Raymond James Financial Services Advisors Inc. Invests $231,000 in Albany International Corp. (NYSE:AIN)

Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Albany International Corp. (NYSE:AIN) during the 4th quarter, Holdings Channel reports. The fund purchased 2,352 shares of the textile maker’s stock, valued at approximately $231,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Arizona State Retirement System boosted its position in Albany International by 1.5% in the third quarter. Arizona State Retirement System now owns 8,883 shares of the textile maker’s stock valued at $766,000 after buying an additional 129 shares in the last quarter. HighTower Advisors LLC boosted its holdings in shares of Albany International by 1.0% during the 3rd quarter. HighTower Advisors LLC now owns 16,134 shares of the textile maker’s stock valued at $1,401,000 after acquiring an additional 156 shares in the last quarter. MQS Management LLC grew its position in Albany International by 2.4% during the 3rd quarter. MQS Management LLC now owns 6,584 shares of the textile maker’s stock worth $568,000 after acquiring an additional 156 shares during the last quarter. Inspire Investing LLC increased its holdings in Albany International by 4.9% in the 3rd quarter. Inspire Investing LLC now owns 3,543 shares of the textile maker’s stock worth $306,000 after purchasing an additional 167 shares in the last quarter. Finally, DAVENPORT & Co LLC raised its position in Albany International by 1.9% in the third quarter. DAVENPORT & Co LLC now owns 13,197 shares of the textile maker’s stock valued at $1,139,000 after purchasing an additional 242 shares during the last quarter. 97.37% of the stock is currently owned by institutional investors and hedge funds.

Albany International Price Performance

Shares of AIN opened at $88.08 on Wednesday. The business has a 50-day moving average of $91.86 and a 200-day moving average of $89.71. Albany International Corp. has a 1 year low of $78.20 and a 1 year high of $99.41. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of 24.81, a price-to-earnings-growth ratio of 2.29 and a beta of 1.26. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.53 and a quick ratio of 2.85.

Albany International (NYSE:AIN) last released its quarterly earnings results on Tuesday, February 27th. The textile maker reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.38. Albany International had a net margin of 9.68% and a return on equity of 13.70%. The firm had revenue of $323.60 million during the quarter, compared to analyst estimates of $298.17 million. During the same quarter last year, the business earned $0.75 EPS. The company’s revenue was up 20.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Albany International Corp. will post 3.9 earnings per share for the current year.

Albany International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.04 dividend on an annualized basis and a yield of 1.18%. Albany International’s payout ratio is currently 29.30%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Truist Financial boosted their price target on Albany International from $105.00 to $121.00 and gave the stock a “buy” rating in a report on Wednesday, January 10th. Bank of America reissued an “underperform” rating and set a $95.00 target price (down from $105.00) on shares of Albany International in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $110.50.

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.