New York-based International Flavors & Fragrances Inc. ( IFF ), just a week before reporting its second quarter 2013 results, announced increase in its quarterly dividend rate by 5 cents or 15%.
The revision has been approved by the board of directors of International Flavors & Fragrances. The new quarterly dividend rate now stands at 39 cents, up from earlier rate of 34 cents. The annual rate now comes in at $1.56 per share.
The new dividend will be paid on Oct 10, 2013 to shareholders of record on Sep 26, 2013. This increase marks the company's twelfth consecutive increase in the quarterly dividend rate since 2003.
International Flavors & Fragrances has over time remained committed on rewarding their shareholders through quarterly dividend payments, garnished with attractive increases, and share buyback programs.
Earlier in Jul 2012, International Flavors & Fragrances had announced 3 cents or 9.7% increase in its quarterly dividend rate.
International Flavors & Fragrances Inc. is slated to release its second quarter 2013 financial results on Aug 6, 2013. The Zacks Consensus Estimate for the quarter currently is at $1.18 while estimates for years 2013 and 2014 are at $4.46 and $4.87, respectively. These estimates represent year-over-year growth of 9.6% for the second quarter 2013 and growth of 12.1% and 9.1% for 2013 and 2014, respectively.
International Flavors & Fragrances currently has a $6.5 billion market capitalization. The stock currently carries a Zacks Rank #3 (Hold).
Other stocks to watch out in the industry are Inter Parfums Inc. ( IPAR ) and Nu Skin Enterprises Inc. ( NUS ), each with a Zacks Rank #1 (Strong Buy) while Cytec Industries Inc. ( CYT ) carries a Zacks Rank #2 (Buy).