Vanguard Group Inc. Boosts Stock Position in Albany International Corp. (NYSE:AIN)

Vanguard Group Inc. increased its stake in Albany International Corp. (NYSE:AIN) by 1.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,518,426 shares of the textile maker’s stock after purchasing an additional 38,446 shares during the quarter. Vanguard Group Inc. owned about 11.28% of Albany International worth $345,580,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in AIN. Earnest Partners LLC increased its position in shares of Albany International by 2.0% during the third 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 during the period. Sei Investments Co. lifted its stake in Albany International by 37.2% in the 4th quarter. Sei Investments Co. now owns 670,072 shares of the textile maker’s stock worth $65,814,000 after purchasing an additional 181,814 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in Albany International by 6.5% in the 4th quarter. Clearbridge Investments LLC now owns 598,038 shares of the textile maker’s stock valued at $58,739,000 after purchasing an additional 36,254 shares during the period. Wellington Management Group LLP grew its position in shares of Albany International by 12.1% during the 3rd quarter. Wellington Management Group LLP now owns 468,190 shares of the textile maker’s stock valued at $40,395,000 after purchasing an additional 50,653 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Albany International by 4.9% in the third quarter. Northern Trust Corp now owns 440,156 shares of the textile maker’s stock worth $37,977,000 after purchasing an additional 20,553 shares during the period. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Insider Buying and Selling at Albany International

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

Albany International Stock Performance

Albany International stock opened at $84.45 on Friday. The firm has a fifty day simple moving average of $86.65 and a two-hundred day simple moving average of $90.21. The company has a quick ratio of 3.20, a current ratio of 3.99 and a debt-to-equity ratio of 0.45. Albany International Corp. has a twelve month low of $78.20 and a twelve month high of $99.41. The company has a market capitalization of $2.63 billion, a PE ratio of 23.72, a P/E/G ratio of 2.48 and a beta of 1.31.

Albany International (NYSE:AIN) last issued its earnings results on Tuesday, April 30th. The textile maker reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. The company had revenue of $313.33 million during the quarter, compared to analysts’ expectations of $313.41 million. Albany International had a return on equity of 13.40% and a net margin of 9.35%. Albany International’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.91 EPS. Research analysts expect that Albany International Corp. will post 3.8 EPS for the current year.

Albany International Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 8th. Investors of record on Friday, June 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $1.04 dividend on an annualized basis and a yield of 1.23%. Albany International’s dividend payout ratio is currently 29.21%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on AIN shares. JPMorgan Chase & Co. reduced their target price on Albany International from $98.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. TD Cowen decreased their price objective on shares of Albany International from $106.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Bank of America dropped their target price on shares of Albany International from $95.00 to $90.00 and set an “underperform” rating for the company in a research report on Wednesday, May 29th. Finally, Truist Financial reduced 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. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Albany International has an average rating of “Moderate Buy” and an average price target of $101.00.

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.