International Flavors & Fragrances (NYSE:IFF) Sets New 1-Year Low on Analyst Downgrade

Key Points

• International Flavors & Fragrances shares fell to a new 1-year low of $63.71 following a downgrade by UBS Group, which lowered its price target from $83.00 to $79.00 while maintaining a neutral rating.
• Despite the recent drop, the stock is rated a "Moderate Buy" by analysts, with thirteen buy ratings and a consensus price target of $93.14.
• The company announced a quarterly dividend of $0.40, representing an annual yield of 2.4%, to be paid on October 10th to investors of record on September 29th.

International Flavors & Fragrances Inc. (NYSE:IFF - Get Free Report) shares hit a new 52-week low on Wednesday after UBS Group lowered their price target on the stock from $83.00 to $79.00. UBS Group currently has a neutral rating on the stock. International Flavors & Fragrances traded as low as $63.71 and last traded at $65.14, with a volume of 1862487 shares changing hands. The stock had previously closed at $70.62.

Several other brokerages also recently issued reports on IFF. Barclays upgraded International Flavors & Fragrances from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $76.00 to $84.00 in a research report on Thursday, May 8th. Morgan Stanley cut their price target on International Flavors & Fragrances from $100.00 to $98.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. Citigroup boosted their price target on International Flavors & Fragrances from $84.00 to $90.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Mizuho cut their price target on International Flavors & Fragrances from $95.00 to $87.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Finally, Tigress Financial began coverage on International Flavors & Fragrances in a report on Wednesday, June 4th. They issued a "buy" rating and a $105.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $93.14.

Insider Activity

In related news, EVP Stephen N. Landsman bought 12,000 shares of the business's stock in a transaction dated Monday, May 19th. The shares were acquired at an average price of $77.28 per share, for a total transaction of $927,360.00. Following the purchase, the executive vice president owned 12,000 shares in the company, valued at $927,360. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Mehmood Khan bought 4,000 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was bought at an average price of $75.33 per share, for a total transaction of $301,320.00. Following the purchase, the director owned 4,604 shares in the company, valued at approximately $346,819.32. This represents a 662.25% increase in their position. The disclosure for this purchase can be found here. Insiders bought 22,050 shares of company stock worth $1,688,512 in the last quarter. Insiders own 0.17% of the company's stock.

Hedge Funds Weigh In On International Flavors & Fragrances

Hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. lifted its position in International Flavors & Fragrances by 101.9% in the 4th quarter. Franklin Resources Inc. now owns 85,156 shares of the specialty chemicals company's stock worth $7,200,000 after buying an additional 42,978 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in International Flavors & Fragrances in the 4th quarter worth approximately $6,453,000. Bank of Montreal Can lifted its position in International Flavors & Fragrances by 84.6% in the 4th quarter. Bank of Montreal Can now owns 389,819 shares of the specialty chemicals company's stock worth $32,959,000 after buying an additional 178,664 shares in the last quarter. Invesco Ltd. lifted its position in International Flavors & Fragrances by 20.0% in the 4th quarter. Invesco Ltd. now owns 2,595,110 shares of the specialty chemicals company's stock worth $219,417,000 after buying an additional 433,048 shares in the last quarter. Finally, Twin Capital Management Inc. purchased a new stake in International Flavors & Fragrances in the 4th quarter worth approximately $574,000. 96.02% of the stock is currently owned by institutional investors and hedge funds.

International Flavors & Fragrances Trading Down 6.0%

The company has a current ratio of 1.87, a quick ratio of 1.39 and a debt-to-equity ratio of 0.58. The company has a market cap of $16.98 billion, a PE ratio of -20.33, a P/E/G ratio of 3.10 and a beta of 1.04. The business's 50-day simple moving average is $75.33 and its 200-day simple moving average is $77.76.

International Flavors & Fragrances (NYSE:IFF - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The specialty chemicals company reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.04. The business had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.69 billion. International Flavors & Fragrances had a negative net margin of 7.31% and a positive return on equity of 7.99%. International Flavors & Fragrances's revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.16 EPS. As a group, analysts expect that International Flavors & Fragrances Inc. will post 4.32 EPS for the current fiscal year.

International Flavors & Fragrances Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Monday, September 29th will be paid a $0.40 dividend. The ex-dividend date is Monday, September 29th. This represents a $1.60 dividend on an annualized basis and a yield of 2.4%. International Flavors & Fragrances's dividend payout ratio (DPR) is presently -48.93%.

About International Flavors & Fragrances

International Flavors & Fragrances, Inc engages in the manufacture and supply of flavors and fragrances used in the food, beverage, personal care, and household products industries. It operates through the following segments: Nourish, Health & Biosciences, Scent and Pharma Solutions. The Nourish segment consists of legacy Taste segment combined with N&B's Food & Beverage division and the food protection business of N&B's Health & Biosciences division.

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