International Flavors & Fragrances (NYSE:IFF) to Buyback $2.50 billion in Stock

International Flavors & Fragrances (NYSE:IFF) announced that its Board of Directors has approved a stock repurchase program on Tuesday, August 4th, RTT News reports. The company plans to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to reacquire up to 12.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

International Flavors & Fragrances Trading Up 0.5%

NYSE IFF traded up $0.37 during trading hours on Tuesday, hitting $80.95. 1,811,404 shares of the company were exchanged, compared to its average volume of 1,794,618. The stock has a 50-day moving average price of $77.22 and a 200 day moving average price of $75.19. The company has a quick ratio of 0.87, a current ratio of 1.49 and a debt-to-equity ratio of 0.33. International Flavors & Fragrances has a 52 week low of $59.14 and a 52 week high of $84.45. The stock has a market cap of $20.67 billion, a PE ratio of 24.76, a price-to-earnings-growth ratio of 2.02 and a beta of 0.93.

International Flavors & Fragrances (NYSE:IFF) last issued 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). The company had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $2.62 billion. International Flavors & Fragrances had a net margin of 7.78% and a return on equity of 7.65%. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the company earned $1.15 earnings per share. Analysts forecast that International Flavors & Fragrances will post 4.55 earnings per share for the current fiscal year.

International Flavors & Fragrances Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors 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 yield of 2.0%. The ex-dividend date is Friday, September 18th. International Flavors & Fragrances’s dividend payout ratio is presently 48.93%.

Analyst Ratings Changes

IFF has been the subject of a number of research analyst reports. Rothschild & Co Redburn cut their price objective on International Flavors & Fragrances from $74.00 to $71.00 in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft cut their price target on International Flavors & Fragrances from $95.00 to $90.00 and set a “buy” rating for the company in a report on Monday, June 1st. Jefferies Financial Group lifted their price objective on International Flavors & Fragrances from $97.00 to $105.00 in a research note on Thursday, May 7th. BNP Paribas Exane increased their target price on International Flavors & Fragrances from $85.00 to $95.00 in a research report on Thursday, May 7th. Finally, Argus raised their target price on shares of International Flavors & Fragrances from $80.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $91.16.

Insider Buying and Selling

In other news, Director Paul J. Fribourg acquired 260,000 shares of the business’s stock in a transaction on Monday, June 1st. The shares were acquired at an average price of $74.28 per share, for a total transaction of $19,312,800.00. Following the completion of the transaction, the director directly owned 2,682,730 shares of the company’s stock, valued at approximately $199,273,184.40. The trade was a 10.73% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.07% of the stock is owned by insiders.

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.