Wells Fargo & Company MN Sells 59,814 Shares of Albany International Corp. (NYSE:AIN)

Wells Fargo & Company MN reduced its position in shares of Albany International Corp. (NYSE:AIN) by 15.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 329,901 shares of the textile maker’s stock after selling 59,814 shares during the period. Wells Fargo & Company MN owned about 1.05% of Albany International worth $26,382,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Bryce Point Capital LLC acquired a new position in Albany International during the 4th quarter worth $1,674,000. Massachusetts Financial Services Co. MA acquired a new stake in Albany International in the fourth quarter worth $62,181,000. Franklin Resources Inc. increased its position in shares of Albany International by 20.4% in the 4th quarter. Franklin Resources Inc. now owns 5,839 shares of the textile maker’s stock valued at $467,000 after buying an additional 988 shares in the last quarter. Alliancebernstein L.P. raised its stake in Albany International by 5.0% during the 4th quarter. Alliancebernstein L.P. now owns 37,891 shares of the textile maker’s stock worth $3,030,000 after buying an additional 1,788 shares during the period. Finally, Meeder Asset Management Inc. bought a new position in Albany International during the fourth quarter worth about $88,000. Institutional investors own 97.37% of the company’s stock.

Albany International Price Performance

NYSE:AIN opened at $65.14 on Friday. The company has a market cap of $2.01 billion, a P/E ratio of 20.36 and a beta of 1.29. The firm’s fifty day moving average price is $73.63 and its two-hundred day moving average price is $77.42. Albany International Corp. has a one year low of $57.71 and a one year high of $95.47. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.68 and a quick ratio of 2.94.

Albany International (NYSE:AIN) last announced its quarterly earnings results on Wednesday, February 26th. The textile maker reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.05). The company had revenue of $286.91 million during the quarter, compared to analyst estimates of $299.52 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. Equities analysts expect that Albany International Corp. will post 3.23 earnings per share for the current year.

Albany International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Friday, March 21st were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, March 21st. This represents a $1.08 annualized dividend and a yield of 1.66%. Albany International’s payout ratio is currently 38.71%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. TD Cowen upgraded Albany International to a “strong-buy” rating in a research report on Thursday, December 19th. Robert W. Baird lowered their price target on Albany International from $104.00 to $92.00 and set an “outperform” rating on the stock in a research report on Friday, February 28th. Truist Financial increased their price objective on Albany International from $85.00 to $88.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Bank of America lowered their target price on shares of Albany International from $80.00 to $75.00 and set an “underperform” rating on the stock in a report on Tuesday, March 25th. Finally, JPMorgan Chase & Co. cut their price target on shares of Albany International from $75.00 to $74.00 and set a “neutral” rating for the company in a research note on Wednesday, January 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Albany International has a consensus rating of “Moderate Buy” and a consensus target price of $82.00.

About Albany International

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.