Albany International Corp. (NYSE:AIN) Position Raised by State Street Corp

State Street Corp lifted its position in shares of Albany International Corp. (NYSE:AIN) by 3.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,218,058 shares of the textile maker’s stock after acquiring an additional 36,944 shares during the period. State Street Corp’s holdings in Albany International were worth $108,544,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Earnest Partners LLC boosted its stake in Albany International by 2.1% during the 2nd quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock valued at $218,961,000 after purchasing an additional 53,743 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Albany International by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock worth $92,192,000 after buying an additional 52,909 shares during the period. Victory Capital Management Inc. boosted its position in shares of Albany International by 24.0% during the third quarter. Victory Capital Management Inc. now owns 847,829 shares of the textile maker’s stock worth $75,330,000 after buying an additional 163,934 shares during the period. William Blair Investment Management LLC grew its holdings in Albany International by 3.5% in the 2nd quarter. William Blair Investment Management LLC now owns 726,287 shares of the textile maker’s stock worth $61,335,000 after buying an additional 24,430 shares in the last quarter. Finally, Sei Investments Co. increased its position in Albany International by 2.0% in the 2nd quarter. Sei Investments Co. now owns 708,373 shares of the textile maker’s stock valued at $59,822,000 after acquiring an additional 13,581 shares during the period. Institutional investors and hedge funds own 97.37% of the company’s stock.

Insider Transactions at Albany International

In other news, VP Joseph M. Gaug purchased 1,000 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were acquired at an average price of $71.24 per share, for a total transaction of $71,240.00. Following the completion of the acquisition, the vice president now directly owns 6,811 shares of the company’s stock, valued at $485,215.64. The trade was a 17.21 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Robert Alan Hansen purchased 1,050 shares of Albany International stock in a transaction that occurred on Tuesday, November 5th. The stock was purchased at an average price of $71.26 per share, with a total value of $74,823.00. Following the transaction, the senior vice president now owns 8,387 shares in the company, valued at $597,657.62. This represents a 14.31 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 3,450 shares of company stock valued at $245,813 over the last three months. Company insiders own 0.76% of the company’s stock.

Albany International Price Performance

NYSE:AIN opened at $81.96 on Monday. Albany International Corp. has a 52-week low of $67.39 and a 52-week high of $99.41. The company has a quick ratio of 2.94, a current ratio of 3.68 and a debt-to-equity ratio of 0.36. The firm has a market cap of $2.57 billion, a P/E ratio of 25.61 and a beta of 1.34. The business’s 50-day moving average price is $77.92 and its 200 day moving average price is $83.88.

Albany International (NYSE:AIN) last released its earnings results on Wednesday, October 30th. The textile maker reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.35. The business had revenue of $298.40 million for the quarter, compared to the consensus estimate of $304.51 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.02 EPS. As a group, sell-side analysts predict that Albany International Corp. will post 3.23 earnings per share for the current fiscal year.

Albany International Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Tuesday, December 17th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.32%. This is a boost from Albany International’s previous quarterly dividend of $0.26. The ex-dividend date is Tuesday, December 17th. Albany International’s payout ratio is presently 33.75%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on AIN shares. TD Cowen reduced their price target on Albany International from $95.00 to $81.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Bank of America reduced their price objective on shares of Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a report on Friday, November 15th. StockNews.com raised shares of Albany International from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Truist Financial reduced their price target on shares of Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $85.50.

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.