Public Sector Pension Investment Board Acquires 12,102 Shares of Albany International Corporation $AIN

Public Sector Pension Investment Board lifted its stake in shares of Albany International Corporation (NYSE:AIN) by 11.8% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 115,035 shares of the textile maker’s stock after buying an additional 12,102 shares during the quarter. Public Sector Pension Investment Board owned about 0.39% of Albany International worth $6,131,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Albany International by 227.3% during the second quarter. EverSource Wealth Advisors LLC now owns 540 shares of the textile maker’s stock worth $38,000 after buying an additional 375 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Albany International by 32.4% during the second quarter. Smartleaf Asset Management LLC now owns 711 shares of the textile maker’s stock valued at $49,000 after purchasing an additional 174 shares in the last quarter. Osaic Holdings Inc. raised its holdings in shares of Albany International by 42.3% during the 2nd quarter. Osaic Holdings Inc. now owns 908 shares of the textile maker’s stock worth $64,000 after buying an additional 270 shares in the last quarter. Lazard Asset Management LLC acquired a new position in Albany International during the second quarter worth about $77,000. Finally, Blue Trust Inc. lifted its stake in Albany International by 6.1% in the 3rd quarter. Blue Trust Inc. now owns 3,433 shares of the textile maker’s stock valued at $183,000 after purchasing an additional 196 shares during the last quarter. 97.37% of the stock is owned by institutional investors and hedge funds.

Albany International Price Performance

Shares of NYSE:AIN opened at $58.71 on Thursday. The company has a current ratio of 2.34, a quick ratio of 1.84 and a debt-to-equity ratio of 0.65. The stock’s fifty day simple moving average is $55.09 and its two-hundred day simple moving average is $55.45. Albany International Corporation has a 1-year low of $41.15 and a 1-year high of $83.65. The stock has a market cap of $1.68 billion, a PE ratio of -30.26, a price-to-earnings-growth ratio of 2.32 and a beta of 1.21.

Albany International Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on AIN shares. Truist Financial set a $55.00 price target on Albany International in a research note on Friday, January 9th. JPMorgan Chase & Co. lifted their price objective on Albany International from $45.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, January 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Albany International in a research report on Monday, December 29th. Finally, Zacks Research downgraded shares of Albany International from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 18th. Three analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average 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.