Easterly Investment Partners LLC Trims Stock Position in International Flavors & Fragrances Inc. $IFF

Key Points

• Easterly Investment Partners reduced its stake in International Flavors & Fragrances by 61.5% in the fourth quarter, leaving it with 38,801 shares valued at about $2.6 million.
• IFF posted better-than-expected quarterly results, with EPS of $1.25 versus the $1.08 consensus and revenue of $2.74 billion, though revenue still fell 3.6% year over year.
• The company declared a quarterly dividend of $0.40 per share and recently agreed to sell its Food Ingredients business to CVC for about $4.3 billion, a move expected to support the balance sheet and sharpen its business focus.

Easterly Investment Partners LLC cut its stake in International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 61.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,801 shares of the specialty chemicals company's stock after selling 61,988 shares during the period. Easterly Investment Partners LLC's holdings in International Flavors & Fragrances were worth $2,615,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of IFF. Invesco Ltd. lifted its position 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 valued at $441,068,000 after acquiring an additional 4,069,075 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in shares of International Flavors & Fragrances in the fourth quarter valued at about $211,703,000. Ameriprise Financial Inc. raised its holdings in shares of International Flavors & Fragrances by 1,842.0% in the second quarter. Ameriprise Financial Inc. now owns 2,491,606 shares of the specialty chemicals company's stock valued at $183,264,000 after buying an additional 2,363,307 shares during the last quarter. Dodge & Cox raised its holdings in shares of International Flavors & Fragrances by 5.5% in the third quarter. Dodge & Cox now owns 36,972,638 shares of the specialty chemicals company's stock valued at $2,275,296,000 after buying an additional 1,925,251 shares during the last quarter. Finally, First Eagle Investment Management LLC raised its holdings in shares of International Flavors & Fragrances by 27.5% in the fourth 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 buying an additional 1,904,598 shares during the last quarter. 96.02% of the stock is owned by hedge funds and other institutional investors.

International Flavors & Fragrances Trading Down 0.1%

Shares of International Flavors & Fragrances stock opened at $76.01 on Monday. International Flavors & Fragrances Inc. has a 52-week low of $59.14 and a 52-week high of $84.45. The company has a quick ratio of 0.87, a current ratio of 1.49 and a debt-to-equity ratio of 0.33. The company's 50-day simple moving average is $73.20 and its 200-day simple moving average is $71.76. The firm has a market cap of $19.41 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of 1.67 and a beta of 0.94.

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, topping analysts' consensus estimates of $1.08 by $0.17. International Flavors & Fragrances had a net margin of 7.78% and a return on equity of 7.65%. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same period in the previous year, the business posted $1.20 earnings per share. The business's revenue was down 3.6% compared to the same quarter last year. As a group, equities research analysts anticipate that International Flavors & Fragrances Inc. will post 4.57 earnings per share for the current year.

International Flavors & Fragrances Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, June 18th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Thursday, June 18th. International Flavors & Fragrances's payout ratio is 48.93%.

Key Headlines Impacting International Flavors & Fragrances

Here are the key news stories impacting International Flavors & Fragrances this week:

• Positive Sentiment: IFF said the Food Ingredients sale to CVC is valued at roughly $4.3 billion, or about 10x EBITDA, which could help strengthen the balance sheet and support a more focused business mix. IFF Enters Into Agreement to Sell Its Food Ingredients Business to CVC
• Positive Sentiment: The company also backed its annual sales outlook, which may reassure investors that the divestiture is part of a broader profitability strategy rather than a sign of weakening demand. IFF To Sell Food Ingredients Business For $4.3 Bln, Backs Annual Sales Outlook; Pre-Market Stock Up
• Neutral Sentiment: LMR by IFF opened a new experimental field in Grasse, France, highlighting ongoing investment in natural ingredients and perfumery research, but this is unlikely to have an immediate stock-moving impact. LMR by IFF Inaugurates New Experimental Field in Grasse
• Negative Sentiment: Some investors may worry that selling the Food Ingredients unit reduces IFF’s scale and removes a key revenue contributor, even if the move improves profitability over time. International Flavors and Fragrances nears $4 billion deal to sell food ingredients business, WSJ reports

Insiders Place Their Bets

In related news, Director Paul J. Fribourg bought 142,000 shares of the stock in a transaction on Thursday, March 12th. The shares were bought at an average cost of $70.13 per share, for a total transaction of $9,958,460.00. Following the completion of the transaction, the director owned 2,422,730 shares of the company's stock, valued at $169,906,054.90. This represents a 6.23% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.07% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on IFF. Jefferies Financial Group upped their target price on shares of International Flavors & Fragrances from $97.00 to $105.00 in a report on Thursday, May 7th. Barclays upped their target price on shares of International Flavors & Fragrances from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Weiss Ratings raised shares of International Flavors & Fragrances from a "sell (d)" rating to a "hold (c)" rating in a report on Wednesday, May 6th. Mizuho upped their target price on shares of International Flavors & Fragrances from $75.00 to $85.00 and gave the company an "outperform" rating in a report on Thursday, February 12th. Finally, Wells Fargo & Company upped their target price on shares of International Flavors & Fragrances from $85.00 to $100.00 and gave the company an "overweight" rating in a report on Friday, February 13th. Twelve equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $90.80.

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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