Envestnet Asset Management Inc. Buys 14,700 Shares of Albany International Corp. (NYSE:AIN)

Envestnet Asset Management Inc. raised its stake in Albany International Corp. (NYSE:AIN) by 5.1% during the second quarter, HoldingsChannel.com reports. The fund owned 304,487 shares of the textile maker’s stock after acquiring an additional 14,700 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Albany International were worth $25,714,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Albany International during the 4th quarter worth about $33,273,000. Corient Private Wealth LLC increased 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 buying an additional 2,832 shares in the last quarter. Chesapeake Capital Corp IL bought a new position in shares of Albany International in the fourth quarter valued at approximately $584,000. TFO Wealth Partners LLC raised its stake in shares of Albany International by 109,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,092 shares of the textile maker’s stock valued at $98,000 after acquiring an additional 1,091 shares during the last quarter. Finally, Eagle Asset Management Inc. grew its position in Albany International by 0.8% during the 4th quarter. Eagle Asset Management Inc. now owns 231,998 shares of the textile maker’s stock worth $22,787,000 after acquiring an additional 1,838 shares during the last quarter. 97.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. StockNews.com upgraded Albany International from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Truist Financial cut their price target on Albany International from $104.00 to $101.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Finally, Bank of America decreased their price objective on shares of Albany International from $95.00 to $90.00 and set an “underperform” rating on the stock in a report on Wednesday, May 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Albany International currently has an average rating of “Hold” and an average price target of $95.50.

Albany International Stock Down 1.7 %

NYSE AIN opened at $87.01 on Friday. The stock has a market capitalization of $2.71 billion, a P/E ratio of 24.44, a price-to-earnings-growth ratio of 2.36 and a beta of 1.26. Albany International Corp. has a 52 week low of $78.20 and a 52 week high of $99.41. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.87 and a current ratio of 3.59. The stock has a fifty day moving average of $89.08 and a 200-day moving average of $88.42.

Albany International (NYSE:AIN) last announced its quarterly earnings data on Tuesday, August 6th. The textile maker reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). The firm had revenue of $331.99 million during the quarter, compared to analyst estimates of $318.17 million. Albany International had a return on equity of 13.13% and a net margin of 8.76%. Albany International’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 earnings per share. On average, equities research analysts forecast that Albany International Corp. will post 3.71 EPS for the current year.

Albany International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Shareholders 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 dividend on an annualized basis and a yield of 1.20%. Albany International’s payout ratio is presently 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.