International Flavors & Fragrances (NYSE:IFF) Reaches New 1-Year High – Here’s What Happened

International Flavors & Fragrances Inc. (NYSE:IFF) hit a new 52-week high during trading on Monday. The stock traded as high as $94.59 and last traded at $94.4490, with a volume of 1,483,613 shares changing hands. The stock had previously closed at $94.15.

Analysts Set New Price Targets

IFF has been the topic of several recent research reports. Zacks Research raised shares of International Flavors & Fragrances from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 20th. Argus boosted their target price on shares of International Flavors & Fragrances from $85.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, October 7th. KeyCorp began coverage on shares of International Flavors & Fragrances in a research report on Thursday, September 10th. They issued a “sector weight” rating for the company. Citigroup dropped their price target on shares of International Flavors & Fragrances from $101.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. Finally, Oppenheimer lifted their price objective on shares of International Flavors & Fragrances from $95.00 to $108.00 and gave the company an “outperform” rating in a research note on Thursday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, International Flavors & Fragrances presently has an average rating of “Moderate Buy” and an average price target of $94.28.

International Flavors & Fragrances Trading Down 0.4%

The firm has a fifty day simple moving average of $86.32 and a 200 day simple moving average of $78.19.

International Flavors & Fragrances (NYSE:IFF) last issued its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.25). The firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $2.62 billion. The business’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.15 earnings per share. Equities research analysts forecast that International Flavors & Fragrances Inc. will post 3.24 EPS for the current year.

International Flavors & Fragrances declared that its board has initiated a stock buyback program on Tuesday, August 4th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to repurchase up to 12.1% of its shares through open market purchases. Share repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider De Mendonca Ana Paula Teles sold 5,718 shares of International Flavors & Fragrances 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Marc Birenkrant sold 1,000 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $85.00, for a total value of $85,000.00. Following the sale, the chief accounting officer owned 3,446 shares in the company, valued at $292,910. The trade was a 22.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 15,543 shares of company stock worth $1,315,659 over the last three months. 1.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On International Flavors & Fragrances

A number of hedge funds have recently added to or reduced their stakes in IFF. North Dakota State Investment Board grew its holdings in shares of International Flavors & Fragrances by 2.8% in the 3rd quarter. North Dakota State Investment Board now owns 7,832 shares of the specialty chemicals company’s stock valued at $654,000 after acquiring an additional 215 shares in the last quarter. Park Avenue Securities LLC raised its holdings in International Flavors & Fragrances by 5.8% during the third quarter. Park Avenue Securities LLC now owns 11,634 shares of the specialty chemicals company’s stock worth $971,000 after acquiring an additional 634 shares in the last quarter. Apollon Wealth Management LLC raised its holdings in International Flavors & Fragrances by 15.0% during the third quarter. Apollon Wealth Management LLC now owns 10,118 shares of the specialty chemicals company’s stock worth $845,000 after acquiring an additional 1,319 shares in the last quarter. Signaturefd LLC boosted its position in International Flavors & Fragrances by 23.5% during the third quarter. Signaturefd LLC now owns 5,351 shares of the specialty chemicals company’s stock valued at $447,000 after purchasing an additional 1,017 shares during the last quarter. Finally, Citizens Financial Group Inc. RI boosted its position in International Flavors & Fragrances by 9.6% during the third quarter. Citizens Financial Group Inc. RI now owns 2,876 shares of the specialty chemicals company’s stock valued at $241,000 after purchasing an additional 253 shares during the last quarter. Institutional investors own 96.02% of the company’s stock.

About International Flavors & Fragrances

International Flavors & Fragrances Inc (NYSE:IFF) develops and manufactures ingredients, flavor systems, fragrances and specialty solutions used in consumer and industrial products. Its offerings support food and beverage manufacturers, fragrance and personal care companies, household-product makers, pharmaceutical businesses and other customers.

The company’s portfolio includes flavors for beverages, dairy products, sweet goods, savory foods and other applications; fragrances for fine fragrance, personal care and home care products; and functional ingredients, enzymes, cultures, natural extracts and other specialty materials.