Tocqueville Asset Management L.P. Purchases New Holdings in International Flavors & Fragrances Inc. $IFF

Key Points

• Tocqueville Asset Management acquired 1.02 million IFF shares worth approximately $80.4 million, making the stock its 18th-largest holding and representing 0.40% of IFF’s outstanding shares. Institutional investors collectively own 96.02% of the company.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $92.16, although some firms recently downgraded the stock to “sell” or “strong sell.” IFF shares opened at $83.23.
• IFF missed quarterly expectations, reporting $0.82 in earnings per share versus $1.07 expected and revenue of $1.95 billion versus $2.62 billion forecast. The company nevertheless authorized a $2.5 billion share buyback and maintained a quarterly dividend of $0.40 per share.

Tocqueville Asset Management L.P. acquired a new position in International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 1,015,185 shares of the specialty chemicals company's stock, valued at approximately $80,423,000. International Flavors & Fragrances comprises approximately 1.1% of Tocqueville Asset Management L.P.'s investment portfolio, making the stock its 18th largest position. Tocqueville Asset Management L.P. owned 0.40% of International Flavors & Fragrances as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of International Flavors & Fragrances during the second quarter worth $1,835,955,000. Invesco Ltd. boosted its holdings in International Flavors & Fragrances by 131.3% in the third 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 last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in International Flavors & Fragrances in the fourth quarter worth about $211,703,000. Ameriprise Financial Inc. raised its holdings in International Flavors & Fragrances by 1,842.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,491,606 shares of the specialty chemicals company's stock worth $183,264,000 after purchasing an additional 2,363,307 shares during the last quarter. Finally, First Eagle Investment Management LLC lifted its position in International Flavors & Fragrances by 27.5% during 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 purchasing an additional 1,904,598 shares during the period. 96.02% of the stock is currently owned by institutional investors.

Insider Activity at International Flavors & Fragrances

In related news, CAO Marc Birenkrant sold 1,000 shares of the company's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $85.00, for a total value of $85,000.00. Following the completion of the transaction, the chief accounting officer directly owned 3,446 shares of the company's stock, valued at approximately $292,910. This represents a 22.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul J. Fribourg bought 260,000 shares of the stock in a transaction on Monday, June 1st. The shares were purchased at an average price of $74.28 per share, with a total value of $19,312,800.00. Following the acquisition, the director owned 2,682,730 shares in the company, valued at approximately $199,273,184.40. This represents a 10.73% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have sold 15,543 shares of company stock valued at $1,315,659. Corporate insiders own 1.07% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Wall Street Zen cut shares of International Flavors & Fragrances from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. BNP Paribas Exane raised their price objective on shares of International Flavors & Fragrances from $85.00 to $95.00 in a research note on Thursday, May 7th. UBS Group upped their target price on shares of International Flavors & Fragrances from $84.00 to $91.00 and gave the company a "neutral" rating in a research report on Thursday, August 6th. Benchmark increased their price target on International Flavors & Fragrances from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Finally, Zacks Research lowered International Flavors & Fragrances from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 6th. Thirteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $92.16.

International Flavors & Fragrances Stock Up 2.8%

Shares of NYSE:IFF opened at $83.23 on Thursday. The company has a 50 day moving average price of $79.32 and a two-hundred day moving average price of $76.14. The company has a market capitalization of $21.24 billion, a PE ratio of 76.36, a PEG ratio of 3.01 and a beta of 0.93. International Flavors & Fragrances Inc. has a 52 week low of $59.14 and a 52 week high of $89.32. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.72 and a current ratio of 2.06.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $0.82 EPS for the quarter, missing analysts' consensus estimates of $1.07 by ($0.25). The firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $2.62 billion. International Flavors & Fragrances had a net margin of 2.78% and a return on equity of 7.11%. International Flavors & Fragrances's quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.15 EPS. Analysts forecast that International Flavors & Fragrances Inc. will post 3.06 earnings per share for the current year.

International Flavors & Fragrances announced that its Board of Directors has initiated a share buyback plan on Tuesday, August 4th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to buy up to 12.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

International Flavors & Fragrances Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 18th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 18th. International Flavors & Fragrances's dividend payout ratio is presently 146.79%.

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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