International Flavors & Fragrances Inc. $IFF Stock Sold by Blume Capital Management Inc.

Key Points

• Blume Capital Management cut its IFF holdings by 71.8% in the third quarter, selling 35,243 shares and retaining 13,871 shares valued at approximately $1.16 million. Institutional investors collectively own 96.02% of the company.
• Analysts maintain a generally positive outlook, with IFF receiving a consensus “Moderate Buy” rating and an average price target of $94.28; several firms recently raised their targets.
• IFF’s latest quarterly results fell short of expectations, reporting $0.82 in EPS versus the $1.07 consensus and revenue of $1.95 billion versus estimates of $2.62 billion. The company also authorized a $2.5 billion share-repurchase program.

Blume Capital Management Inc. cut its holdings in shares of International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 71.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,871 shares of the specialty chemicals company's stock after selling 35,243 shares during the period. Blume Capital Management Inc.'s holdings in International Flavors & Fragrances were worth $1,158,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of IFF. Korea Investment CORP acquired a new position in shares of International Flavors & Fragrances in the 2nd quarter valued at $3,170,000. QRG Capital Management Inc. boosted its holdings in International Flavors & Fragrances by 815.7% during the second quarter. QRG Capital Management Inc. now owns 35,485 shares of the specialty chemicals company's stock worth $2,811,000 after buying an additional 31,610 shares in the last quarter. Empowered Funds LLC acquired a new stake in International Flavors & Fragrances during the second quarter valued at $3,203,000. Louisiana State Employees Retirement System acquired a new stake in International Flavors & Fragrances during the first quarter valued at $950,000. Finally, Murphy Pohlad Asset Management LLC purchased a new position in International Flavors & Fragrances in the second quarter valued at $1,481,000. 96.02% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other International Flavors & Fragrances news, CAO Marc Birenkrant sold 1,000 shares of the firm's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $85.00, for a total value of $85,000.00. Following the transaction, the chief accounting officer owned 3,446 shares in the company, valued at approximately $292,910. This trade represents a 22.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider De Mendonca Ana Paula Teles sold 5,718 shares of International Flavors & Fragrances stock in a transaction on Monday, August 17th. The stock was sold at an average price of $83.19, for a total transaction of $475,680.42. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 15,543 shares of company stock worth $1,315,659. 1.07% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Weiss Ratings upgraded shares of International Flavors & Fragrances from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, October 8th. Morgan Stanley raised their target price on International Flavors & Fragrances from $93.00 to $95.00 and gave the company an "overweight" rating in a research report on Wednesday, July 1st. Oppenheimer lifted their price target on International Flavors & Fragrances from $95.00 to $108.00 and gave the company an "outperform" rating in a research note on Thursday, October 22nd. UBS Group upped their price target on International Flavors & Fragrances from $84.00 to $91.00 and gave the stock a "neutral" rating in a report on Thursday, August 6th. Finally, Barclays increased their price target on International Flavors & Fragrances from $96.00 to $105.00 and gave the stock an "overweight" rating in a research report on Friday, October 16th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $94.28.

International Flavors & Fragrances Stock Down 0.5%

IFF stock opened at $93.64 on Tuesday. The stock has a market capitalization of $23.89 billion, a P/E ratio of 85.91, a P/E/G ratio of 4.04 and a beta of 0.91. The firm has a 50-day simple moving average of $86.09 and a 200-day simple moving average of $78.06. 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 Inc. has a 52 week low of $61.29 and a 52 week high of $94.65.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last posted 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). The firm had revenue of $1.95 billion during the quarter, compared to analyst estimates of $2.62 billion. International Flavors & Fragrances had a return on equity of 7.11% and a net margin of 2.78%. The company's quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.15 earnings per share. Equities analysts forecast that International Flavors & Fragrances Inc. will post 3.24 earnings per share for the current fiscal year.

International Flavors & Fragrances declared that its board has authorized a share repurchase program on Tuesday, August 4th that allows the company to buy back $2.50 billion in shares. This buyback authorization allows the specialty chemicals company to purchase up to 12.1% of its shares through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

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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