Bank of New York Mellon Corp cut its stake in shares of Albany International Corp. (NYSE:AIN – Free Report) by 3.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 352,507 shares of the textile maker’s stock after selling 12,237 shares during the period. Bank of New York Mellon Corp owned 1.13% of Albany International worth $32,882,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AIN. Citigroup Inc. raised its position in Albany International by 7.1% during the first quarter. Citigroup Inc. now owns 33,541 shares of the textile maker’s stock valued at $2,828,000 after purchasing an additional 2,229 shares during the period. Bank of Montreal Can grew its stake in shares of Albany International by 37.7% during the first quarter. Bank of Montreal Can now owns 13,075 shares of the textile maker’s stock valued at $1,125,000 after buying an additional 3,578 shares during the last quarter. MetLife Investment Management LLC grew its stake in shares of Albany International by 56.1% during the first quarter. MetLife Investment Management LLC now owns 16,503 shares of the textile maker’s stock valued at $1,392,000 after buying an additional 5,928 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Albany International by 0.6% during the first quarter. Rhumbline Advisers now owns 93,759 shares of the textile maker’s stock valued at $7,906,000 after buying an additional 529 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Albany International by 14.1% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,915 shares of the textile maker’s stock valued at $2,354,000 after buying an additional 3,442 shares during the last quarter. 97.37% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at Albany International
In other Albany International news, SVP Robert Alan Hansen sold 4,167 shares of the stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $93.60, for a total transaction of $390,031.20. Following the sale, the senior vice president now owns 7,337 shares of the company’s stock, valued at approximately $686,743.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.76% of the company’s stock.
Albany International Stock Down 3.8 %
Albany International (NYSE:AIN – Get Free Report) last announced its quarterly earnings data on Tuesday, November 7th. The textile maker reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.11. The company had revenue of $281.11 million for the quarter, compared to analysts’ expectations of $264.96 million. Albany International had a return on equity of 12.48% and a net margin of 9.04%. Albany International’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.15 earnings per share. Sell-side analysts predict that Albany International Corp. will post 3.62 EPS for the current year.
Albany International Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, October 6th. Shareholders of record on Tuesday, September 5th were given a dividend of $0.25 per share. The ex-dividend date was Friday, September 1st. This represents a $1.00 annualized dividend and a yield of 1.22%. Albany International’s dividend payout ratio (DPR) is presently 31.65%.
Analysts Set New Price Targets
A number of research firms have recently commented on AIN. StockNews.com began coverage on Albany International in a research note on Thursday, October 5th. They set a “buy” rating on the stock. Robert W. Baird raised Albany International from a “neutral” rating to an “outperform” rating and upped their target price for the company from $101.00 to $120.00 in a research note on Friday, July 14th. TD Cowen raised Albany International from a “market perform” rating to an “outperform” rating and upped their target price for the company from $100.00 to $106.00 in a research note on Monday, September 18th. Finally, TheStreet cut Albany International from a “b-” rating to a “c+” rating in a research note on Wednesday, November 1st. Four equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $110.33.
About Albany International
Albany International Corp., together with its subsidiaries, engages in the textile and materials processing business. 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, nonwovens, building products, tannery, and textiles.
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