Park Avenue Securities LLC Boosts Holdings in Albany International Corp. (NYSE:AIN)

Park Avenue Securities LLC increased its position in Albany International Corp. (NYSE:AIN) by 11.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,320 shares of the textile maker’s stock after buying an additional 342 shares during the quarter. Park Avenue Securities LLC’s holdings in Albany International were worth $229,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Bank of America Corp DE boosted its holdings in shares of Albany International by 3,050.6% during the 4th quarter. Bank of America Corp DE now owns 1,363,946 shares of the textile maker’s stock valued at $109,075,000 after buying an additional 1,320,654 shares in the last quarter. American Century Companies Inc. increased its position in shares of Albany International by 3,380.5% during the 4th quarter. American Century Companies Inc. now owns 849,379 shares of the textile maker’s stock valued at $67,925,000 after purchasing an additional 824,975 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Albany International during the 4th quarter valued at about $62,181,000. Norges Bank purchased a new stake in Albany International in the 4th quarter worth approximately $39,044,000. Finally, Raymond James Financial Inc. bought a new position in Albany International in the 4th quarter worth approximately $19,349,000. 97.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on AIN. Bank of America lowered their target price on shares of Albany International from $75.00 to $65.00 and set an “underperform” rating for the company in a report on Monday, June 2nd. Truist Financial lowered their target price on shares of Albany International from $88.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Robert W. Baird reduced their price target on shares of Albany International from $104.00 to $92.00 and set an “outperform” rating on the stock in a research note on Friday, February 28th. JPMorgan Chase & Co. raised their price target on shares of Albany International from $65.00 to $77.00 and gave the stock a “neutral” rating in a research note on Friday, May 16th. Finally, Wall Street Zen raised shares of Albany International from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $79.00.

Albany International Stock Up 2.0%

Shares of NYSE:AIN opened at $68.55 on Tuesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.94 and a current ratio of 3.68. Albany International Corp. has a 1 year low of $57.71 and a 1 year high of $95.47. The stock has a market capitalization of $2.07 billion, a P/E ratio of 21.42 and a beta of 1.31. The stock has a 50-day simple moving average of $65.97 and a 200-day simple moving average of $73.55.

Albany International (NYSE:AIN) last released its quarterly earnings results on Wednesday, April 30th. The textile maker reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.15. The firm had revenue of $288.77 million during the quarter, compared to analysts’ expectations of $300.74 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. Albany International’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 EPS. Equities analysts forecast that Albany International Corp. will post 3.23 earnings per share for the current year.

Albany International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 6th will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Friday, June 6th. Albany International’s payout ratio is 43.55%.

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.