Select Equity Group L.P. Buys 111,983 Shares of Albany International Corporation $AIN

Select Equity Group L.P. lifted its position in shares of Albany International Corporation (NYSE:AIN - Free Report) by 784.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 126,262 shares of the textile maker's stock after purchasing an additional 111,983 shares during the period. Select Equity Group L.P. owned 0.42% of Albany International worth $8,717,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Nuveen LLC acquired a new position in shares of Albany International during the 1st quarter worth about $18,985,000. Entropy Technologies LP acquired a new position in shares of Albany International during the 1st quarter worth about $407,000. Jump Financial LLC acquired a new position in Albany International in the 1st quarter valued at about $1,740,000. Teacher Retirement System of Texas grew its stake in Albany International by 5.5% in the 1st quarter. Teacher Retirement System of Texas now owns 69,301 shares of the textile maker's stock valued at $4,785,000 after buying an additional 3,608 shares during the last quarter. Finally, QRG Capital Management Inc. grew its stake in Albany International by 20.2% in the 1st quarter. QRG Capital Management Inc. now owns 4,089 shares of the textile maker's stock valued at $282,000 after buying an additional 686 shares during the last quarter. 97.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AIN has been the topic of a number of research reports. Bank of America decreased 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 note on Monday, June 2nd. Truist Financial reissued a "hold" rating and issued a $55.00 price objective (down previously from $70.00) on shares of Albany International in a report on Friday, August 1st. Wall Street Zen raised shares of Albany International from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Robert W. Baird downgraded shares of Albany International from an "outperform" rating to a "neutral" rating and set a $79.00 price objective for the company. in a report on Thursday, July 31st. Finally, Baird R W downgraded shares of Albany International from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $71.40.

Albany International Price Performance

Shares of Albany International stock traded down $1.70 on Friday, reaching $58.62. 99,425 shares of the stock were exchanged, compared to its average volume of 262,628. The firm's 50 day moving average is $65.19 and its 200-day moving average is $67.22. Albany International Corporation has a one year low of $50.60 and a one year high of $89.66. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.78 and a current ratio of 3.51. The firm has a market cap of $1.73 billion, a PE ratio of 29.37, a P/E/G ratio of 1.43 and a beta of 1.39.

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

Albany International Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 7th. Investors of record on Tuesday, September 2nd will be paid a $0.27 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.08 annualized dividend and a yield of 1.8%. Albany International's dividend payout ratio is presently 54.00%.

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.