Quest Partners LLC Lowers Stake in Albany International Corp. (NYSE:AIN)

Quest Partners LLC lowered its stake in shares of Albany International Corp. (NYSE:AIN) by 42.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,470 shares of the textile maker’s stock after selling 4,728 shares during the quarter. Quest Partners LLC’s holdings in Albany International were worth $546,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in AIN. Whittier Trust Co. raised its position in Albany International by 94.7% in the 1st quarter. Whittier Trust Co. now owns 547 shares of the textile maker’s stock worth $51,000 after purchasing an additional 266 shares during the period. GAMMA Investing LLC raised its position in Albany International by 27.4% in the 2nd quarter. GAMMA Investing LLC now owns 674 shares of the textile maker’s stock worth $57,000 after purchasing an additional 145 shares during the period. Principal Securities Inc. purchased a new position in Albany International in the 4th quarter worth $77,000. Hilltop National Bank raised its position in Albany International by 14.7% in 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 during the period. Finally, TFO Wealth Partners LLC raised its position in Albany International by 109,100.0% in 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. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on AIN shares. Truist Financial decreased their target price on shares of Albany International from $104.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Bank of America decreased 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. Finally, StockNews.com raised shares of Albany International from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Albany International presently has a consensus rating of “Hold” and an average price target of $95.50.

Albany International Price Performance

Shares of Albany International stock opened at $84.87 on Friday. The firm has a market cap of $2.65 billion, a PE ratio of 23.84, a price-to-earnings-growth ratio of 2.37 and a beta of 1.26. Albany International Corp. has a 12-month low of $78.20 and a 12-month high of $99.41. The company has a quick ratio of 2.87, a current ratio of 3.59 and a debt-to-equity ratio of 0.38. The company’s fifty day simple moving average is $88.70 and its two-hundred day simple moving average is $88.76.

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 analysts’ consensus estimates of $0.91 by ($0.02). The company had revenue of $331.99 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 EPS. As a group, equities analysts expect that Albany International Corp. will post 3.71 EPS for the current year.

Albany International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders 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 1.23%. The ex-dividend date is Tuesday, September 3rd. Albany International’s payout ratio is 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.