Bank of New York Mellon Corp Sells 13,651 Shares of Albany International Corporation (NYSE:AIN)

Bank of New York Mellon Corp reduced its stake in Albany International Corporation (NYSE:AIN) by 4.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 291,224 shares of the textile maker’s stock after selling 13,651 shares during the quarter. Bank of New York Mellon Corp owned about 0.94% of Albany International worth $20,106,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Public Employees Retirement System of Ohio acquired a new position in shares of Albany International during the 4th quarter worth approximately $40,000. Sterling Capital Management LLC grew its position in Albany International by 735.6% during the fourth quarter. Sterling Capital Management LLC now owns 752 shares of the textile maker’s stock worth $60,000 after buying an additional 662 shares in the last quarter. Covestor Ltd increased its stake in Albany International by 110.4% during the 4th quarter. Covestor Ltd now owns 888 shares of the textile maker’s stock worth $71,000 after acquiring an additional 466 shares during the period. Meeder Asset Management Inc. acquired a new position in Albany International in the 4th quarter valued at $88,000. Finally, Blue Trust Inc. lifted its position in shares of Albany International by 48.7% during the 1st quarter. Blue Trust Inc. now owns 3,065 shares of the textile maker’s stock valued at $212,000 after acquiring an additional 1,004 shares during the period. 97.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Wall Street Zen upgraded Albany International from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. Truist Financial decreased their target price on shares of Albany International from $88.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. JPMorgan Chase & Co. boosted their target price on shares of Albany International from $65.00 to $77.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Finally, Bank of America reduced their price target on shares of 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 research analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $79.00.

Albany International Trading Up 0.0%

NYSE AIN opened at $69.80 on Friday. The company has a market cap of $2.11 billion, a price-to-earnings ratio of 28.15, a price-to-earnings-growth ratio of 1.62 and a beta of 1.31. Albany International Corporation has a twelve month low of $57.71 and a twelve month high of $95.47. The company has a quick ratio of 2.92, a current ratio of 3.70 and a debt-to-equity ratio of 0.46. The business’s fifty day moving average is $68.43 and its 200 day moving average is $71.78.

Albany International (NYSE:AIN) last released its quarterly earnings data on Wednesday, April 30th. The textile maker reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.15. The company had revenue of $288.77 million during the quarter, compared to the consensus estimate of $300.74 million. Albany International had a return on equity of 9.79% and a net margin of 6.44%. The firm’s revenue was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 earnings per share. As a group, sell-side analysts expect that Albany International Corporation will post 3.23 EPS for the current fiscal 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 paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date was Friday, June 6th. Albany International’s dividend payout ratio is currently 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.