Korea Investment CORP Acquires New Stake in International Flavors & Fragrances Inc. $IFF

Korea Investment CORP acquired a new position in International Flavors & Fragrances Inc. (NYSE:IFF) during the second quarter, HoldingsChannel.com reports. The fund acquired 40,013 shares of the specialty chemicals company’s stock, valued at approximately $3,170,000.

Several other large investors also recently modified their holdings of IFF. BlackRock Inc. acquired a new position in International Flavors & Fragrances in the second quarter valued at $1,835,955,000. State Street Corp raised its holdings in International Flavors & Fragrances by 1.1% during the fourth quarter. State Street Corp now owns 11,092,368 shares of the specialty chemicals company’s stock worth $751,875,000 after buying an additional 121,260 shares during the last quarter. First Eagle Investment Management LLC lifted its position in International Flavors & Fragrances by 27.5% in 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 acquiring an additional 1,904,598 shares in the last quarter. Invesco Ltd. grew its holdings in International Flavors & Fragrances by 4.9% during the fourth quarter. Invesco Ltd. now owns 7,519,812 shares of the specialty chemicals company’s stock worth $506,760,000 after buying an additional 352,636 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in International Flavors & Fragrances by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 6,771,894 shares of the specialty chemicals company’s stock worth $454,607,000 after buying an additional 172,781 shares in the last quarter. 96.02% of the stock is currently owned by institutional investors and hedge funds.

International Flavors & Fragrances Stock Up 1.8%

International Flavors & Fragrances stock opened at $85.79 on Tuesday. The firm has a 50 day simple moving average of $79.71 and a 200 day simple moving average of $76.45. The firm has a market capitalization of $21.89 billion, a price-to-earnings ratio of 78.71, a P/E/G ratio of 3.12 and a beta of 0.93. The company has a current ratio of 2.06, a quick ratio of 1.72 and a debt-to-equity ratio of 0.34. International Flavors & Fragrances Inc. has a 1-year low of $59.14 and a 1-year high of $89.32.

International Flavors & Fragrances (NYSE:IFF) last issued 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 company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter in the prior year, the business earned $1.15 EPS. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, analysts predict that International Flavors & Fragrances Inc. will post 3.08 earnings per share for the current year.

International Flavors & Fragrances Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 18th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 18th. International Flavors & Fragrances’s dividend payout ratio (DPR) is presently 146.79%.

International Flavors & Fragrances declared that its Board of Directors has approved a stock buyback program on Tuesday, August 4th that allows the company to buyback $2.50 billion in shares. This buyback authorization allows the specialty chemicals company to reacquire up to 12.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Vertical Research downgraded shares of International Flavors & Fragrances from a “buy” rating to a “hold” rating and set a $93.00 target price for the company. in a report on Thursday, August 6th. Rothschild & Co Redburn decreased their target price on International Flavors & Fragrances from $74.00 to $71.00 in a research report on Friday, May 8th. Citigroup reduced their price target on shares of International Flavors & Fragrances from $96.00 to $88.00 and set a “buy” rating for the company in a research report on Wednesday, June 24th. Barclays raised their price objective on shares of International Flavors & Fragrances from $90.00 to $96.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Finally, BNP Paribas Exane boosted their target price on shares of International Flavors & Fragrances from $85.00 to $95.00 in a research note on Thursday, May 7th. Thirteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, International Flavors & Fragrances presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.16.

Insider Activity

In related news, insider De Mendonca Ana Paula Teles sold 5,718 shares of International Flavors & Fragrances stock in a transaction on Monday, August 17th. The stock was sold at an average price of $83.19, for a total transaction of $475,680.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Marc Birenkrant sold 1,000 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $85.00, for a total value of $85,000.00. Following the transaction, the chief accounting officer owned 3,446 shares of the company’s stock, valued at approximately $292,910. The trade was a 22.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 15,543 shares of company stock valued at $1,315,659 over the last 90 days. Company insiders own 1.07% of the company’s stock.

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.