Cooke & Bieler LP Acquires 43,914 Shares of International Flavors & Fragrances Inc. $IFF

Key Points

• Cooke & Bieler LP increased its IFF stake by 7.3% in the third quarter, purchasing 43,914 shares and bringing its holdings to 645,778 shares, valued at approximately $53.9 million. Institutional investors collectively own 96.02% of the company.
• IFF shares opened at $91.06, near their 12-month high of $92.02. Analysts maintain a “Moderate Buy” consensus, with an average price target of $93.22.
• The company reported quarterly results below expectations, with EPS of $0.82 versus the $1.07 consensus and revenue of $1.95 billion versus $2.62 billion expected. IFF also declared a $0.40 quarterly dividend and authorized a $2.5 billion share-repurchase program.

Cooke & Bieler LP lifted its stake in International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 7.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 645,778 shares of the specialty chemicals company's stock after purchasing an additional 43,914 shares during the quarter. Cooke & Bieler LP owned about 0.25% of International Flavors & Fragrances worth $53,910,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in IFF. Root Financial Partners LLC increased its position in International Flavors & Fragrances by 97.9% during the 1st quarter. Root Financial Partners LLC now owns 554 shares of the specialty chemicals company's stock valued at $40,000 after buying an additional 274 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in International Flavors & Fragrances by 27.9% in the second quarter. Parkside Financial Bank & Trust now owns 706 shares of the specialty chemicals company's stock worth $56,000 after acquiring an additional 154 shares in the last quarter. Westpac Banking Corp bought a new stake in International Flavors & Fragrances in the second quarter worth $91,000. Mather Group LLC. boosted its holdings in International Flavors & Fragrances by 24.0% in the third quarter. Mather Group LLC. now owns 1,393 shares of the specialty chemicals company's stock worth $116,000 after acquiring an additional 270 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of International Flavors & Fragrances in the second quarter worth $148,000. Hedge funds and other institutional investors own 96.02% of the company's stock.

International Flavors & Fragrances Price Performance

Shares of NYSE IFF opened at $91.06 on Thursday. International Flavors & Fragrances Inc. has a twelve month low of $61.29 and a twelve month high of $92.02. The firm has a market cap of $23.23 billion, a P/E ratio of 83.54, a PEG ratio of 3.85 and a beta of 0.91. The company has a 50 day moving average of $85.55 and a 200 day moving average of $79.63. The company has a quick ratio of 1.72, a current ratio of 2.06 and a debt-to-equity ratio of 0.34.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last released its quarterly earnings data 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 business 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 company posted $1.15 earnings per share. The business's revenue was up 1.8% compared to the same quarter last year. As a group, research analysts expect that International Flavors & Fragrances Inc. will post 3.29 EPS for the current fiscal year.

International Flavors & Fragrances Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Friday, September 18th were paid a $0.40 dividend. The ex-dividend date was Friday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 1.8%. International Flavors & Fragrances's payout ratio is currently 146.79%.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on IFF shares. Citigroup reduced their price target on International Flavors & Fragrances from $101.00 to $100.00 and set a "buy" rating for the company in a report on Wednesday, October 7th. Benchmark lifted their price target on International Flavors & Fragrances from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Morgan Stanley upped their price target on shares of International Flavors & Fragrances from $93.00 to $95.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 1st. Weiss Ratings raised shares of International Flavors & Fragrances from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, October 8th. Finally, Vertical Research lowered shares of International Flavors & Fragrances from a "buy" rating to a "hold" rating and set a $93.00 price objective for the company. in a research note on Thursday, August 6th. Twelve investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $93.22.

Insider Transactions at International Flavors & Fragrances

In other news, EVP Michael Deveau sold 8,825 shares of the company's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $85.55, for a total transaction of $754,978.75. Following the transaction, the executive vice president directly 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Marc Birenkrant sold 1,000 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $85.00, for a total value of $85,000.00. Following the sale, the chief accounting officer directly owned 3,446 shares in the company, valued at $292,910. This trade represents a 22.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 15,543 shares of company stock worth $1,315,659 over the last quarter. 1.07% of the stock is currently owned by insiders.

International Flavors & Fragrances Company Profile

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.

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