Albany International Corp. (NYSE:AIN) Shares Sold by Millennium Management LLC

Millennium Management LLC reduced its stake in shares of Albany International Corp. (NYSE:AIN - Free Report) by 87.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,290 shares of the textile maker's stock after selling 111,503 shares during the quarter. Millennium Management LLC owned approximately 0.05% of Albany International worth $1,303,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in AIN. Smartleaf Asset Management LLC lifted its holdings in Albany International by 306.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 667 shares of the textile maker's stock valued at $53,000 after buying an additional 503 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Albany International by 735.6% in the fourth quarter. Sterling Capital Management LLC now owns 752 shares of the textile maker's stock valued at $60,000 after purchasing an additional 662 shares during the period. Vestcor Inc purchased a new stake in shares of Albany International in the fourth quarter valued at approximately $70,000. Covestor Ltd grew its stake in Albany International by 110.4% in the fourth quarter. Covestor Ltd now owns 888 shares of the textile maker's stock worth $71,000 after purchasing an additional 466 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in Albany International during the 4th quarter worth $88,000. 97.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Bank of America lowered their target price on Albany International from $75.00 to $65.00 and set an "underperform" rating for the company in a report on Monday. Robert W. Baird lowered their price objective on shares of Albany International from $104.00 to $92.00 and set an "outperform" rating for the company in a research note on Friday, February 28th. JPMorgan Chase & Co. raised their target price on shares of Albany International from $65.00 to $77.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Wall Street Zen raised shares of Albany International from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Finally, Truist Financial dropped their price objective on shares of Albany International from $88.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $79.00.

Albany International Stock Up 0.8%

Albany International stock traded up $0.53 during trading hours on Friday, reaching $67.05. The stock had a trading volume of 133,659 shares, compared to its average volume of 212,715. The company has a market cap of $2.02 billion, a price-to-earnings ratio of 20.95 and a beta of 1.31. The business's 50 day moving average price is $65.39 and its 200-day moving average price is $74.43. Albany International Corp. has a 52 week low of $57.71 and a 52 week high of $95.47. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.68 and a quick ratio of 2.94.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.15. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The firm had revenue of $288.77 million for the quarter, compared to the consensus estimate of $300.74 million. During the same quarter in the previous year, the firm earned $0.90 EPS. The company's quarterly revenue was down 7.8% compared to the same quarter last year. Sell-side analysts anticipate that Albany International Corp. will post 3.23 EPS for the current year.

Albany International Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 6th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.61%. Albany International's payout ratio is currently 43.55%.

About Albany International

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.