International Flavors & Fragrances Inc. $IFF Shares Sold by Eurizon Capital SGR S.p.A.

Key Points

• Eurizon Capital SGR cut its IFF stake by 18.2% in the third quarter, selling 587,167 shares. It retained 2.64 million shares, representing about 1.03% of the company.
• IFF reported quarterly EPS of $0.83, ahead of analysts’ $0.81 estimate, while revenue of $1.94 billion also topped forecasts and rose 3.9% year over year. EPS was down from $1.05 in the year-earlier quarter.
• The company declared a quarterly dividend of $0.40 per share and has authorization to repurchase up to $2.5 billion of stock. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $95.05.

Eurizon Capital SGR S.p.A. lowered its position in International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 18.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,639,227 shares of the specialty chemicals company's stock after selling 587,167 shares during the quarter. Eurizon Capital SGR S.p.A. owned 1.03% of International Flavors & Fragrances worth $221,228,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Maryland State Retirement & Pension System boosted its position in shares of International Flavors & Fragrances by 12.5% in the 3rd quarter. Maryland State Retirement & Pension System now owns 14,896 shares of the specialty chemicals company's stock worth $1,244,000 after buying an additional 1,659 shares in the last quarter. First Command Advisory Services Inc. grew its stake in International Flavors & Fragrances by 155.5% in the 3rd quarter. First Command Advisory Services Inc. now owns 396 shares of the specialty chemicals company's stock valued at $33,000 after acquiring an additional 241 shares during the last quarter. Lido Advisors LLC increased its holdings in International Flavors & Fragrances by 28.2% during the 3rd quarter. Lido Advisors LLC now owns 4,643 shares of the specialty chemicals company's stock valued at $388,000 after acquiring an additional 1,020 shares in the last quarter. New York Life Investment Management LLC increased its holdings in International Flavors & Fragrances by 1.3% during the 3rd quarter. New York Life Investment Management LLC now owns 41,564 shares of the specialty chemicals company's stock valued at $3,470,000 after acquiring an additional 546 shares in the last quarter. Finally, AlphaCore Capital LLC raised its position in International Flavors & Fragrances by 66.1% during the third quarter. AlphaCore Capital LLC now owns 9,759 shares of the specialty chemicals company's stock worth $815,000 after acquiring an additional 3,885 shares during the last quarter. Hedge funds and other institutional investors own 96.02% of the company's stock.

International Flavors & Fragrances Trading Down 2.7%

International Flavors & Fragrances stock opened at $80.43 on Friday. The stock has a 50-day moving average price of $86.77 and a 200 day moving average price of $79.18. International Flavors & Fragrances Inc. has a 52 week low of $62.06 and a 52 week high of $95.27. The stock has a market cap of $20.14 billion, a PE ratio of 113.29, a P/E/G ratio of 3.89 and a beta of 0.86. The company has a current ratio of 1.87, a quick ratio of 1.58 and a debt-to-equity ratio of 0.36.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last released its earnings results on Tuesday, November 3rd. The specialty chemicals company reported $0.83 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.02. International Flavors & Fragrances had a net margin of 1.97% and a return on equity of 6.82%. The company had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same period in the prior year, the firm earned $1.05 EPS. The firm's quarterly revenue was up 3.9% on a year-over-year basis. Equities research analysts predict that International Flavors & Fragrances Inc. will post 3.15 earnings per share for the current fiscal year.

International Flavors & Fragrances Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 13th. Stockholders of record on Saturday, December 19th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, December 18th. International Flavors & Fragrances's payout ratio is currently 225.35%.

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

Analysts Set New Price Targets

Several analysts have issued reports on IFF shares. Zacks Research raised shares of International Flavors & Fragrances from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 20th. JPMorgan Chase & Co. raised their price objective on shares of International Flavors & Fragrances from $92.00 to $95.00 and gave the stock an "overweight" rating in a research note on Thursday, November 5th. Oppenheimer lifted their price objective on International Flavors & Fragrances from $95.00 to $108.00 and gave the stock an "outperform" rating in a research report on Thursday, October 22nd. Argus upped their target price on International Flavors & Fragrances from $85.00 to $95.00 and gave the company a "buy" rating in a research note on Wednesday, October 7th. Finally, Vertical Research lowered International Flavors & Fragrances from a "buy" rating to a "hold" rating and set a $93.00 target price on the stock. in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $95.05.

Insider Activity

In related news, insider De Mendonca Ana Paula Teles sold 5,718 shares of the company's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $83.19, for a total transaction of $475,680.42. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.07% of the company's stock.

About International Flavors & Fragrances

International Flavors & Fragrances Inc. NYSE: IFF develops ingredients and solutions used by manufacturers in food and beverages, fragrances, personal care, home care, health and wellness, and other consumer products. Its offerings include flavors, fragrance compounds, enzymes, cultures, probiotics, and specialty food ingredients. The company works with customers to create and improve products, including by enhancing taste and scent, supporting product performance, and developing ingredients for nutrition and wellness applications.

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