Norges Bank Invests $113.28 Million in International Flavors & Fragrances Inc. $IFF

Key Points

• Norges Bank opened a new position in International Flavors & Fragrances, buying 1.68 million shares worth about $113.28 million and holding roughly 0.66% of the company.
• IFF reported better-than-expected quarterly results, with earnings of $1.25 per share versus $1.08 expected and revenue of $2.74 billion versus $2.64 billion expected, even though sales declined 3.6% year over year.
• The company also announced a quarterly dividend of $0.40 per share, equal to an annualized yield of about 2.2%, while analysts remain broadly positive with a consensus rating of Moderate Buy.

Norges Bank purchased a new position in shares of International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,681,024 shares of the specialty chemicals company's stock, valued at approximately $113,284,000. Norges Bank owned about 0.66% of International Flavors & Fragrances at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Lloyd Advisory Services LLC. purchased a new stake in shares of International Flavors & Fragrances during the fourth quarter worth approximately $27,000. Geneos Wealth Management Inc. raised its stake in shares of International Flavors & Fragrances by 55.7% during the first quarter. Geneos Wealth Management Inc. now owns 587 shares of the specialty chemicals company's stock worth $46,000 after purchasing an additional 210 shares during the last quarter. Transamerica Financial Advisors LLC raised its stake in shares of International Flavors & Fragrances by 884.1% during the second quarter. Transamerica Financial Advisors LLC now owns 679 shares of the specialty chemicals company's stock worth $50,000 after purchasing an additional 610 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in shares of International Flavors & Fragrances by 42.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 798 shares of the specialty chemicals company's stock worth $54,000 after purchasing an additional 239 shares during the last quarter. Finally, AlphaQuest LLC raised its stake in shares of International Flavors & Fragrances by 1,190.0% during the third quarter. AlphaQuest LLC now owns 903 shares of the specialty chemicals company's stock worth $56,000 after purchasing an additional 833 shares during the last quarter. Hedge funds and other institutional investors own 96.02% of the company's stock.

International Flavors & Fragrances Stock Down 0.4%

International Flavors & Fragrances stock opened at $73.26 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 1.49. The firm has a market capitalization of $18.70 billion, a price-to-earnings ratio of 22.40, a price-to-earnings-growth ratio of 2.09 and a beta of 0.94. International Flavors & Fragrances Inc. has a fifty-two week low of $59.14 and a fifty-two week high of $84.45. The stock's fifty day moving average is $73.67 and its two-hundred day moving average is $71.98.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last posted its earnings results on Tuesday, May 5th. The specialty chemicals company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.17. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.64 billion. International Flavors & Fragrances had a return on equity of 7.65% and a net margin of 7.78%.International Flavors & Fragrances's revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.20 earnings per share. Analysts predict that International Flavors & Fragrances Inc. will post 4.57 EPS for the current fiscal year.

International Flavors & Fragrances Dividend Announcement

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 paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.2%. International Flavors & Fragrances's dividend payout ratio (DPR) is presently 48.93%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Wells Fargo & Company increased their price objective on International Flavors & Fragrances from $85.00 to $100.00 and gave the stock an "overweight" rating in a research report on Friday, February 13th. Citigroup increased their price objective on International Flavors & Fragrances from $90.00 to $96.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Jefferies Financial Group increased their price objective on International Flavors & Fragrances from $97.00 to $105.00 in a research report on Thursday, May 7th. Weiss Ratings upgraded International Flavors & Fragrances from a "sell (d)" rating to a "hold (c)" rating in a research report on Wednesday, May 6th. Finally, Berenberg Bank increased their price objective on International Flavors & Fragrances from $83.00 to $84.80 and gave the stock a "hold" rating in a research report on Thursday, May 7th. Twelve analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $90.49.

Insider Activity at International Flavors & Fragrances

In related news, Director Paul J. Fribourg acquired 260,000 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The shares were acquired at an average price of $74.28 per share, with a total value of $19,312,800.00. Following the completion of the purchase, the director directly owned 2,682,730 shares in the company, valued at approximately $199,273,184.40. The trade was a 10.73% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders acquired a total of 415,500 shares of company stock worth $30,276,875 over the last quarter. 1.07% of the stock is owned by company insiders.

International Flavors & Fragrances Profile

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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