Weiss Asset Management LP Trims Stake in International Flavors & Fragrances Inc. $IFF

Key Points

• Weiss Asset Management cut its IFF stake by 78.3% in the first quarter, selling 105,100 shares and retaining 29,200 shares valued at approximately $2.1 million. Institutional investors still own about 96% of the company.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and five Holds, producing a “Moderate Buy” consensus and an average price target of $91.16. Director Paul J. Fribourg also purchased 260,000 shares for roughly $19.3 million.
• IFF exceeded first-quarter expectations with earnings of $1.25 per share versus $1.08 expected and revenue of $2.74 billion, though revenue declined 3.6% year over year. The company pays a quarterly dividend of $0.40 per share, representing a 2.1% yield.

Weiss Asset Management LP lessened its stake in shares of International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 78.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 29,200 shares of the specialty chemicals company's stock after selling 105,100 shares during the quarter. Weiss Asset Management LP's holdings in International Flavors & Fragrances were worth $2,118,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Invesco Ltd. increased its position in International Flavors & Fragrances by 131.3% during the 3rd quarter. Invesco Ltd. now owns 7,167,176 shares of the specialty chemicals company's stock worth $441,068,000 after purchasing an additional 4,069,075 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of International Flavors & Fragrances during the 4th quarter worth about $211,703,000. Ameriprise Financial Inc. grew its holdings in shares of International Flavors & Fragrances by 1,842.0% during the second quarter. Ameriprise Financial Inc. now owns 2,491,606 shares of the specialty chemicals company's stock worth $183,264,000 after buying an additional 2,363,307 shares in the last quarter. First Eagle Investment Management LLC grew its holdings in shares of International Flavors & Fragrances by 27.5% during the fourth quarter. First Eagle Investment Management LLC now owns 8,831,668 shares of the specialty chemicals company's stock worth $595,166,000 after buying an additional 1,904,598 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of International Flavors & Fragrances in the fourth quarter valued at approximately $113,284,000. 96.02% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on IFF. Deutsche Bank Aktiengesellschaft decreased their target price on shares of International Flavors & Fragrances from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Monday, June 1st. Jefferies Financial Group increased their price target on International Flavors & Fragrances from $97.00 to $105.00 in a research note on Thursday, May 7th. Barclays raised their price objective on International Flavors & Fragrances from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Rothschild & Co Redburn dropped their target price on International Flavors & Fragrances from $74.00 to $71.00 in a research note on Friday, May 8th. Finally, Benchmark started coverage on International Flavors & Fragrances in a research note on Tuesday, June 9th. They issued a "buy" rating and a $100.00 price target on the stock. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $91.16.

Insider Buying and Selling

In other news, Director Paul J. Fribourg purchased 260,000 shares of the company's stock in a transaction on Monday, June 1st. The stock was bought at an average cost of $74.28 per share, for a total transaction of $19,312,800.00. Following the completion of the purchase, the director directly owned 2,682,730 shares of the company's stock, valued at $199,273,184.40. The trade was a 10.73% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.07% of the stock is owned by corporate insiders.

International Flavors & Fragrances Stock Performance

NYSE:IFF opened at $75.99 on Monday. The company has a quick ratio of 0.87, a current ratio of 1.49 and a debt-to-equity ratio of 0.33. The company has a market cap of $19.40 billion, a P/E ratio of 23.24, a P/E/G ratio of 1.90 and a beta of 0.93. International Flavors & Fragrances Inc. has a fifty-two week low of $59.14 and a fifty-two week high of $84.45. The firm's 50 day moving average is $76.55 and its two-hundred day moving average is $74.67.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The specialty chemicals company reported $1.25 earnings per share (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 quarterly revenue 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. Analysts expect that International Flavors & Fragrances Inc. will post 4.55 EPS for the current year.

International Flavors & Fragrances Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, June 18th were 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 of this dividend was Thursday, June 18th. International Flavors & Fragrances's payout ratio is 48.93%.

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.

Want to see what other hedge funds are holding IFF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Flavors & Fragrances Inc. (NYSE:IFF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.