Mitsubishi UFJ Asset Management Co. Ltd. Acquires 59,765 Shares of International Flavors & Fragrances Inc. (NYSE:IFF)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in International Flavors & Fragrances Inc. by 11.7%, owning approximately 570,127 shares valued at about $44.25 million.
• The company reported $1.15 EPS for its last quarter, exceeding expectations, but experienced a 4.3% decline in revenue year-over-year.
• A quarterly dividend of $0.40 per share will be paid on October 10th, resulting in an annualized yield of 2.5%.

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 11.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 570,127 shares of the specialty chemicals company's stock after acquiring an additional 59,765 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.22% of International Flavors & Fragrances worth $44,248,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Charles Schwab Investment Management Inc. increased its holdings in shares of International Flavors & Fragrances by 2.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,577,723 shares of the specialty chemicals company's stock worth $122,447,000 after acquiring an additional 32,005 shares in the last quarter. ASR Vermogensbeheer N.V. bought a new stake in shares of International Flavors & Fragrances in the first quarter worth about $3,614,000. Vanguard Group Inc. increased its holdings in shares of International Flavors & Fragrances by 0.6% in the first quarter. Vanguard Group Inc. now owns 30,390,040 shares of the specialty chemicals company's stock worth $2,358,571,000 after acquiring an additional 171,281 shares in the last quarter. Atria Wealth Solutions Inc. increased its holdings in shares of International Flavors & Fragrances by 24.5% in the first quarter. Atria Wealth Solutions Inc. now owns 13,222 shares of the specialty chemicals company's stock worth $1,030,000 after acquiring an additional 2,602 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in shares of International Flavors & Fragrances by 8.5% in the first quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 50,485 shares of the specialty chemicals company's stock worth $3,918,000 after acquiring an additional 3,974 shares in the last quarter. 96.02% of the stock is currently owned by institutional investors.

Insider Activity at International Flavors & Fragrances

In related news, CEO J Erik Fyrwald acquired 15,300 shares of the stock in a transaction on Thursday, August 7th. The shares were purchased at an average price of $64.95 per share, for a total transaction of $993,735.00. Following the purchase, the chief executive officer directly owned 77,370 shares in the company, valued at approximately $5,025,181.50. The trade was a 24.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Paul J. Fribourg acquired 15,450 shares of the stock in a transaction on Thursday, August 7th. The shares were bought at an average price of $64.80 per share, for a total transaction of $1,001,160.00. Following the purchase, the director owned 15,450 shares in the company, valued at approximately $1,001,160. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 52,100 shares of company stock valued at $3,631,607 in the last 90 days. Corporate insiders own 0.17% of the company's stock.

International Flavors & Fragrances Stock Performance

Shares of IFF traded up $1.07 during mid-day trading on Tuesday, reaching $64.53. The company's stock had a trading volume of 4,273,619 shares, compared to its average volume of 1,811,307. The stock has a market cap of $16.54 billion, a P/E ratio of -41.63, a PEG ratio of 2.43 and a beta of 1.04. The company has a current ratio of 1.86, a quick ratio of 1.12 and a debt-to-equity ratio of 0.39. International Flavors & Fragrances Inc. has a 1-year low of $62.33 and a 1-year high of $106.77. The business has a 50-day simple moving average of $74.41 and a two-hundred day simple moving average of $77.11.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last announced its earnings results on Tuesday, August 5th. The specialty chemicals company reported $1.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.11 by $0.04. The company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.69 billion. International Flavors & Fragrances had a positive return on equity of 7.95% and a negative net margin of 3.48%. The firm's quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.16 earnings per share. As a group, equities research analysts anticipate that International Flavors & Fragrances Inc. will post 4.32 earnings per share for the current fiscal year.

International Flavors & Fragrances Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Monday, September 29th will be paid a dividend of $0.40 per share. The ex-dividend date is Monday, September 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.5%. International Flavors & Fragrances's dividend payout ratio (DPR) is -103.23%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on IFF. Barclays lowered their price target on International Flavors & Fragrances from $84.00 to $78.00 and set an "overweight" rating for the company in a report on Friday. Tigress Financial started coverage on International Flavors & Fragrances in a research report on Wednesday, June 4th. They set a "buy" rating and a $105.00 price objective for the company. Wells Fargo & Company reduced their price objective on International Flavors & Fragrances from $90.00 to $85.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Citigroup upped their price objective on International Flavors & Fragrances from $84.00 to $90.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Finally, Oppenheimer cut International Flavors & Fragrances from an "outperform" rating to a "market perform" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.36.

International Flavors & Fragrances Profile

International Flavors & Fragrances, Inc engages in the manufacture and supply of flavors and fragrances used in the food, beverage, personal care, and household products industries. It operates through the following segments: Nourish, Health & Biosciences, Scent and Pharma Solutions. The Nourish segment consists of legacy Taste segment combined with N&B's Food & Beverage division and the food protection business of N&B's Health & Biosciences division.