JPMorgan Chase & Co. Has $7.16 Million Stake in Albany International Corp. (NYSE:AIN)

JPMorgan Chase & Co. grew its holdings in Albany International Corp. (NYSE:AIN) by 14.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 80,618 shares of the textile maker’s stock after purchasing an additional 9,931 shares during the quarter. JPMorgan Chase & Co. owned about 0.26% of Albany International worth $7,163,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Quarry LP grew its holdings in Albany International by 515.4% in the 3rd quarter. Quarry LP now owns 480 shares of the textile maker’s stock valued at $43,000 after buying an additional 402 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Albany International by 33.4% in the third quarter. GAMMA Investing LLC now owns 899 shares of the textile maker’s stock valued at $80,000 after acquiring an additional 225 shares during the period. KBC Group NV grew its stake in shares of Albany International by 28.9% in the third quarter. KBC Group NV now owns 1,058 shares of the textile maker’s stock worth $94,000 after acquiring an additional 237 shares during the last quarter. Central Pacific Bank Trust Division increased its position in Albany International by 40.3% during the third quarter. Central Pacific Bank Trust Division now owns 1,985 shares of the textile maker’s stock worth $176,000 after acquiring an additional 570 shares during the period. Finally, Bridges Investment Management Inc. acquired a new position in Albany International during the 3rd quarter valued at $206,000. 97.37% of the stock is currently owned by institutional investors.

Insider Activity

In other Albany International news, VP Joseph M. Gaug purchased 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were acquired at an average cost of $71.24 per share, for a total transaction of $71,240.00. Following the transaction, the vice president now directly owns 6,811 shares in the company, valued at approximately $485,215.64. The trade was a 17.21 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, SVP Robert Alan Hansen acquired 1,050 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was acquired at an average price of $71.26 per share, with a total value of $74,823.00. Following the transaction, the senior vice president now owns 8,387 shares in the company, valued at approximately $597,657.62. The trade was a 14.31 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 3,450 shares of company stock worth $245,813. Corporate insiders own 0.76% of the company’s stock.

Albany International Stock Performance

NYSE:AIN opened at $80.94 on Wednesday. Albany International Corp. has a 12-month low of $67.39 and a 12-month high of $98.73. The company has a quick ratio of 2.94, a current ratio of 3.68 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $2.53 billion, a PE ratio of 25.29 and a beta of 1.35. The firm has a 50-day moving average price of $81.41 and a 200 day moving average price of $83.10.

Albany International (NYSE:AIN) last issued its earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.35. The business had revenue of $298.40 million during the quarter, compared to analysts’ expectations of $304.51 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. Albany International’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.02 EPS. Research analysts anticipate that Albany International Corp. will post 3.23 earnings per share for the current fiscal year.

Albany International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 8th. Stockholders of record on Tuesday, December 17th were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.33%. The ex-dividend date was Tuesday, December 17th. This is an increase from Albany International’s previous quarterly dividend of $0.26. Albany International’s payout ratio is currently 33.75%.

Wall Street Analyst Weigh In

Several analysts have issued reports on AIN shares. Bank of America decreased their price target on shares of Albany International from $90.00 to $80.00 and set an “underperform” rating on the stock in a research report on Friday, November 15th. Truist Financial lifted their target price on Albany International from $85.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday. TD Cowen raised Albany International to a “strong-buy” rating in a report on Thursday, December 19th. Finally, StockNews.com lowered Albany International from a “buy” rating to a “hold” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, two have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $86.25.

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.