Wellington Management Group LLP Reduces Stock Holdings in Albany International Corp. (NYSE:AIN)

Wellington Management Group LLP trimmed its position in Albany International Corp. (NYSE:AIN) by 35.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 301,852 shares of the textile maker’s stock after selling 166,338 shares during the period. Wellington Management Group LLP owned about 0.97% of Albany International worth $29,648,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Earnest Partners LLC lifted its position in shares of Albany International by 2.0% during the 3rd quarter. Earnest Partners LLC now owns 2,335,560 shares of the textile maker’s stock valued at $201,512,000 after buying an additional 45,158 shares in the last quarter. Norges Bank purchased a new position in shares of Albany International during the 4th quarter valued at about $33,273,000. Sei Investments Co. lifted its position in shares of Albany International by 12.7% during the 3rd quarter. Sei Investments Co. now owns 488,258 shares of the textile maker’s stock valued at $42,127,000 after buying an additional 55,021 shares in the last quarter. Stone Run Capital LLC purchased a new position in shares of Albany International during the 3rd quarter valued at about $699,000. Finally, Northern Trust Corp lifted its position in shares of Albany International by 4.9% during the 3rd quarter. Northern Trust Corp now owns 440,156 shares of the textile maker’s stock valued at $37,977,000 after buying an additional 20,553 shares in the last quarter. 97.37% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Gunnar Kleveland bought 1,250 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were purchased at an average price of $84.68 per share, with a total value of $105,850.00. Following the transaction, the chief executive officer now owns 6,884 shares in the company, valued at approximately $582,937.12. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Gunnar Kleveland bought 1,250 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were purchased at an average price of $84.68 per share, with a total value of $105,850.00. Following the transaction, the chief executive officer now owns 6,884 shares in the company, valued at approximately $582,937.12. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Robert D. Starr bought 1,000 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were bought at an average cost of $84.44 per share, for a total transaction of $84,440.00. Following the transaction, the chief financial officer now owns 2,610 shares in the company, valued at approximately $220,388.40. The disclosure for this purchase can be found here. Corporate insiders own 0.76% of the company’s stock.

Albany International Stock Performance

NYSE:AIN opened at $85.66 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.99 and a quick ratio of 3.20. Albany International Corp. has a 1 year low of $78.20 and a 1 year high of $99.41. The stock’s 50 day simple moving average is $86.94 and its two-hundred day simple moving average is $90.36. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 24.06, a PEG ratio of 2.47 and a beta of 1.31.

Albany International (NYSE:AIN) last released its quarterly earnings data on Tuesday, April 30th. The textile maker reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. Albany International had a return on equity of 13.40% and a net margin of 9.35%. The business had revenue of $313.33 million for the quarter, compared to the consensus estimate of $313.41 million. During the same quarter in the previous year, the company posted $0.91 EPS. The company’s revenue was up 16.4% compared to the same quarter last year. As a group, equities analysts anticipate that Albany International Corp. will post 3.8 earnings per share for the current fiscal year.

Albany International Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 8th. Shareholders of record on Friday, June 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Friday, June 7th. Albany International’s payout ratio is 29.21%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on AIN shares. JPMorgan Chase & Co. lowered their price objective on Albany International from $98.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. TD Cowen lowered their price objective on Albany International from $106.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Truist Financial decreased their target price on Albany International from $121.00 to $104.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Finally, Bank of America decreased their target price on Albany International from $95.00 to $90.00 and set an “underperform” rating on the stock in a research note on Wednesday, May 29th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $101.00.

Albany International 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.