Raymond James Financial Inc. Has $10.45 Million Stock Holdings in Albany International Corporation $AIN

Raymond James Financial Inc. cut its holdings in shares of Albany International Corporation (NYSE:AIN) by 37.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 151,324 shares of the textile maker’s stock after selling 90,634 shares during the period. Raymond James Financial Inc. owned about 0.50% of Albany International worth $10,447,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in Albany International during the 1st quarter worth approximately $18,985,000. Entropy Technologies LP acquired a new stake in Albany International during the 1st quarter worth approximately $407,000. Teacher Retirement System of Texas boosted its position in Albany International by 5.5% during the 1st quarter. Teacher Retirement System of Texas now owns 69,301 shares of the textile maker’s stock worth $4,785,000 after buying an additional 3,608 shares during the period. QRG Capital Management Inc. boosted its position in Albany International by 20.2% during the 1st quarter. QRG Capital Management Inc. now owns 4,089 shares of the textile maker’s stock worth $282,000 after buying an additional 686 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Albany International by 1.7% during the 1st quarter. Principal Financial Group Inc. now owns 156,089 shares of the textile maker’s stock worth $10,776,000 after buying an additional 2,549 shares during the period. 97.37% of the stock is currently owned by institutional investors and hedge funds.

Albany International Stock Down 0.7%

Albany International stock opened at $63.50 on Friday. The company has a quick ratio of 2.78, a current ratio of 3.51 and a debt-to-equity ratio of 0.50. Albany International Corporation has a 12-month low of $50.60 and a 12-month high of $94.20. The firm’s fifty day moving average is $66.75 and its 200 day moving average is $68.35. The company has a market capitalization of $1.87 billion, a PE ratio of 31.75, a PEG ratio of 1.51 and a beta of 1.38.

Albany International (NYSE:AIN) last released its earnings results on Wednesday, July 30th. The textile maker reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.16). Albany International had a net margin of 5.25% and a return on equity of 8.87%. The company had revenue of $311.40 million for the quarter, compared to analyst estimates of $306.06 million. During the same quarter in the previous year, the firm earned $0.89 EPS. The firm’s revenue was down 6.2% on a year-over-year basis. Albany International has set its FY 2025 guidance at 3.000-3.400 EPS. As a group, sell-side analysts predict that Albany International Corporation will post 3.23 EPS for the current fiscal year.

Albany International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 7th. Investors of record on Tuesday, September 2nd 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 1.7%. The ex-dividend date is Tuesday, September 2nd. Albany International’s payout ratio is presently 54.00%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. 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 report on Friday, August 1st. Bank of America dropped 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. Baird R W downgraded shares of Albany International from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. boosted their price target 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. Finally, Wall Street Zen upgraded shares of Albany International from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. One research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $71.40.

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.