Ex-Dividend Stocks: International Flavors, Navios

NEW YORK ( TheStreet) -- The following stocks go ex-dividend Friday, meaning an investor must purchase the shares Thursday to qualify for the next dividend payment: International Flavors & Fragrances ( IFF) and Navios Maritime Holdings ( NM).

International Flavors & Fragrances

The fragrance and flavor products maker reported first-quarter earnings on May 8 of $81 million, or 99 cents a share, down from year-earlier earnings of $84 million, or $1.03 a share.

"IFF reported 1Q12 results on Tuesday, May 8, 2012," BGB Securities analysts wrote in a May 14 report. "Adj. EPS came in at $1.00, down from $1.03 in the prior year, but the decline was expected. Revenue in local currency was up just 1% YoY while raw material costs remained elevated. Pricing was up 3% in the quarter but a9% YoY increase in raw material costs resulted in a 140 basis point decline in gross margins in 1Q12. Raw material costs are expected to improve over the remainder of 2012, and the full year should see only modest inflation. Combined with strong pricing, IFF should see gross margin expansion in the rest of 2012. We agree with management's outlook that IFF should be able to generate results for 2012 that meet its targeted mid-single-digit revenue growth and 10+% EPS growth. We are maintaining our previous FY12 EPS estimate of $4.10."

Forward Annual Dividend Yield: 2.2%

Navios Maritime Holdings

The shipping company is slated to report second-quarter earnings on Aug. 7. Analysts, on average, anticipate earnings of 10 cents a share on revenue of $142.5 million.

"Despite real pressures in the dry bulk markets, ~90% of NM's remaining fleet days are covered by contract for 2012, ~55% for 2013, which should keep them profitable," Clarkson Capital Markets analysts wrote in a May 31 report. "As well we expect the dry bulk markets to have small rate spikes and gradually improve. Finally we expect Navios South American Logistics, which may be spun off in the next 12 months to add ~$40M in EBITDA this year and grow in 2012. Our PT is based on our NAV valuation of $5/share and a discount to our DCF of $6/share. As well, given the contract cover and strong balance sheet, we believe their current yield of ~7% is very sustainable and a target yield of ~5% is achievable as the dry bulk markets slowly recover."

Forward Annual Dividend Yield: 7.2%

-- Written by Alexandra Zendrian

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