Assenagon Asset Management S.A. Makes New Investment in Albany International Corporation $AIN

Key Points

• Assenagon Asset Management S.A. acquired a new stake in Albany International Corporation, purchasing 31,714 shares valued at approximately $2.22 million in the second quarter.
• Albany International's stock experienced a decline of 0.3% and reported a quarterly EPS of $0.57, which missed analysts' estimates of $0.73.
• The company declared a $0.27 quarterly dividend, representing a 2.0% dividend yield, with a payout ratio of 54% based on its recent earnings.

Assenagon Asset Management S.A. acquired a new stake in Albany International Corporation (NYSE:AIN - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 31,714 shares of the textile maker's stock, valued at approximately $2,224,000. Assenagon Asset Management S.A. owned 0.11% of Albany International as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in AIN. American Century Companies Inc. grew its position in shares of Albany International by 45.3% in the first quarter. American Century Companies Inc. now owns 1,233,925 shares of the textile maker's stock valued at $85,190,000 after purchasing an additional 384,546 shares during the period. Nuveen LLC purchased a new stake in shares of Albany International in the first quarter valued at $18,985,000. Select Equity Group L.P. grew its position in shares of Albany International by 784.2% in the first quarter. Select Equity Group L.P. now owns 126,262 shares of the textile maker's stock valued at $8,717,000 after purchasing an additional 111,983 shares during the period. Jane Street Group LLC purchased a new stake in shares of Albany International in the first quarter valued at $7,468,000. Finally, Millennium Management LLC grew its position in shares of Albany International by 464.4% in the first quarter. Millennium Management LLC now owns 91,934 shares of the textile maker's stock valued at $6,347,000 after purchasing an additional 75,644 shares during the period. Hedge funds and other institutional investors own 97.37% of the company's stock.

Albany International Trading Down 0.3%

Shares of AIN opened at $54.37 on Friday. The stock's 50-day moving average is $62.48 and its two-hundred day moving average is $65.96. The stock has a market cap of $1.60 billion, a PE ratio of 27.18, a P/E/G ratio of 1.30 and a beta of 1.39. Albany International Corporation has a 12 month low of $50.60 and a 12 month high of $89.25. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.51 and a quick ratio of 2.78.

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

Albany International Announces Dividend

The firm also recently declared 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 is Tuesday, September 2nd. This represents a $1.08 annualized dividend and a dividend yield of 2.0%. Albany International's payout ratio is 54.00%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on AIN shares. Bank of America lowered 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. Truist Financial reiterated a "hold" rating and issued a $55.00 target price (down previously from $70.00) on shares of Albany International in a report on Friday, August 1st. Robert W. Baird cut Albany International from an "outperform" rating to a "neutral" rating and set a $79.00 target price on the stock. in a report on Thursday, July 31st. Finally, Baird R W cut Albany International from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 31st. One research 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 company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $71.40.

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.

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