Vanguard Group Inc. Sells 70,467 Shares of Albany International Corporation $AIN

Key Points

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Vanguard Group Inc. reduced its stake in shares of Albany International Corporation (NYSE:AIN - Free Report) by 2.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,423,379 shares of the textile maker's stock after selling 70,467 shares during the quarter. Vanguard Group Inc. owned about 11.08% of Albany International worth $236,350,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of AIN. Bank of America Corp DE grew its position in shares of Albany International by 3,050.6% during the 4th quarter. Bank of America Corp DE now owns 1,363,946 shares of the textile maker's stock worth $109,075,000 after buying an additional 1,320,654 shares during the period. Voya Investment Management LLC grew its position in shares of Albany International by 552.8% during the 4th quarter. Voya Investment Management LLC now owns 260,394 shares of the textile maker's stock worth $20,824,000 after buying an additional 220,504 shares during the period. Invenomic Capital Management LP acquired a new position in shares of Albany International in the 4th quarter valued at approximately $11,583,000. Earnest Partners LLC grew its position in shares of Albany International by 3.9% in the 4th quarter. Earnest Partners LLC now owns 2,641,108 shares of the textile maker's stock valued at $211,209,000 after purchasing an additional 99,149 shares during the period. Finally, Deutsche Bank AG grew its position in shares of Albany International by 349.3% in the 4th quarter. Deutsche Bank AG now owns 80,367 shares of the textile maker's stock valued at $6,427,000 after purchasing an additional 62,480 shares during the period. 97.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on AIN shares. Bank of America decreased their price objective on Albany International from $75.00 to $65.00 and set an "underperform" rating for the company in a research report on Monday, June 2nd. Wall Street Zen upgraded Albany International from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Truist Financial reiterated a "hold" rating and issued a $55.00 price objective (down from $70.00) on shares of Albany International in a research report on Friday, August 1st. Robert W. Baird lowered Albany International from an "outperform" rating to a "neutral" rating and set a $79.00 price objective for the company. in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. boosted their price objective on Albany International from $65.00 to $77.00 and gave the company a "neutral" 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $71.40.

Albany International Stock Up 4.5%

NYSE AIN traded up $2.79 during trading on Friday, hitting $65.16. The stock had a trading volume of 326,028 shares, compared to its average volume of 402,265. The company has a market capitalization of $1.92 billion, a PE ratio of 32.58, a P/E/G ratio of 1.53 and a beta of 1.38. The company's 50-day moving average price is $67.13 and its two-hundred day moving average price is $68.91. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.78 and a current ratio of 3.51. Albany International Corporation has a 12 month low of $50.60 and a 12 month high of $94.20.

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

Albany International Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 7th. Shareholders of record on Tuesday, September 2nd will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 1.7%. Albany International's payout ratio is 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.