Granite Investment Partners LLC Lowers Stock Position in Albany International Corp. (NYSE:AIN)

Granite Investment Partners LLC trimmed its holdings in shares of Albany International Corp. (NYSE:AIN) by 76.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,137 shares of the textile maker’s stock after selling 207,298 shares during the period. Granite Investment Partners LLC owned about 0.20% of Albany International worth $5,332,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Whittier Trust Co. raised its position in Albany International by 94.7% in the first quarter. Whittier Trust Co. now owns 547 shares of the textile maker’s stock worth $51,000 after acquiring an additional 266 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Albany International by 27.4% in the second quarter. GAMMA Investing LLC now owns 674 shares of the textile maker’s stock valued at $57,000 after purchasing an additional 145 shares during the period. Hilltop National Bank lifted its stake in shares of Albany International by 14.7% in the second quarter. Hilltop National Bank now owns 1,045 shares of the textile maker’s stock valued at $88,000 after purchasing an additional 134 shares during the period. TFO Wealth Partners LLC boosted its holdings in Albany International by 109,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,092 shares of the textile maker’s stock worth $98,000 after buying an additional 1,091 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in Albany International in the first quarter valued at about $102,000. 97.37% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. StockNews.com raised Albany International from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. 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 report on Wednesday, May 29th. Finally, Truist Financial dropped their price target on Albany International from $104.00 to $101.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Albany International currently has an average rating of “Hold” and a consensus price target of $95.50.

Albany International Stock Performance

NYSE AIN opened at $87.01 on Friday. The company has a quick ratio of 2.87, a current ratio of 3.59 and a debt-to-equity ratio of 0.38. Albany International Corp. has a fifty-two week low of $78.20 and a fifty-two week high of $99.41. The business has a fifty day moving average of $89.08 and a 200-day moving average of $88.45. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of 24.44, a price-to-earnings-growth ratio of 2.36 and a beta of 1.26.

Albany International (NYSE:AIN) last announced its earnings results on Tuesday, August 6th. The textile maker reported $0.89 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.02). The firm had revenue of $331.99 million during the quarter, compared to analyst estimates of $318.17 million. Albany International had a net margin of 8.76% and a return on equity of 13.13%. The company’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 EPS. As a group, analysts predict that Albany International Corp. will post 3.71 earnings per share for the current fiscal year.

Albany International Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Tuesday, September 3rd. Albany International’s dividend payout ratio is presently 29.21%.

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.