Truist Financial Corp Cuts Position in Albany International Corp. (NYSE:AIN)

Truist Financial Corp lowered its position in shares of Albany International Corp. (NYSE:AIN) by 3.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 29,653 shares of the textile maker’s stock after selling 1,105 shares during the quarter. Truist Financial Corp’s holdings in Albany International were worth $2,912,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Orion Capital Management LLC acquired a new position in shares of Albany International during the 3rd quarter valued at $29,000. GAMMA Investing LLC purchased a new position in Albany International in the fourth quarter valued at about $47,000. Adirondack Trust Co. acquired a new position in shares of Albany International during the third quarter worth about $86,000. Strs Ohio boosted its position in shares of Albany International by 22.2% in the fourth quarter. Strs Ohio now owns 1,100 shares of the textile maker’s stock worth $108,000 after buying an additional 200 shares during the period. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Albany International in the fourth quarter valued at about $231,000. Institutional investors and hedge funds own 97.37% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on AIN shares. 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 research report on Thursday, March 28th. JPMorgan Chase & Co. decreased their price objective on shares of Albany International from $98.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. TD Cowen dropped their target price on Albany International from $106.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Finally, Truist Financial reduced their price target on Albany International from $121.00 to $104.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $102.00.

Albany International Price Performance

Shares of AIN opened at $87.60 on Wednesday. The company has a current ratio of 3.99, a quick ratio of 3.20 and a debt-to-equity ratio of 0.45. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 24.61, a PEG ratio of 2.21 and a beta of 1.28. Albany International Corp. has a 52 week low of $78.20 and a 52 week high of $99.41. The stock has a 50 day moving average of $90.43 and a 200-day moving average of $89.70.

Albany International (NYSE:AIN) last released its earnings results on Tuesday, April 30th. The textile maker reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. Albany International had a net margin of 9.35% and a return on equity of 13.40%. The firm had revenue of $313.33 million during the quarter, compared to analyst estimates of $313.41 million. During the same quarter in the previous year, the firm earned $0.91 earnings per share. The firm’s revenue for the quarter was up 16.4% compared to the same quarter last year. As a group, analysts forecast that Albany International Corp. will post 3.89 EPS for the current year.

Albany International Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date was Thursday, March 14th. Albany International’s payout ratio is 29.21%.

Insider Transactions at Albany International

In other Albany International news, CEO Gunnar Kleveland bought 1,250 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were purchased at an average cost of $84.68 per share, for a total transaction of $105,850.00. Following the transaction, the chief executive officer now directly owns 6,884 shares in the company, valued at $582,937.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Gunnar Kleveland acquired 1,250 shares of Albany International stock in a transaction that occurred on Friday, May 3rd. The stock was acquired at an average price of $84.68 per share, with a total value of $105,850.00. Following the completion of the acquisition, the chief executive officer now directly owns 6,884 shares of the company’s stock, valued at approximately $582,937.12. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Robert D. Starr bought 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were purchased at an average cost of $84.44 per share, for a total transaction of $84,440.00. Following the acquisition, the chief financial officer now owns 2,610 shares of the company’s stock, valued at $220,388.40. The disclosure for this purchase can be found here. Insiders own 0.92% of the company’s stock.

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.