Envestnet Asset Management Inc. Purchases 1,904 Shares of Albany International Corporation (NYSE:AIN)

Envestnet Asset Management Inc. lifted its position in Albany International Corporation (NYSE:AIN) by 0.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 274,923 shares of the textile maker’s stock after acquiring an additional 1,904 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.89% of Albany International worth $18,981,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Proficio Capital Partners LLC purchased a new stake in Albany International during the fourth quarter worth about $1,509,000. HighTower Advisors LLC increased its holdings in Albany International by 2.0% during the fourth quarter. HighTower Advisors LLC now owns 17,157 shares of the textile maker’s stock worth $1,372,000 after buying an additional 342 shares during the last quarter. Swiss National Bank increased its holdings in Albany International by 0.8% during the fourth quarter. Swiss National Bank now owns 61,400 shares of the textile maker’s stock worth $4,910,000 after buying an additional 500 shares during the last quarter. Vestcor Inc purchased a new stake in Albany International during the fourth quarter worth about $70,000. Finally, Cibc World Markets Corp purchased a new stake in Albany International during the fourth quarter worth about $234,000. Institutional investors own 97.37% of the company’s stock.

Albany International Price Performance

Shares of NYSE:AIN opened at $67.97 on Thursday. The company has a 50-day moving average price of $68.25 and a two-hundred day moving average price of $71.92. The company has a quick ratio of 2.92, a current ratio of 3.70 and a debt-to-equity ratio of 0.46. Albany International Corporation has a twelve month low of $57.71 and a twelve month high of $95.47. The firm has a market capitalization of $2.05 billion, a PE ratio of 27.41, a P/E/G ratio of 1.58 and a beta of 1.31.

Albany International (NYSE:AIN) last released its quarterly earnings data on Wednesday, April 30th. The textile maker reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.15. Albany International had a net margin of 6.44% and a return on equity of 9.79%. The company had revenue of $288.77 million during the quarter, compared to analyst estimates of $300.74 million. During the same period last year, the business earned $0.90 earnings per share. Albany International’s revenue was down 7.8% compared to the same quarter last year. Equities analysts forecast that Albany International Corporation will post 3.23 EPS for the current year.

Albany International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Friday, June 6th were given a $0.27 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.59%. Albany International’s dividend payout ratio (DPR) is currently 43.55%.

Analysts Set New Price Targets

A number of analysts recently issued reports on AIN shares. Wall Street Zen upgraded shares of Albany International from a “hold” rating to a “buy” rating in a report on Friday, May 16th. Bank of America cut their target price on shares of Albany International from $75.00 to $65.00 and set an “underperform” rating for the company in a research report on Monday, June 2nd. Truist Financial cut their target price on shares of Albany International from $88.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Finally, JPMorgan Chase & Co. increased their target price on shares of Albany International from $65.00 to $77.00 and gave the stock a “neutral” rating in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $79.00.

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.