Envestnet Asset Management Inc. Sells 20,929 Shares of Albany International Corporation $AIN

Envestnet Asset Management Inc. reduced its position in Albany International Corporation (NYSE:AIN) by 7.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 251,844 shares of the textile maker’s stock after selling 20,929 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.85% of Albany International worth $13,423,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. AlphaQuest LLC bought a new stake in Albany International during the 3rd quarter valued at $473,000. New York State Common Retirement Fund grew its position in shares of Albany International by 9.9% in the third quarter. New York State Common Retirement Fund now owns 284,671 shares of the textile maker’s stock valued at $15,173,000 after purchasing an additional 25,585 shares in the last quarter. Truist Financial Corp raised its stake in shares of Albany International by 81.7% during the 3rd quarter. Truist Financial Corp now owns 5,599 shares of the textile maker’s stock valued at $298,000 after purchasing an additional 2,517 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in Albany International by 79.1% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 5,496 shares of the textile maker’s stock worth $293,000 after purchasing an additional 2,427 shares in the last quarter. Finally, Verdence Capital Advisors LLC boosted its stake in Albany International by 37.5% in the 3rd quarter. Verdence Capital Advisors LLC now owns 9,569 shares of the textile maker’s stock worth $510,000 after purchasing an additional 2,609 shares during the period. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Albany International Stock Performance

NYSE:AIN opened at $57.98 on Tuesday. The firm has a market cap of $1.66 billion, a PE ratio of -29.88, a price-to-earnings-growth ratio of 2.33 and a beta of 1.21. Albany International Corporation has a fifty-two week low of $41.15 and a fifty-two week high of $83.65. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.84 and a current ratio of 2.34. The business has a 50 day moving average price of $54.78 and a 200-day moving average price of $55.42.

Albany International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Tuesday, December 16th were paid a $0.28 dividend. The ex-dividend date of this dividend was Tuesday, December 16th. This is a boost from Albany International’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. Albany International’s payout ratio is -57.73%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on AIN shares. Weiss Ratings reissued a “sell (d)” rating on shares of Albany International in a report on Monday, December 29th. Zacks Research cut shares of Albany International from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 18th. JPMorgan Chase & Co. boosted their price target on shares of Albany International from $45.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, January 16th. Finally, Truist Financial set a $55.00 price objective on Albany International in a research report on Friday, January 9th. Three analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $61.50.

About Albany International

Albany International Corp. is a global advanced materials company specializing in engineered textiles and composites. Its business is organized into two primary segments: Process Media and Engineered Composites. The Process Media segment designs, manufactures and services press, forming and drying fabrics used in the production of paper and packaging materials, helping paper manufacturers improve efficiency, quality and sustainability. The Engineered Composites segment produces lightweight composite structures and components for aerospace and industrial applications, serving commercial and military aircraft programs as well as industrial markets that require high-performance, durable materials.

In the Process Media segment, Albany’s products include forming fabrics, press felts and dryer fabrics engineered to withstand extreme moisture and temperature conditions.