Entropy Technologies LP Acquires Shares of 5,900 Albany International Corporation $AIN

Key Points

• Entropy Technologies LP has acquired a new stake in Albany International Corporation, purchasing 5,900 shares valued at approximately $407,000 in the first quarter of 2023.
• Albany International reported earnings of $0.57 per share for the last quarter, missing estimates, with a revenue of $311.4 million, down 6.2% compared to the previous year.
• The company also declared a quarterly dividend of $0.27 per share, representing an annual yield of 1.7%, with a payout ratio of 54.00%.

Entropy Technologies LP purchased a new stake in Albany International Corporation (NYSE:AIN - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,900 shares of the textile maker's stock, valued at approximately $407,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Cetera Investment Advisers grew its stake in Albany International by 3.7% in the fourth quarter. Cetera Investment Advisers now owns 3,730 shares of the textile maker's stock valued at $298,000 after purchasing an additional 133 shares in the last quarter. Summit Investment Advisors Inc. grew its stake in Albany International by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,265 shares of the textile maker's stock valued at $261,000 after purchasing an additional 207 shares in the last quarter. Gamco Investors INC. ET AL grew its stake in Albany International by 0.5% in the fourth quarter. Gamco Investors INC. ET AL now owns 49,080 shares of the textile maker's stock valued at $3,925,000 after purchasing an additional 265 shares in the last quarter. Park Avenue Securities LLC grew its stake in Albany International by 11.5% in the first quarter. Park Avenue Securities LLC now owns 3,320 shares of the textile maker's stock valued at $229,000 after purchasing an additional 342 shares in the last quarter. Finally, DAVENPORT & Co LLC raised its stake in Albany International by 3.0% in the first quarter. DAVENPORT & Co LLC now owns 12,464 shares of the textile maker's stock valued at $860,000 after buying an additional 360 shares during the period. 97.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on AIN shares. JPMorgan Chase & Co. lifted their target price on Albany International from $65.00 to $77.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Robert W. Baird downgraded Albany International from an "outperform" rating to a "neutral" rating and set a $79.00 target price for the company. in a research note on Thursday, July 31st. Truist Financial reiterated a "hold" rating and set a $55.00 target price (down from $70.00) on shares of Albany International in a research note on Friday, August 1st. Bank of America reduced their target price on Albany International from $75.00 to $65.00 and set an "underperform" rating for the company in a research note on Monday, June 2nd. Finally, Baird R W downgraded Albany International from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Albany International currently has an average rating of "Hold" and an average target price of $71.40.

Albany International Stock Performance

NYSE:AIN traded down $0.70 during mid-day trading on Monday, hitting $62.24. 111,260 shares of the stock were exchanged, compared to its average volume of 266,263. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 31.17, a price-to-earnings-growth ratio of 1.48 and a beta of 1.38. The firm's 50-day simple moving average is $67.69 and its 200 day simple moving average is $69.47. 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 fifty-two week low of $50.60 and a fifty-two week high of $94.20.

Albany International (NYSE:AIN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The textile maker reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.16). The firm 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 business's revenue for the quarter was down 6.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.89 earnings per share. As a group, equities analysts anticipate that Albany International Corporation will post 3.23 EPS for the current fiscal year.

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.