CIBC Asset Management Inc Grows Stock Position in International Flavors & Fragrances Inc. $IFF

Key Points

• CIBC Asset Management boosted its stake in International Flavors & Fragrances by 70% in the fourth quarter, adding 24,793 shares to bring its total to 60,229 shares valued at about $4.1 million.
• Institutional interest remains strong, with several other large investors also increasing holdings and 96.02% of IFF’s stock now owned by hedge funds and other institutional investors.
• IFF beat earnings expectations in its latest quarterly report, posting $1.25 EPS versus the $1.08 consensus and revenue of $2.74 billion, while also announcing a quarterly dividend of $0.40 per share.

CIBC Asset Management Inc increased its holdings in shares of International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 70.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 60,229 shares of the specialty chemicals company's stock after buying an additional 24,793 shares during the quarter. CIBC Asset Management Inc's holdings in International Flavors & Fragrances were worth $4,059,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Tran Capital Management L.P. purchased a new position in International Flavors & Fragrances during the fourth quarter worth about $21,924,000. JPMorgan Chase & Co. lifted its position in International Flavors & Fragrances by 28.8% during the third quarter. JPMorgan Chase & Co. now owns 1,098,575 shares of the specialty chemicals company's stock worth $67,612,000 after buying an additional 245,719 shares during the period. Icahn Carl C lifted its position in International Flavors & Fragrances by 26.7% during the third quarter. Icahn Carl C now owns 4,750,000 shares of the specialty chemicals company's stock worth $292,315,000 after buying an additional 1,000,000 shares during the period. Dodge & Cox raised its holdings in shares of International Flavors & Fragrances by 5.5% in the 3rd 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, Swiss Life Asset Management Ltd raised its holdings in shares of International Flavors & Fragrances by 117.0% in the 4th quarter. Swiss Life Asset Management Ltd now owns 148,377 shares of the specialty chemicals company's stock worth $9,999,000 after purchasing an additional 80,014 shares during the period. 96.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IFF has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft cut their price objective on International Flavors & Fragrances from $95.00 to $90.00 and set a "buy" rating on the stock in a report on Monday, June 1st. Mizuho raised their price objective on International Flavors & Fragrances from $75.00 to $85.00 and gave the stock an "outperform" rating in a report on Thursday, February 12th. Weiss Ratings upgraded International Flavors & Fragrances from a "sell (d)" rating to a "hold (c)" rating in a report on Wednesday, May 6th. Rothschild & Co Redburn cut their price objective on International Flavors & Fragrances from $74.00 to $71.00 in a report on Friday, May 8th. Finally, Wells Fargo & Company raised their price objective on International Flavors & Fragrances from $85.00 to $100.00 and gave the stock an "overweight" rating in a report on Friday, February 13th. Twelve investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, International Flavors & Fragrances currently has an average rating of "Moderate Buy" and a consensus target price of $90.49.

International Flavors & Fragrances Stock Down 0.1%

NYSE IFF opened at $73.18 on Friday. The stock has a market cap of $18.68 billion, a PE ratio of 22.38, a P/E/G ratio of 1.69 and a beta of 0.94. International Flavors & Fragrances Inc. has a fifty-two week low of $59.14 and a fifty-two week high of $84.45. The business has a 50 day moving average price of $73.72 and a two-hundred day moving average price of $71.99. The company has a quick ratio of 0.87, a current ratio of 1.49 and a debt-to-equity ratio of 0.33.

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

International Flavors & Fragrances Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, June 18th will be issued a dividend of $0.40 per share. The ex-dividend date is Thursday, June 18th. This represents a $1.60 annualized dividend and a yield of 2.2%. International Flavors & Fragrances's payout ratio is currently 48.93%.

Insider Transactions at International Flavors & Fragrances

In other International Flavors & Fragrances news, Director Paul J. Fribourg bought 260,000 shares of the business's stock in a transaction on Monday, June 1st. The shares were bought at an average cost of $74.28 per share, with a total value of $19,312,800.00. Following the transaction, the director directly owned 2,682,730 shares in the company, valued at approximately $199,273,184.40. This trade represents a 10.73% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders purchased 415,500 shares of company stock worth $30,276,875. 1.07% of the stock is owned by insiders.

About International Flavors & Fragrances

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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