Massachusetts Financial Services Co. MA Acquires 53,400 Shares of Albany International Corporation (NYSE:AIN)

Massachusetts Financial Services Co. MA grew its stake in Albany International Corporation (NYSE:AIN - Free Report) by 6.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 830,948 shares of the textile maker's stock after buying an additional 53,400 shares during the quarter. Massachusetts Financial Services Co. MA owned 2.69% of Albany International worth $57,369,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Public Employees Retirement System of Ohio acquired a new position in Albany International during the fourth quarter worth $40,000. Sterling Capital Management LLC boosted its holdings in Albany International by 735.6% during the fourth quarter. Sterling Capital Management LLC now owns 752 shares of the textile maker's stock worth $60,000 after purchasing an additional 662 shares during the last quarter. Covestor Ltd boosted its holdings in Albany International by 110.4% during the fourth quarter. Covestor Ltd now owns 888 shares of the textile maker's stock worth $71,000 after purchasing an additional 466 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Albany International during the fourth quarter worth $88,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in Albany International during the fourth quarter worth $213,000. Institutional investors and hedge funds own 97.37% of the company's stock.

Analysts Set New Price Targets

AIN has been the topic of several analyst reports. JPMorgan Chase & Co. upped their price target on shares of Albany International from $65.00 to $77.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Truist Financial dropped their price target on shares of Albany International from $88.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Bank of America dropped 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 report on Monday, June 2nd. Finally, Wall Street Zen raised shares of Albany International from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Albany International presently has an average rating of "Moderate Buy" and an average price target of $79.00.

Albany International Stock Performance

Shares of AIN traded up $0.02 during trading hours on Friday, hitting $69.80. The company had a trading volume of 207,775 shares, compared to its average volume of 230,554. The firm has a market cap of $2.11 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 1.58 and a beta of 1.31. The business has a fifty day moving average of $68.43 and a 200-day moving average of $71.78. Albany International Corporation has a 12 month low of $57.71 and a 12 month high of $95.47. The company has a quick ratio of 2.92, a current ratio of 3.70 and a debt-to-equity ratio of 0.46.

Albany International (NYSE:AIN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The textile maker reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.15. The company had revenue of $288.77 million for the quarter, compared to analyst estimates of $300.74 million. Albany International had a net margin of 6.44% and a return on equity of 9.79%. The company's revenue was down 7.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 earnings per share. Equities analysts anticipate that Albany International Corporation will post 3.23 EPS for the current fiscal year.

Albany International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Friday, June 6th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend was Friday, June 6th. Albany International's dividend payout ratio is 43.55%.

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.