Raymond James & Associates Trims Stock Holdings in Albany International Corp. (NYSE:AIN)

Raymond James & Associates lowered its position in shares of Albany International Corp. (NYSE:AIN) by 4.0% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 87,218 shares of the textile maker’s stock after selling 3,617 shares during the period. Raymond James & Associates’ holdings in Albany International were worth $7,749,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in AIN. Hilltop National Bank increased its stake in shares of 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 acquiring an additional 134 shares in the last quarter. GAMMA Investing LLC grew its holdings in Albany International by 27.4% in the second 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. Creative Planning increased its stake in shares of Albany International by 3.0% during the second quarter. Creative Planning now owns 5,018 shares of the textile maker’s stock valued at $424,000 after purchasing an additional 147 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Albany International by 2.0% during the second quarter. Arizona State Retirement System now owns 8,744 shares of the textile maker’s stock valued at $738,000 after purchasing an additional 175 shares during the last quarter. Finally, Dakota Wealth Management boosted its position in shares of Albany International by 1.5% in the 2nd quarter. Dakota Wealth Management now owns 13,211 shares of the textile maker’s stock worth $1,116,000 after purchasing an additional 195 shares in the last quarter. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Albany International Stock Performance

Shares of AIN opened at $70.68 on Thursday. Albany International Corp. has a 12 month low of $69.19 and a 12 month high of $99.41. The business’s fifty day simple moving average is $82.53 and its two-hundred day simple moving average is $85.58. The company has a current ratio of 3.59, a quick ratio of 2.87 and a debt-to-equity ratio of 0.38. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 19.85, a P/E/G ratio of 2.39 and a beta of 1.25.

Albany International (NYSE:AIN) last announced its quarterly earnings results on Tuesday, August 6th. The textile maker reported $0.89 earnings per share (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 for the quarter, compared to the consensus estimate of $318.17 million. During the same period in the previous year, the company earned $0.90 earnings per share. The company’s revenue for the quarter was up 21.1% compared to the same quarter last year. Research analysts anticipate that Albany International Corp. will post 3.11 earnings per share for the current fiscal year.

Albany International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Tuesday, September 3rd were paid a $0.26 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.47%. Albany International’s dividend payout ratio is presently 29.21%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AIN. StockNews.com raised Albany International from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Truist Financial reduced their price target on Albany International from $101.00 to $91.00 and set a “buy” rating for the company in a report on Thursday, October 3rd. Finally, TD Cowen dropped their price target on shares of Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. 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 company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $89.50.

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.