this sale provides additional information. Insiders have sold a total of 15,543 shares of company stock worth $1,315,659 over the last 90 days. Insiders own 1.07% of the company's stock.

International Flavors & Fragrances 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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