Korea Investment CORP acquired a new stake in International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 40,013 shares of the specialty chemicals company's stock, valued at approximately $3,170,000.
A number of other institutional investors have also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 purchasing an additional 1,335 shares during the period. Jones Financial Companies Lllp grew its position in shares of International Flavors & Fragrances by 15.7% during the 1st quarter. Jones Financial Companies Lllp now owns 3,976 shares of the specialty chemicals company's stock worth $309,000 after buying an additional 539 shares during the period. Empowered Funds LLC increased its stake in shares of International Flavors & Fragrances by 71.5% in the 1st quarter. Empowered Funds LLC now owns 10,454 shares of the specialty chemicals company's stock valued at $811,000 after acquiring an additional 4,358 shares during the last quarter. Focus Partners Wealth increased its stake in shares of 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 valued at $584,000 after acquiring an additional 1,530 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its position in shares of International Flavors & Fragrances by 55.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 587 shares of the specialty chemicals company's stock valued at $46,000 after acquiring an additional 210 shares during the period. Institutional investors and hedge funds own 96.02% of the company's stock.
Insider Activity
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 sale, the chief accounting officer owned 3,446 shares of the company's stock, 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 can be accessed through the SEC website. Also, Director Paul J. Fribourg purchased 260,000 shares of the firm's stock in a transaction dated Monday, June 1st. The stock was acquired at an average price of $74.28 per share, for a total transaction of $19,312,800.00. Following the purchase, the director owned 2,682,730 shares in the company, valued at approximately $199,273,184.40. The trade was a 10.73% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have sold 15,543 shares of company stock worth $1,315,659. Insiders own 1.07% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on IFF. Vertical Research cut shares of International Flavors & Fragrances from a "buy" rating to a "hold" rating and set a $93.00 price target on the stock. in a research report on Thursday, August 6th. Weiss Ratings downgraded International Flavors & Fragrances from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, August 17th. Morgan Stanley boosted their target price on International Flavors & Fragrances from $93.00 to $95.00 and gave the company an "overweight" rating in a research note on Wednesday, July 1st. Oppenheimer increased their price target on International Flavors & Fragrances from $88.00 to $90.00 and gave the stock an "outperform" rating in a report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on International Flavors & Fragrances from $95.00 to $90.00 and set a "buy" rating on the stock in a report on Monday, June 1st. Thirteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, International Flavors & Fragrances presently has a consensus rating of "Moderate Buy" and an average price target of $92.16.
Read Our Latest Report on International Flavors & Fragrances
International Flavors & Fragrances Stock Performance
NYSE IFF opened at $85.79 on Tuesday. International Flavors & Fragrances Inc. has a 1 year low of $59.14 and a 1 year high of $89.32. The firm has a market capitalization of $21.89 billion, a P/E ratio of 78.71, a price-to-earnings-growth ratio of 3.12 and a beta of 0.93. The firm's fifty day moving average price is $79.71 and its two-hundred day moving average price is $76.45. The company has a current ratio of 2.06, a quick ratio of 1.72 and a debt-to-equity ratio of 0.34.
International Flavors & Fragrances (NYSE:IFF - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $0.82 earnings per share for the quarter, missing analysts' consensus estimates of $1.07 by ($0.25). The business 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 7.11% and a net margin of 2.78%.International Flavors & Fragrances's quarterly revenue was up 1.8% compared to the same quarter last year. During the same period last year, the firm earned $1.15 EPS. As a group, research analysts anticipate that International Flavors & Fragrances Inc. will post 3.08 EPS for the current year.
International Flavors & Fragrances declared that its board has approved a stock repurchase plan 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. Stock repurchase plans are usually a sign that the company's management believes its shares are undervalued.
International Flavors & Fragrances Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, September 18th. International Flavors & Fragrances's dividend payout ratio is 146.79%.
About International Flavors & Fragrances
(
Free Report)
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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