Meeder Asset Management Inc. Acquires 14,262 Shares of Albany International Corporation (NYSE:AIN)

Meeder Asset Management Inc. lifted its position in shares of Albany International Corporation (NYSE:AIN - Free Report) by 1,290.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,367 shares of the textile maker's stock after purchasing an additional 14,262 shares during the period. Meeder Asset Management Inc.'s holdings in Albany International were worth $1,061,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Albany International by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 3,493,846 shares of the textile maker's stock worth $279,403,000 after buying an additional 12,687 shares in the last quarter. Earnest Partners LLC raised its stake in Albany International by 3.9% in the 4th quarter. Earnest Partners LLC now owns 2,641,108 shares of the textile maker's stock worth $211,209,000 after purchasing an additional 99,149 shares in the last quarter. Bank of America Corp DE boosted its holdings in Albany International by 3,050.6% in the 4th quarter. Bank of America Corp DE now owns 1,363,946 shares of the textile maker's stock valued at $109,075,000 after purchasing an additional 1,320,654 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Albany International by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,103,121 shares of the textile maker's stock worth $88,217,000 after purchasing an additional 9,226 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Albany International by 6.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 830,948 shares of the textile maker's stock worth $57,369,000 after purchasing an additional 53,400 shares during the period. 97.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Truist Financial cut Albany International from a "buy" rating to a "hold" rating and cut their price target for the company from $70.00 to $55.00 in a research note on Friday. Bank of America reduced their target price on Albany International from $75.00 to $65.00 and set an "underperform" rating on the stock in a report on Monday, June 2nd. Wall Street Zen raised shares of Albany International from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Baird R W cut shares of Albany International from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Finally, Robert W. Baird lowered shares of Albany International from an "outperform" rating to a "neutral" rating and set a $79.00 price target on the stock. in a research report on Thursday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $71.40.

Albany International Price Performance

Albany International stock traded up $1.79 during mid-day trading on Friday, reaching $55.98. The company had a trading volume of 821,396 shares, compared to its average volume of 264,880. Albany International Corporation has a fifty-two week low of $50.60 and a fifty-two week high of $94.20. The company has a market cap of $1.69 billion, a P/E ratio of 27.99, a P/E/G ratio of 1.26 and a beta of 1.31. The company has a current ratio of 3.51, a quick ratio of 2.92 and a debt-to-equity ratio of 0.50. The business has a fifty day simple moving average of $68.58 and a 200 day simple moving average of $70.95.

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 (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.16). The business had revenue of $311.40 million for 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%. Albany International's revenue was down 6.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.89 EPS. On average, equities research analysts predict that Albany International Corporation will post 3.23 earnings per share for the current year.

Albany International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Friday, June 6th were issued a dividend of $0.27 per share. The ex-dividend date was Friday, June 6th. This represents a $1.08 annualized dividend and a yield of 1.9%. Albany International's dividend payout ratio (DPR) is presently 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.