Albany International Corp. (NYSE:AIN) Shares Bought by Earnest Partners LLC

Earnest Partners LLC grew its position in Albany International Corp. (NYSE:AIN) by 2.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,592,787 shares of the textile maker’s stock after acquiring an additional 53,743 shares during the quarter. Albany International comprises approximately 1.0% of Earnest Partners LLC’s portfolio, making the stock its 21st biggest position. Earnest Partners LLC owned approximately 8.31% of Albany International worth $218,961,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in Albany International during the 4th quarter worth $33,273,000. Corient Private Wealth LLC lifted its holdings in shares of Albany International by 15.9% during the fourth quarter. Corient Private Wealth LLC now owns 20,643 shares of the textile maker’s stock worth $2,028,000 after purchasing an additional 2,832 shares during the period. TFO Wealth Partners LLC increased its stake 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 valued at $98,000 after buying an additional 1,091 shares during the period. Eagle Asset Management Inc. lifted its holdings in shares of Albany International by 0.8% in the 4th quarter. Eagle Asset Management Inc. now owns 231,998 shares of the textile maker’s stock valued at $22,787,000 after buying an additional 1,838 shares during the period. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of Albany International in the fourth quarter valued at approximately $586,000. 97.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Albany International Price Performance

Shares of NYSE:AIN opened at $86.51 on Thursday. The business has a fifty day simple moving average of $88.77 and a 200-day simple moving average of $88.23. Albany International Corp. has a 52 week low of $78.20 and a 52 week high of $99.41. The company has a market cap of $2.70 billion, a P/E ratio of 24.30, a P/E/G ratio of 2.42 and a beta of 1.26. 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 (NYSE:AIN) last issued 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). Albany International had a net margin of 8.76% and a return on equity of 13.13%. The business had revenue of $331.99 million during the quarter, compared to analysts’ expectations of $318.17 million. During the same period in the prior year, the business posted $0.90 EPS. The business’s revenue was up 21.1% on a year-over-year basis. Equities research analysts forecast that Albany International Corp. will post 3.71 EPS for the current year.

Albany International Announces Dividend

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 given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Tuesday, September 3rd. Albany International’s payout ratio is 29.21%.

Albany International 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.