Bank of America Corp DE Has $109.08 Million Stock Position in Albany International Corp. (NYSE:AIN)

Bank of America Corp DE boosted its stake in shares of Albany International Corp. (NYSE:AIN - Free Report) by 3,050.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,363,946 shares of the textile maker's stock after acquiring an additional 1,320,654 shares during the quarter. Bank of America Corp DE owned 4.36% of Albany International worth $109,075,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of AIN. Smartleaf Asset Management LLC raised its stake in Albany International by 306.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 667 shares of the textile maker's stock worth $53,000 after acquiring an additional 503 shares in the last quarter. Sterling Capital Management LLC raised its stake 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 acquiring an additional 662 shares in the last quarter. Vestcor Inc acquired a new position in Albany International during the fourth quarter worth $70,000. Covestor Ltd raised its stake in Albany International by 110.4% during the fourth quarter. Covestor Ltd now owns 888 shares of the textile maker's stock worth $71,000 after acquiring an additional 466 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in Albany International during the fourth quarter worth $88,000. 97.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Truist Financial dropped their price objective on Albany International from $88.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Bank of America lowered their target price on Albany International from $80.00 to $75.00 and set an "underperform" rating for the company in a research note on Tuesday, March 25th. JPMorgan Chase & Co. lowered their target price on Albany International from $75.00 to $74.00 and set a "neutral" rating for the company in a research note on Wednesday, January 15th. StockNews.com lowered Albany International from a "buy" rating to a "hold" rating in a research note on Thursday, May 8th. Finally, Robert W. Baird lowered their target price on Albany International from $104.00 to $92.00 and set an "outperform" rating for the company in a research note on Friday, February 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Albany International presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.40.

Albany International Trading Down 1.3%

NYSE AIN traded down $0.90 on Wednesday, reaching $67.39. The company had a trading volume of 141,445 shares, compared to its average volume of 206,024. The company has a quick ratio of 2.94, a current ratio of 3.68 and a debt-to-equity ratio of 0.36. Albany International Corp. has a 52 week low of $57.71 and a 52 week high of $95.47. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of 21.06 and a beta of 1.37. The stock's 50 day moving average is $67.31 and its 200-day moving average is $75.54.

Albany International (NYSE:AIN - Get Free Report) last issued its earnings results on Wednesday, April 30th. The textile maker reported $0.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.15. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The firm had revenue of $288.77 million for the quarter, compared to analysts' expectations of $300.74 million. During the same quarter last year, the business earned $0.90 earnings per share. The company's revenue was down 7.8% compared to the same quarter last year. Equities analysts predict that Albany International Corp. will post 3.23 earnings per share for the current year.

Albany International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Friday, March 21st were given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend was Friday, March 21st. Albany International's dividend payout ratio is presently 43.55%.

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.