Legal & General Group Plc Sells 443,131 Shares of International Flavors & Fragrances Inc. $IFF

Key Points

• Legal & General Group Plc cut its International Flavors & Fragrances stake by 28.6% in the fourth quarter, selling 443,131 shares and leaving it with 1,108,938 shares valued at about $74.7 million.
• IFF is moving to sell its Food Ingredients business to CVC for roughly $4.3 billion, a deal the company says should help strengthen its balance sheet and support a more focused business mix.
• The company recently beat earnings and revenue expectations for the quarter and maintained its annual sales outlook, while analysts remain broadly positive with a consensus Moderate Buy rating and an average price target of $90.80.

Legal & General Group Plc lessened its position in International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 28.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,108,938 shares of the specialty chemicals company's stock after selling 443,131 shares during the period. Legal & General Group Plc owned about 0.43% of International Flavors & Fragrances worth $74,749,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Dodge & Cox grew its position in shares of International Flavors & Fragrances by 5.5% in the 3rd quarter. Dodge & Cox now owns 36,972,638 shares of the specialty chemicals company's stock valued at $2,275,296,000 after acquiring an additional 1,925,251 shares during the period. Vanguard Group Inc. grew its position in shares of International Flavors & Fragrances by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 31,133,186 shares of the specialty chemicals company's stock valued at $1,915,936,000 after acquiring an additional 252,983 shares during the period. State Street Corp grew its position in shares of International Flavors & Fragrances by 0.8% in the 3rd quarter. State Street Corp now owns 10,971,108 shares of the specialty chemicals company's stock valued at $679,460,000 after acquiring an additional 86,134 shares during the period. First Eagle Investment Management LLC grew its position in shares of International Flavors & Fragrances by 27.5% in the 4th quarter. First Eagle Investment Management LLC now owns 8,831,668 shares of the specialty chemicals company's stock valued at $595,166,000 after acquiring an additional 1,904,598 shares during the period. Finally, Invesco Ltd. grew its position in shares of International Flavors & Fragrances by 131.3% in the 3rd quarter. Invesco Ltd. now owns 7,167,176 shares of the specialty chemicals company's stock valued at $441,068,000 after acquiring an additional 4,069,075 shares during the period. Institutional investors own 96.02% of the company's stock.

Trending Headlines about International Flavors & Fragrances

Here are the key news stories impacting International Flavors & Fragrances this week:

• Positive Sentiment: IFF said the Food Ingredients sale to CVC is valued at roughly $4.3 billion, or about 10x EBITDA, which could help strengthen the balance sheet and support a more focused business mix. IFF Enters Into Agreement to Sell Its Food Ingredients Business to CVC
• Positive Sentiment: The company also backed its annual sales outlook, which may reassure investors that the divestiture is part of a broader profitability strategy rather than a sign of weakening demand. IFF To Sell Food Ingredients Business For $4.3 Bln, Backs Annual Sales Outlook; Pre-Market Stock Up
• Neutral Sentiment: LMR by IFF opened a new experimental field in Grasse, France, highlighting ongoing investment in natural ingredients and perfumery research, but this is unlikely to have an immediate stock-moving impact. LMR by IFF Inaugurates New Experimental Field in Grasse
• Negative Sentiment: Some investors may worry that selling the Food Ingredients unit reduces IFF’s scale and removes a key revenue contributor, even if the move improves profitability over time. International Flavors and Fragrances nears $4 billion deal to sell food ingredients business, WSJ reports

International Flavors & Fragrances Price Performance

International Flavors & Fragrances stock opened at $76.01 on Friday. The stock's fifty day moving average price is $73.20 and its two-hundred day moving average price is $71.70. International Flavors & Fragrances Inc. has a one year low of $59.14 and a one year high of $84.45. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.49 and a quick ratio of 0.87. The firm has a market cap of $19.41 billion, a PE ratio of 23.25, a price-to-earnings-growth ratio of 1.72 and a beta of 0.93.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last issued its earnings results on Tuesday, May 5th. The specialty chemicals company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.08 by $0.17. The company had revenue of $2.74 billion during the quarter, compared to analysts' expectations of $2.64 billion. International Flavors & Fragrances had a net margin of 7.78% and a return on equity of 7.65%. The business's revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.20 EPS. As a group, research analysts expect that International Flavors & Fragrances Inc. will post 4.55 EPS for the current fiscal year.

International Flavors & Fragrances Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, June 18th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Thursday, June 18th. International Flavors & Fragrances's dividend payout ratio is currently 48.93%.

Insider Transactions at International Flavors & Fragrances

In other International Flavors & Fragrances news, Director Paul J. Fribourg purchased 142,000 shares of the firm's stock in a transaction on Thursday, March 12th. The stock was purchased at an average cost of $70.13 per share, for a total transaction of $9,958,460.00. Following the transaction, the director owned 2,422,730 shares in the company, valued at $169,906,054.90. The trade was a 6.23% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.07% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on IFF. BNP Paribas Exane lifted their price objective on shares of International Flavors & Fragrances from $85.00 to $95.00 in a research report on Thursday, May 7th. JPMorgan Chase & Co. lifted their target price on shares of International Flavors & Fragrances from $90.00 to $92.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Rothschild & Co Redburn reduced their target price on shares of International Flavors & Fragrances from $74.00 to $71.00 in a report on Friday, May 8th. Oppenheimer lifted their target price on shares of International Flavors & Fragrances from $88.00 to $90.00 and gave the stock an "outperform" rating in a report on Thursday, May 7th. Finally, Citigroup lifted their target price on shares of International Flavors & Fragrances from $90.00 to $96.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Twelve investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $90.80.

About International Flavors & Fragrances

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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