California State Teachers Retirement System Boosts Stake in International Flavors & Fragrances Inc. $IFF

California State Teachers Retirement System lifted its stake in shares of International Flavors & Fragrances Inc. (NYSE:IFF) by 14,483.8% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 43,100,116 shares of the specialty chemicals company’s stock after purchasing an additional 42,804,581 shares during the quarter. California State Teachers Retirement System owned 0.17% of International Flavors & Fragrances worth $3,414,391,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of International Flavors & Fragrances in the 2nd quarter valued at $1,835,955,000. State Street Corp grew its stake in International Flavors & Fragrances by 1.1% during the 4th quarter. State Street Corp now owns 11,092,368 shares of the specialty chemicals company’s stock valued at $751,875,000 after purchasing an additional 121,260 shares during the last quarter. Invesco Ltd. grew its stake in International Flavors & Fragrances by 4.9% during the 4th quarter. Invesco Ltd. now owns 7,519,812 shares of the specialty chemicals company’s stock valued at $506,760,000 after purchasing an additional 352,636 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of International Flavors & Fragrances by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 6,771,894 shares of the specialty chemicals company’s stock valued at $454,607,000 after purchasing an additional 172,781 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of International Flavors & Fragrances by 28.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,042,758 shares of the specialty chemicals company’s stock worth $407,221,000 after purchasing an additional 1,336,479 shares during the last quarter. 96.02% of the stock is owned by hedge funds and other institutional investors.

International Flavors & Fragrances Stock Down 0.3%

Shares of IFF stock opened at $84.03 on Friday. International Flavors & Fragrances Inc. has a twelve month low of $59.14 and a twelve month high of $89.32. The stock has a market cap of $21.44 billion, a P/E ratio of 77.09, a P/E/G ratio of 3.28 and a beta of 0.94. The stock has a 50 day moving average of $82.05 and a 200 day moving average of $77.11. 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 (NYSE:IFF) last issued its quarterly earnings data 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 analyst estimates of $2.62 billion. International Flavors & Fragrances had a return on equity of 7.11% and a net margin of 2.78%.International Flavors & Fragrances’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.15 EPS. As a group, sell-side analysts expect that International Flavors & Fragrances Inc. will post 3.08 EPS for the current year.

International Flavors & Fragrances announced that its Board of Directors has approved a stock repurchase plan 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. Shares repurchase plans are usually an indication that the company’s management 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. Investors of record on Friday, September 18th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, September 18th. International Flavors & Fragrances’s dividend payout ratio (DPR) is currently 146.79%.

Insider Activity at International Flavors & Fragrances

In other International Flavors & Fragrances news, CAO Marc Birenkrant sold 1,000 shares of International Flavors & Fragrances stock in a transaction on Friday, August 7th. The shares were sold at an average price of $85.00, for a total value of $85,000.00. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Deveau sold 8,825 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $85.55, for a total transaction of $754,978.75. Following the completion of the transaction, the executive vice president owned 5,199 shares of the company’s stock, valued at approximately $444,774.45. This trade represents a 62.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 15,543 shares of company stock worth $1,315,659. 1.07% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft cut their price target on shares of International Flavors & Fragrances from $95.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, June 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 report on Friday, August 7th. Citigroup cut their price objective on shares of International Flavors & Fragrances from $96.00 to $88.00 and set a “buy” rating on the stock in a research note on Wednesday, June 24th. Argus boosted their target price on shares of International Flavors & Fragrances from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Finally, Wall Street Zen lowered shares of International Flavors & Fragrances from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Twelve analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $91.40.

About International Flavors & Fragrances

International Flavors & Fragrances Inc (NYSE:IFF) develops and manufactures ingredients, flavor systems, fragrances and related solutions used in consumer and industrial products. Its offerings help customers create or enhance the taste, aroma, texture, appearance and performance of products across the food, beverage, personal care, home care, health and pharmaceutical markets.

IFF’s business includes natural and synthetic flavor compounds, fragrance ingredients and compositions, cosmetic and personal-care ingredients, specialty food ingredients, enzymes, cultures, probiotics and other bioscience-based solutions.