Albany International Corp. (NYSE:AIN) Shares Sold by Algert Global LLC

Algert Global LLC lessened its stake in shares of Albany International Corp. (NYSE:AIN) by 4.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 24,066 shares of the textile maker’s stock after selling 1,126 shares during the period. Algert Global LLC’s holdings in Albany International were worth $2,032,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC acquired a new position in shares of Albany International during the 2nd quarter worth about $494,000. Select Equity Group L.P. raised its position in shares of Albany International by 15.1% during the 2nd quarter. Select Equity Group L.P. now owns 27,453 shares of the textile maker’s stock worth $2,318,000 after purchasing an additional 3,602 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Albany International by 5.4% during the 2nd quarter. Mackenzie Financial Corp now owns 4,212 shares of the textile maker’s stock worth $356,000 after purchasing an additional 215 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Albany International by 2.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,378 shares of the textile maker’s stock valued at $1,468,000 after acquiring an additional 407 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C grew its stake in Albany International by 292.4% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 12,651 shares of the textile maker’s stock valued at $1,068,000 after acquiring an additional 9,427 shares in the last quarter. Institutional investors and hedge funds own 97.37% of the company’s stock.

Albany International Stock Performance

Albany International stock opened at $86.89 on Thursday. The firm has a 50 day simple moving average of $88.58 and a 200-day simple moving average of $88.05. Albany International Corp. has a 1-year low of $78.20 and a 1-year high of $99.41. 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 stock has a market cap of $2.71 billion, a price-to-earnings ratio of 24.41, a price-to-earnings-growth ratio of 2.42 and a beta of 1.26.

Albany International (NYSE:AIN) last posted its quarterly earnings results on Tuesday, August 6th. The textile maker reported $0.89 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.02). Albany International had a net margin of 8.76% and a return on equity of 13.13%. The firm had revenue of $331.99 million during the quarter, compared to analysts’ expectations of $318.17 million. During the same period last year, the company earned $0.90 EPS. The business’s quarterly revenue was up 21.1% on a year-over-year basis. On average, analysts expect that Albany International Corp. will post 3.71 EPS for the current year.

Albany International Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Tuesday, September 3rd will be paid a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 1.20%. Albany International’s dividend payout ratio (DPR) is 29.21%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on AIN shares. StockNews.com raised shares of Albany International from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Truist Financial dropped their price objective on shares of Albany International from $104.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. One equities research 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $95.50.

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.