US Bancorp DE Decreases Stock Position in Albany International Corporation (NYSE:AIN)

US Bancorp DE reduced its position in Albany International Corporation (NYSE:AIN) by 16.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,295 shares of the textile maker’s stock after selling 650 shares during the period. US Bancorp DE’s holdings in Albany International were worth $228,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Bank of America Corp DE raised its stake in 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 during the last quarter. Raymond James Financial Inc. purchased a new stake in Albany International during the 4th quarter valued at $19,349,000. Voya Investment Management LLC raised its stake in Albany International by 552.8% during the 4th quarter. Voya Investment Management LLC now owns 260,394 shares of the textile maker’s stock valued at $20,824,000 after buying an additional 220,504 shares during the last quarter. Invenomic Capital Management LP purchased a new stake in Albany International during the 4th quarter valued at $11,583,000. Finally, Earnest Partners LLC raised its stake in Albany International by 3.9% during the 4th quarter. Earnest Partners LLC now owns 2,641,108 shares of the textile maker’s stock valued at $211,209,000 after buying an additional 99,149 shares during the last quarter. 97.37% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Albany International from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. Truist Financial reiterated a “hold” rating and set a $55.00 target price (down from $70.00) on shares of Albany International in a research note on Friday, August 1st. 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 note on Friday, May 16th. Baird R W lowered shares of Albany International from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 31st. Finally, Robert W. Baird lowered Albany International from an “outperform” rating to a “neutral” rating and set a $79.00 price objective for the company. in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Albany International has a consensus rating of “Hold” and an average price target of $71.40.

Albany International Trading Down 2.5%

NYSE:AIN opened at $63.77 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.51 and a quick ratio of 2.78. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of 31.88, a price-to-earnings-growth ratio of 1.53 and a beta of 1.38. Albany International Corporation has a one year low of $50.60 and a one year high of $94.20. The business has a fifty day moving average price of $67.77 and a 200-day moving average price of $69.74.

Albany International (NYSE:AIN) last posted its quarterly earnings data on Wednesday, July 30th. The textile maker reported $0.57 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.16). The company had revenue of $311.40 million during the quarter, compared to analysts’ expectations of $306.06 million. Albany International had a return on equity of 8.87% and a net margin of 5.25%. The company’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter last year, the company earned $0.89 earnings per share. Sell-side analysts forecast that Albany International Corporation will post 3.23 EPS for the current year.

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.