Vanguard Group Inc. Decreases Holdings in Albany International Corp. (NYSE:AIN)

Vanguard Group Inc. cut its stake in shares of Albany International Corp. (NYSE:AIN) by 0.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,479,980 shares of the textile maker’s stock after selling 1,015 shares during the period. Vanguard Group Inc. owned about 11.15% of Albany International worth $300,253,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in AIN. Morgan Stanley raised its stake in Albany International by 74.2% during the 3rd quarter. Morgan Stanley now owns 890,785 shares of the textile maker’s stock valued at $76,857,000 after buying an additional 379,367 shares during the last quarter. Norges Bank purchased a new stake in Albany International during the 4th quarter valued at $32,911,000. Champlain Investment Partners LLC raised its stake in Albany International by 38.1% during the 2nd quarter. Champlain Investment Partners LLC now owns 670,315 shares of the textile maker’s stock valued at $62,527,000 after buying an additional 184,930 shares during the last quarter. Citadel Advisors LLC raised its stake in Albany International by 189.5% during the 2nd quarter. Citadel Advisors LLC now owns 206,945 shares of the textile maker’s stock valued at $19,304,000 after buying an additional 135,472 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Albany International by 81.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 284,006 shares of the textile maker’s stock valued at $24,504,000 after buying an additional 127,295 shares during the last quarter. 97.37% of the stock is currently owned by hedge funds and other institutional investors.

Albany International Stock Performance

NYSE AIN opened at $96.40 on Thursday. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 27.15, a price-to-earnings-growth ratio of 3.59 and a beta of 1.26. The company has a quick ratio of 2.85, a current ratio of 3.53 and a debt-to-equity ratio of 0.47. The business has a 50-day moving average price of $91.82 and a 200-day moving average price of $89.23. Albany International Corp. has a twelve month low of $78.20 and a twelve month high of $99.41.

Albany International (NYSE:AIN) last announced its quarterly earnings results on Tuesday, February 27th. The textile maker reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.38. Albany International had a return on equity of 13.70% and a net margin of 9.68%. The company had revenue of $323.60 million during the quarter, compared to analyst estimates of $298.17 million. During the same period in the prior year, the company earned $0.75 earnings per share. The firm’s revenue was up 20.4% on a year-over-year basis. As a group, equities research analysts predict that Albany International Corp. will post 3.9 EPS for the current fiscal year.

Albany International Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 5th. Investors of record on Friday, March 15th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date of this dividend is Thursday, March 14th. Albany International’s payout ratio is presently 29.30%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AIN. TheStreet raised shares of Albany International from a “c+” rating to a “b-” rating in a research report on Tuesday, December 12th. StockNews.com upgraded Albany International from a “hold” rating to a “buy” rating in a research report on Tuesday, December 19th. Finally, Truist Financial lifted their price objective on Albany International from $105.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday, January 10th. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Albany International currently has an average rating of “Buy” and a consensus target price of $115.67.

Albany International Company Profile

Albany International Corp., together with its subsidiaries, engages in the machine clothing and engineered composites businesses. The company operates in two segments, Machine Clothing (MC) and Albany Engineered Composites (AEC). The MC segment designs, manufactures, and markets paper machine clothing for use in the manufacturing of papers, paperboards, tissues, towels, pulps, nonwovens, building products, tannery, and textiles, as well as fiber cement and several other industrial applications.