ZWJ Investment Counsel Inc. Acquires 20,486 Shares of International Flavors & Fragrances Inc. $IFF

Key Points

• ZWJ Investment Counsel increased its IFF stake by 6.4%, purchasing 20,486 additional shares to own 341,237 shares valued at approximately $28.5 million. Institutional investors collectively own 96.02% of the company.
• IFF shares opened at $89.46, near their 52-week high, despite the company reporting quarterly EPS of $0.82 versus the $1.07 consensus estimate and revenue of $1.95 billion, below expectations.
• The board authorized a $2.5 billion share-repurchase program, while IFF maintained a quarterly dividend of $0.40 per share. Analysts hold a “Moderate Buy” consensus rating with an average price target of $92.69.

ZWJ Investment Counsel Inc. raised its holdings in International Flavors & Fragrances Inc. (NYSE:IFF - Free Report) by 6.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 341,237 shares of the specialty chemicals company's stock after purchasing an additional 20,486 shares during the period. ZWJ Investment Counsel Inc. owned 0.13% of International Flavors & Fragrances worth $28,486,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mather Group LLC. raised its holdings in International Flavors & Fragrances by 24.0% during the 3rd quarter. Mather Group LLC. now owns 1,393 shares of the specialty chemicals company's stock valued at $116,000 after acquiring an additional 270 shares during the period. Contravisory Investment Management Inc. lifted its position in shares of International Flavors & Fragrances by 12.6% during the third quarter. Contravisory Investment Management Inc. now owns 15,812 shares of the specialty chemicals company's stock worth $1,320,000 after acquiring an additional 1,774 shares in the last quarter. Avior Wealth Management LLC boosted its holdings in shares of International Flavors & Fragrances by 55.8% in the third quarter. Avior Wealth Management LLC now owns 4,472 shares of the specialty chemicals company's stock worth $373,000 after acquiring an additional 1,601 shares during the period. Wedmont Private Capital bought a new position in shares of International Flavors & Fragrances in the third quarter worth $268,000. Finally, Douglas Lane & Associates LLC grew its position in shares of International Flavors & Fragrances by 1.2% in the third quarter. Douglas Lane & Associates LLC now owns 367,492 shares of the specialty chemicals company's stock valued at $30,678,000 after purchasing an additional 4,253 shares in the last quarter. Institutional investors own 96.02% of the company's stock.

International Flavors & Fragrances Stock Up 1.4%

Shares of NYSE:IFF opened at $89.46 on Thursday. The firm has a fifty day moving average price of $84.95 and a two-hundred day moving average price of $78.97. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.06 and a quick ratio of 1.72. International Flavors & Fragrances Inc. has a one year low of $61.29 and a one year high of $89.70. The company has a market cap of $22.82 billion, a price-to-earnings ratio of 82.07, a PEG ratio of 3.42 and a beta of 0.91.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last released its quarterly earnings results 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 for the quarter, compared to analysts' expectations of $2.62 billion. International Flavors & Fragrances had a net margin of 2.78% and a return on equity of 7.11%. The firm's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.15 earnings per share. Analysts anticipate that International Flavors & Fragrances Inc. will post 3.09 EPS for the current fiscal year.

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

International Flavors & Fragrances Dividend Announcement

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

Insider Buying and Selling at International Flavors & Fragrances

In other International Flavors & Fragrances news, EVP Michael Deveau sold 8,825 shares of the firm's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $85.55, for a total value of $754,978.75. Following the sale, the executive vice president owned 5,199 shares of the company's stock, valued at $444,774.45. This trade represents a 62.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider De Mendonca Ana Paula Teles sold 5,718 shares of International Flavors & Fragrances stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $83.19, for a total value of $475,680.42. The SEC filing for this sale provides additional information. Insiders have sold a total of 15,543 shares of company stock valued at $1,315,659 in the last 90 days. Corporate insiders own 1.07% of the company's stock.

Analyst Ratings Changes

IFF has been the topic of a number of recent research reports. Wall Street Zen raised International Flavors & Fragrances from a "sell" rating to a "hold" rating in a report on Saturday, September 19th. Morgan Stanley raised their target price on International Flavors & Fragrances from $93.00 to $95.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 1st. UBS Group lifted their target price on International Flavors & Fragrances from $84.00 to $91.00 and gave the company a "neutral" rating in a report on Thursday, August 6th. Zacks Research upgraded International Flavors & Fragrances from a "strong sell" rating to a "hold" rating in a research report on Monday, September 21st. Finally, Vertical Research cut International Flavors & Fragrances from a "buy" rating to a "hold" rating and set a $93.00 price target on the stock. in a research report on Thursday, August 6th. Twelve analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $92.69.

International Flavors & Fragrances Company Profile

International Flavors & Fragrances Inc NYSE: IFF develops and manufactures ingredients and solutions used in food, beverages, personal care products, fragrances, household products, pharmaceuticals and other consumer goods. The company works with manufacturers to create flavors, fragrances, functional ingredients and sensory experiences for products sold under consumer brands.

IFF's portfolio includes natural and synthetic flavor compounds, fragrance ingredients, specialty ingredients, food texturants, enzymes, cultures, probiotics and pharmaceutical excipients.

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