6 May

IFF Declares Second-Quarter Dividend

WRITTEN BY Peter Neil

IFF declares second-quarter dividend

In a press release on April 30, International Flavors and Fragrances (IFF) announced the dividend rate and key dates for the second quarter.  To be eligible for IFF’s second-quarter dividend, investors must hold IFF stock as of the close of market on June 24. The dividend is expected to be paid on July 5.

IFF Declares Second-Quarter Dividend

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IFF has declared a dividend of $0.73 per share for the second quarter, representing no change from the previous quarter. However, the dividend represents an increase of 5.8% over the corresponding quarter of the previous year. IFF’s peers Sensient Technologies (SXT), Clorox (CLX), and Estée Lauder (EL) have paid fourth-quarter dividends of $0.36, $0.96, and $0.43, respectively.

At the end of the first quarter, IFF had 112.6 million outstanding shares. IFF has suspended its share repurchases temporarily, and it will be spending ~$82.2 million on dividend payments.

Stock price update

International Flavors and Fragrances stock gained 1.7% and closed at $139.91 for the week ending May 3. The gain in stock price pushed International Flavors and Fragrances to trade 5.2% above its 100-day moving average price of $133.05. The company’s 100-day moving average price has more or less remained constant since the beginning of 2019.

On a year-to-date basis, International Flavors and Fragrances stock has gained  5.2%. Sensient Technologies (SXT) and Estée Lauder (EL) have increased 29% and 35.7%, respectively, while Clorox (CLX) has declined 3.2%.

IFF’s 14-day relative strength index is at 75, which suggests that the stock has temporarily moved into an overbought position. An RSI of 70 and above indicates that the stock is overbought.

Investors looking for indirect exposure to International Flavors and Fragrances could consider the Invesco S&P 500 Equal Weight Materials ETF (RTM), which invests 4.2% of its portfolio in the company as of May 3.

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