Wealth Enhancement Advisory Services LLC Makes New $213,000 Investment in Albany International Corp. (NYSE:AIN)

Wealth Enhancement Advisory Services LLC purchased a new position in Albany International Corp. (NYSE:AIN) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,661 shares of the textile maker’s stock, valued at approximately $213,000.

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

Analysts Set New Price Targets

AIN has been the subject of several analyst reports. Truist Financial dropped their target price on Albany International from $88.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Wall Street Zen raised Albany International from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. Robert W. Baird reduced their price target on Albany International from $104.00 to $92.00 and set an “outperform” rating on the stock in a research report on Friday, February 28th. JPMorgan Chase & Co. increased their price objective on Albany International from $65.00 to $77.00 and gave the company a “neutral” rating in a report on Friday, May 16th. Finally, Bank of America cut their price target on Albany International from $75.00 to $65.00 and set an “underperform” rating on the stock in a research report on Monday, June 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $79.00.

Albany International Price Performance

AIN stock opened at $68.55 on Tuesday. The stock has a 50-day moving average price of $65.97 and a two-hundred day moving average price of $73.55. Albany International Corp. has a 12-month low of $57.71 and a 12-month high of $95.47. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36. The company has a market cap of $2.07 billion, a PE ratio of 21.42 and a beta of 1.31.

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

Albany International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 6th will be given a dividend of $0.27 per share. 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%.

Albany International 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.