Kayne Anderson Rudnick Investment Management LLC Cuts Stock Holdings in Albany International Corp. (NYSE:AIN)

Kayne Anderson Rudnick Investment Management LLC lessened its holdings in Albany International Corp. (NYSE:AIN) by 2.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 994,940 shares of the textile maker’s stock after selling 30,207 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned 3.19% of Albany International worth $84,023,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Whittier Trust Co. boosted its stake in shares of Albany International by 94.7% in the first quarter. Whittier Trust Co. now owns 547 shares of the textile maker’s stock valued at $51,000 after buying an additional 266 shares in the last quarter. GAMMA Investing LLC lifted its holdings in 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 acquiring an additional 145 shares during the period. Hilltop National Bank boosted its position in shares of Albany International by 14.7% during the 2nd quarter. Hilltop National Bank now owns 1,045 shares of the textile maker’s stock worth $88,000 after purchasing an additional 134 shares in the last quarter. TFO Wealth Partners LLC grew its stake in shares of Albany International by 109,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,092 shares of the textile maker’s stock worth $98,000 after purchasing an additional 1,091 shares during the period. Finally, SG Americas Securities LLC purchased a new position in shares of Albany International in the 1st quarter valued at about $102,000. Institutional investors and hedge funds own 97.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Bank of America lowered their target price on shares of Albany International from $95.00 to $90.00 and set an “underperform” rating on the stock in a research report on Wednesday, May 29th. Truist Financial lowered their price target on Albany International from $104.00 to $101.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Finally, StockNews.com upgraded Albany International from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Albany International currently has an average rating of “Hold” and a consensus price target of $95.50.

Albany International Stock Down 1.7 %

AIN stock opened at $87.01 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.59 and a quick ratio of 2.87. The company’s 50 day simple moving average is $89.08 and its 200-day simple moving average is $88.42. Albany International Corp. has a 12 month low of $78.20 and a 12 month high of $99.41. The firm has a market capitalization of $2.71 billion, a PE ratio of 24.44, a P/E/G 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 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). The company had revenue of $331.99 million for 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%. Albany International’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.90 EPS. Equities analysts expect that Albany International Corp. will post 3.71 earnings per share for the current fiscal year.

Albany International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Tuesday, September 3rd will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend 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.