Van ECK Associates Corp Has $3.15 Million Stake in International Flavors & Fragrances Inc. $IFF

Key Points

• Van ECK Associates cut its IFF stake by 96.9% in the second quarter, selling 1.23 million shares and retaining 39,719 shares worth approximately $3.15 million. Institutional investors collectively own 96.02% of the company.
• IFF reported quarterly EPS of $0.82, missing the $1.07 consensus estimate, while revenue of $1.95 billion also fell short of the $2.62 billion forecast. The company’s net margin was 2.78% and return on equity was 7.11%.
• The board authorized a $2.5 billion share-buyback program, covering up to 12.1% of outstanding shares, and declared a quarterly dividend of $0.40. Analysts maintain a “Moderate Buy” consensus with an average price target of $91.40.

Van ECK Associates Corp reduced its stake in shares of International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 96.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 39,719 shares of the specialty chemicals company's stock after selling 1,225,088 shares during the quarter. Van ECK Associates Corp's holdings in International Flavors & Fragrances were worth $3,147,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in IFF. DNB Asset Management AS boosted its stake in shares of International Flavors & Fragrances by 0.3% during the 4th quarter. DNB Asset Management AS now owns 53,741 shares of the specialty chemicals company's stock valued at $3,622,000 after buying an additional 139 shares during the period. MML Investors Services LLC increased its stake in shares of International Flavors & Fragrances by 0.8% in the fourth quarter. MML Investors Services LLC now owns 17,249 shares of the specialty chemicals company's stock worth $1,162,000 after acquiring an additional 140 shares during the last quarter. Manning & Napier Advisors LLC raised its holdings in shares of International Flavors & Fragrances by 0.5% during the fourth quarter. Manning & Napier Advisors LLC now owns 42,033 shares of the specialty chemicals company's stock worth $2,855,000 after acquiring an additional 203 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in 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 valued at $46,000 after purchasing an additional 210 shares during the last quarter. Finally, QRG Capital Management Inc. grew its stake in International Flavors & Fragrances by 6.3% in the first quarter. QRG Capital Management Inc. now owns 3,875 shares of the specialty chemicals company's stock valued at $281,000 after purchasing an additional 228 shares in the last quarter. 96.02% of the stock is owned by hedge funds and other institutional investors.

International Flavors & Fragrances Price Performance

NYSE IFF opened at $86.51 on Friday. International Flavors & Fragrances Inc. has a 1 year low of $59.14 and a 1 year high of $89.32. The company has a fifty day simple moving average of $81.43 and a 200 day simple moving average of $77.00. The company has a current ratio of 2.06, a quick ratio of 1.72 and a debt-to-equity ratio of 0.34. The company has a market cap of $22.07 billion, a P/E ratio of 79.37, a P/E/G ratio of 3.39 and a beta of 0.94.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last announced its earnings results on Tuesday, August 4th. The specialty chemicals company reported $0.82 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.25). International Flavors & Fragrances had a return on equity of 7.11% and a net margin of 2.78%.The firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter last year, the business earned $1.15 EPS. The business's revenue was up 1.8% compared to the same quarter last year. On average, sell-side analysts predict 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 buyback plan on Tuesday, August 4th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the specialty chemicals company to purchase up to 12.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board of directors believes its shares are undervalued.

International Flavors & Fragrances Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be paid a $0.40 dividend. The ex-dividend date is Friday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.8%. International Flavors & Fragrances's payout ratio is presently 146.79%.

Insider Buying and Selling

In related news, EVP Michael Deveau sold 8,825 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $85.55, for a total transaction of $754,978.75. Following the completion of the sale, the executive vice president owned 5,199 shares in the company, valued at $444,774.45. This represents a 62.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider De Mendonca Ana Paula Teles sold 5,718 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $83.19, for a total value of $475,680.42. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 15,543 shares of company stock valued at $1,315,659. Insiders own 1.07% of the company's stock.

Analyst Upgrades and Downgrades

IFF has been the subject of a number of recent research reports. Vertical Research downgraded International Flavors & Fragrances from a "buy" rating to a "hold" rating and set a $93.00 price target for the company. in a research note on Thursday, August 6th. 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 report on Thursday, May 7th. UBS Group raised their price objective 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. Weiss Ratings cut shares of International Flavors & Fragrances from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, August 17th. Finally, Rothschild & Co Redburn dropped their price target on shares of International Flavors & Fragrances from $74.00 to $71.00 in a research note on Friday, May 8th. Twelve equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, International Flavors & Fragrances currently has a consensus rating of "Moderate Buy" and a consensus target price of $91.40.

International Flavors & Fragrances Company 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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