Bank of Nova Scotia Makes New Investment in International Flavors & Fragrances Inc. $IFF

Bank of Nova Scotia acquired a new position in International Flavors & Fragrances Inc. (NYSE:IFF) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 26,459 shares of the specialty chemicals company’s stock, valued at approximately $2,096,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of International Flavors & Fragrances by 5.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,315 shares of the specialty chemicals company’s stock valued at $2,042,000 after buying an additional 1,335 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of International Flavors & Fragrances by 15.7% during the 1st quarter. Jones Financial Companies Lllp now owns 3,976 shares of the specialty chemicals company’s stock worth $309,000 after acquiring an additional 539 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of International Flavors & Fragrances by 71.5% in the 1st quarter. Empowered Funds LLC now owns 10,454 shares of the specialty chemicals company’s stock worth $811,000 after acquiring an additional 4,358 shares during the last quarter. Focus Partners Wealth raised its position in shares of International Flavors & Fragrances by 25.5% during the first quarter. Focus Partners Wealth now owns 7,527 shares of the specialty chemicals company’s stock worth $584,000 after purchasing an additional 1,530 shares during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of International Flavors & Fragrances by 55.7% during the first quarter. Geneos Wealth Management Inc. now owns 587 shares of the specialty chemicals company’s stock valued at $46,000 after purchasing an additional 210 shares during the last quarter. 96.02% of the stock is currently owned by institutional investors.

Insider Transactions at International Flavors & Fragrances

In other news, Director Paul J. Fribourg acquired 260,000 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were purchased at an average price of $74.28 per share, for a total transaction of $19,312,800.00. Following the completion of the acquisition, the director owned 2,682,730 shares of the company’s stock, valued at approximately $199,273,184.40. This represents a 10.73% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Deveau sold 8,825 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $85.55, for a total transaction of $754,978.75. Following the transaction, the executive vice president directly owned 5,199 shares in the company, valued at approximately $444,774.45. The trade was a 62.93% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 15,543 shares of company stock worth $1,315,659. 1.07% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on IFF. Morgan Stanley lifted their price target 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. Barclays upped their price objective on shares of International Flavors & Fragrances from $90.00 to $96.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. UBS Group lifted their target price on shares of International Flavors & Fragrances from $84.00 to $91.00 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. Citigroup cut their price target on shares of International Flavors & Fragrances from $96.00 to $88.00 and set a “buy” rating on the stock in a report on Wednesday, June 24th. Finally, Berenberg Bank raised their price objective on shares of International Flavors & Fragrances from $83.00 to $84.80 and gave the stock a “hold” rating in a research note on Thursday, May 7th. Twelve equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, International Flavors & Fragrances has a consensus rating of “Moderate Buy” and an average target price of $91.40.

International Flavors & Fragrances Trading Down 0.0%

International Flavors & Fragrances stock opened at $87.14 on Thursday. International Flavors & Fragrances Inc. has a 12 month low of $59.14 and a 12 month high of $89.32. The company has a quick ratio of 1.72, a current ratio of 2.06 and a debt-to-equity ratio of 0.34. The stock has a market cap of $22.23 billion, a P/E ratio of 79.94, a P/E/G ratio of 3.22 and a beta of 0.93. The company’s fifty day simple moving average is $80.12 and its 200-day simple moving average is $76.64.

International Flavors & Fragrances (NYSE:IFF) last released its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.25). International Flavors & Fragrances had a net margin of 2.78% and a return on equity of 7.11%. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same period in the previous year, the business posted $1.15 EPS. International Flavors & Fragrances’s revenue for the quarter was up 1.8% on a year-over-year basis. As a group, sell-side analysts forecast that International Flavors & Fragrances Inc. will post 3.08 EPS for the current fiscal year.

International Flavors & Fragrances declared that its board has authorized a stock buyback plan on Tuesday, August 4th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to repurchase up to 12.1% of its stock 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 company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, September 18th. International Flavors & Fragrances’s payout ratio is currently 146.79%.

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.