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

Wellington Management Group LLP lessened its position in Albany International Corp. (NYSE:AIN) by 35.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 301,852 shares of the textile maker’s stock after selling 166,338 shares during the quarter. Wellington Management Group LLP’s holdings in Albany International were worth $29,648,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Earnest Partners LLC lifted its position in shares of Albany International by 2.0% in the third quarter. Earnest Partners LLC now owns 2,335,560 shares of the textile maker’s stock valued at $201,512,000 after acquiring an additional 45,158 shares in the last quarter. Sei Investments Co. lifted its position in shares of Albany International by 37.2% in the fourth quarter. Sei Investments Co. now owns 670,072 shares of the textile maker’s stock valued at $65,814,000 after acquiring an additional 181,814 shares in the last quarter. Clearbridge Investments LLC lifted its position in shares of Albany International by 6.5% in the fourth quarter. Clearbridge Investments LLC now owns 598,038 shares of the textile maker’s stock valued at $58,739,000 after acquiring an additional 36,254 shares in the last quarter. Northern Trust Corp lifted its position 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 valued at $37,977,000 after acquiring an additional 20,553 shares in the last quarter. Finally, Brown Advisory Inc. lifted its position in shares of Albany International by 11.0% in the fourth quarter. Brown Advisory Inc. now owns 409,688 shares of the textile maker’s stock valued at $40,240,000 after acquiring an additional 40,627 shares in the last quarter. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Gunnar Kleveland acquired 1,250 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was acquired 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 of the company’s stock, valued at approximately $582,937.12. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Robert D. Starr acquired 1,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was acquired 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 approximately $220,388.40. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Gunnar Kleveland acquired 1,250 shares of the company’s 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 directly owns 6,884 shares of the company’s stock, valued at approximately $582,937.12. The disclosure for this purchase can be found here. 0.76% of the stock is owned by insiders.

Albany International Price Performance

AIN stock opened at $85.66 on Tuesday. The business has a fifty day moving average of $86.94 and a two-hundred day moving average of $90.36. The company has a quick ratio of 3.20, a current ratio of 3.99 and a debt-to-equity ratio of 0.45. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of 24.06, a price-to-earnings-growth ratio of 2.47 and a beta of 1.31. Albany International Corp. has a 52-week low of $78.20 and a 52-week high of $99.41.

Albany International (NYSE:AIN) last posted its earnings results on Tuesday, April 30th. The textile maker reported $0.90 earnings per share (EPS) for the quarter, topping 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%. The firm’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.91 earnings per share. As a group, research analysts anticipate that Albany International Corp. will post 3.8 earnings per share for the current year.

Albany International Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AIN. JPMorgan Chase & Co. decreased their target price 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. Truist Financial cut their price target on Albany International from $121.00 to $104.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. TD Cowen cut their price target on Albany International from $106.00 to $95.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. Finally, Bank of America cut their price target on Albany International from $95.00 to $90.00 and set an “underperform” rating for the company in a report on Wednesday, May 29th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Albany International presently has an average rating of “Moderate Buy” and a consensus target price of $101.00.

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.