Kornitzer Capital Management Inc. KS Sells 4,211 Shares of International Flavors & Fragrances Inc. (NYSE:IFF)

Kornitzer Capital Management Inc. KS trimmed its position in International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 5.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 67,635 shares of the specialty chemicals company's stock after selling 4,211 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in International Flavors & Fragrances were worth $5,249,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Dodge & Cox increased its stake in International Flavors & Fragrances by 11.9% in the fourth quarter. Dodge & Cox now owns 31,437,763 shares of the specialty chemicals company's stock valued at $2,658,063,000 after acquiring an additional 3,355,381 shares during the last quarter. Vanguard Group Inc. increased its stake in International Flavors & Fragrances by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 30,218,759 shares of the specialty chemicals company's stock valued at $2,554,996,000 after acquiring an additional 164,945 shares during the last quarter. Freemont Capital Pte Ltd acquired a new stake in International Flavors & Fragrances in the fourth quarter valued at approximately $2,143,882,000. Geode Capital Management LLC boosted its position in International Flavors & Fragrances by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 6,166,778 shares of the specialty chemicals company's stock valued at $520,032,000 after buying an additional 157,948 shares in the last quarter. Finally, Norges Bank acquired a new stake in International Flavors & Fragrances in the fourth quarter valued at approximately $452,363,000. 96.02% of the stock is owned by institutional investors.

International Flavors & Fragrances Trading Up 1.3%

IFF stock traded up $0.98 during midday trading on Friday, hitting $76.01. The stock had a trading volume of 1,531,369 shares, compared to its average volume of 1,539,254. The firm has a market cap of $19.44 billion, a P/E ratio of -23.24, a price-to-earnings-growth ratio of 3.33 and a beta of 1.04. The company has a current ratio of 1.87, a quick ratio of 1.39 and a debt-to-equity ratio of 0.58. International Flavors & Fragrances Inc. has a 1-year low of $65.85 and a 1-year high of $106.77. The business has a fifty day moving average price of $75.93 and a two-hundred day moving average price of $78.56.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last released its earnings results on Tuesday, May 6th. The specialty chemicals company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.08. International Flavors & Fragrances had a negative net margin of 7.31% and a positive return on equity of 7.99%. The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.83 billion. During the same quarter in the previous year, the business earned $1.13 earnings per share. International Flavors & Fragrances's revenue for the quarter was down 1.9% on a year-over-year basis. On average, sell-side analysts predict that International Flavors & Fragrances Inc. will post 4.32 earnings per share for the current fiscal year.

International Flavors & Fragrances Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 20th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.10%. The ex-dividend date was Friday, June 20th. International Flavors & Fragrances's dividend payout ratio (DPR) is currently -48.93%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Stifel Nicolaus cut their target price on shares of International Flavors & Fragrances from $105.00 to $91.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Oppenheimer cut their price target on shares of International Flavors & Fragrances from $104.00 to $89.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Tigress Financial assumed coverage on shares of International Flavors & Fragrances in a report on Wednesday, June 4th. They set a "buy" rating and a $105.00 price target on the stock. Barclays upgraded shares of International Flavors & Fragrances from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $76.00 to $84.00 in a report on Thursday, May 8th. Finally, Citigroup lifted their price target on shares of International Flavors & Fragrances from $84.00 to $90.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, International Flavors & Fragrances presently has an average rating of "Moderate Buy" and a consensus target price of $93.43.

Insider Transactions at International Flavors & Fragrances

In related news, Director Kevin O'byrne purchased 4,500 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was purchased at an average cost of $76.05 per share, with a total value of $342,225.00. Following the completion of the purchase, the director owned 7,696 shares in the company, valued at approximately $585,280.80. This trade represents a 140.80% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Hernandez Margarita Palau purchased 850 shares of the firm's stock in a transaction on Monday, May 19th. The stock was bought at an average cost of $77.42 per share, with a total value of $65,807.00. Following the completion of the purchase, the director owned 2,393 shares of the company's stock, valued at approximately $185,266.06. This represents a 55.09% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 22,050 shares of company stock valued at $1,688,512. 0.20% of the stock is owned by insiders.

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.