Invenomic Capital Management LP Sells 74,231 Shares of Albany International Corporation $AIN

Key Points

• Invenomic Capital Management LP significantly reduced its stake in Albany International Corporation by 51.2%, selling over 74,000 shares, and now holds a position worth $4.9 million.
• Bank of America Corp DE made a massive increase in its investment, boosting its holdings by 3,050.6% during the fourth quarter, resulting in ownership of over 1.3 million shares.
• Albany International reported a missed earnings estimate for the last quarter, with earnings per share of $0.57 compared to the expected $0.73, alongside a year-over-year revenue decline of 6.2%.

Invenomic Capital Management LP cut its holdings in Albany International Corporation (NYSE:AIN - Free Report) by 51.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 70,611 shares of the textile maker's stock after selling 74,231 shares during the period. Invenomic Capital Management LP owned 0.23% of Albany International worth $4,875,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. acquired a new position in Albany International in the 1st quarter valued at $1,414,000. Cubist Systematic Strategies LLC acquired a new position in Albany International in the 1st quarter valued at $1,317,000. Royal Bank of Canada raised its holdings in Albany International by 7.5% in the 1st quarter. Royal Bank of Canada now owns 15,590 shares of the textile maker's stock valued at $1,076,000 after acquiring an additional 1,085 shares during the last quarter. Trexquant Investment LP acquired a new position in Albany International in the 1st quarter valued at $2,684,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in Albany International in the 1st quarter valued at $628,000. 97.37% of the stock is currently owned by institutional investors and hedge funds.

Albany International Stock Up 1.4%

AIN stock traded up $0.85 during midday trading on Thursday, reaching $60.99. The company had a trading volume of 71,471 shares, compared to its average volume of 262,419. Albany International Corporation has a 1 year low of $50.60 and a 1 year high of $89.66. The company has a current ratio of 3.51, a quick ratio of 2.78 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $1.80 billion, a P/E ratio of 30.53, a PEG ratio of 1.44 and a beta of 1.39. The company has a 50 day moving average of $65.43 and a two-hundred day moving average of $67.36.

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

Albany International Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on AIN shares. Wall Street Zen upgraded Albany International from a "hold" rating to a "buy" rating in a report on Friday, May 16th. JPMorgan Chase & Co. upped their price objective on Albany International from $65.00 to $77.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Bank of America dropped their price objective on Albany International from $75.00 to $65.00 and set an "underperform" rating for the company in a report on Monday, June 2nd. Truist Financial restated a "hold" rating and set a $55.00 price objective (down from $70.00) on shares of Albany International in a report on Friday, August 1st. Finally, Robert W. Baird downgraded 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. One analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $71.40.

Albany International Company 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.