Empowered Funds LLC Acquires 28,366 Shares of International Flavors & Fragrances Inc. $IFF

Key Points

• Empowered Funds LLC nearly tripled its IFF position in the first quarter, adding 28,366 shares to own 42,577 shares worth approximately $3.09 million. Institutional investors collectively own 96.02% of the company.
• Analysts maintain a “Moderate Buy” consensus on IFF, with 13 Buy ratings and five Holds and an average price target of $91.16, above the reported share price of $80.95.
• IFF reported quarterly EPS of $0.82, missing the $1.07 consensus estimate, while revenue of $1.95 billion also fell short of expectations. The company declared a $0.40 quarterly dividend and authorized a $2.5 billion share buyback covering up to 12.1% of outstanding shares.

Empowered Funds LLC lifted its holdings in shares of International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 199.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,577 shares of the specialty chemicals company's stock after purchasing an additional 28,366 shares during the quarter. Empowered Funds LLC's holdings in International Flavors & Fragrances were worth $3,089,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of International Flavors & Fragrances by 5.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,315 shares of the specialty chemicals company's stock worth $2,042,000 after acquiring an additional 1,335 shares in the last quarter. Jones Financial Companies Lllp lifted its position in International Flavors & Fragrances by 15.7% in the 1st quarter. Jones Financial Companies Lllp now owns 3,976 shares of the specialty chemicals company's stock valued at $309,000 after acquiring an additional 539 shares in the last quarter. Focus Partners Wealth boosted its stake in International Flavors & Fragrances by 25.5% in the 1st quarter. Focus Partners Wealth now owns 7,527 shares of the specialty chemicals company's stock worth $584,000 after purchasing an additional 1,530 shares during the period. Geneos Wealth Management Inc. increased its holdings in International Flavors & Fragrances by 55.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 587 shares of the specialty chemicals company's stock worth $46,000 after purchasing an additional 210 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of International Flavors & Fragrances by 62.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,633 shares of the specialty chemicals company's stock valued at $120,000 after purchasing an additional 625 shares during the period. 96.02% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on IFF shares. Berenberg Bank increased their price objective on International Flavors & Fragrances from $83.00 to $84.80 and gave the stock a "hold" rating in a report on Thursday, May 7th. Morgan Stanley raised 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. BNP Paribas Exane boosted their price objective on shares of International Flavors & Fragrances from $85.00 to $95.00 in a research report on Thursday, May 7th. Argus lifted their price target on shares of International Flavors & Fragrances from $80.00 to $85.00 and gave the company a "buy" rating in a research note on Tuesday, June 30th. Finally, Citigroup decreased their price objective on International Flavors & Fragrances from $96.00 to $88.00 and set a "buy" rating for the company in a report on Wednesday, June 24th. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $91.16.

International Flavors & Fragrances Stock Up 0.5%

NYSE IFF opened at $80.95 on Wednesday. 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 Inc. has a 1-year low of $59.14 and a 1-year high of $84.45. The company has a 50 day moving average of $77.22 and a 200-day moving average of $75.19. The company has a market cap of $20.67 billion, a price-to-earnings ratio of 24.76, a PEG ratio of 2.02 and a beta of 0.93.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last issued its quarterly earnings results 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). The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $2.62 billion. International Flavors & Fragrances had a return on equity of 7.65% and a net margin of 7.78%.The company's quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.15 EPS. On average, equities research analysts expect that International Flavors & Fragrances Inc. will post 4.55 earnings per share for the current fiscal year.

International Flavors & Fragrances Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 18th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, September 18th. International Flavors & Fragrances's payout ratio is 48.93%.

International Flavors & Fragrances announced that its board has initiated a stock buyback program on Tuesday, August 4th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to reacquire up to 12.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source