Albany International Corporation (NYSE:AIN) Stock Position Reduced by New Age Alpha Advisors LLC

Key Points

• New Age Alpha Advisors LLC reduced its stake in Albany International Corporation by 37.1%, now owning about 0.11% of the company.
• Research analysts have issued mixed ratings, with most reports indicating a consensus rating of "Hold" and an average price target of $71.40.
• Albany International announced a $0.27 quarterly dividend, resulting in a 1.8% annualized yield, with a crop ratio of 54.00%.

New Age Alpha Advisors LLC reduced its stake in shares of Albany International Corporation (NYSE:AIN - Free Report) by 37.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,812 shares of the textile maker's stock after selling 19,961 shares during the period. New Age Alpha Advisors LLC owned about 0.11% of Albany International worth $2,334,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. LPL Financial LLC lifted its position in shares of Albany International by 65.6% in the 4th quarter. LPL Financial LLC now owns 14,734 shares of the textile maker's stock worth $1,178,000 after buying an additional 5,837 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Albany International by 63.4% in the 4th quarter. JPMorgan Chase & Co. now owns 131,768 shares of the textile maker's stock worth $10,537,000 after buying an additional 51,150 shares during the last quarter. Alliancebernstein L.P. lifted its position in shares of Albany International by 5.0% in the 4th quarter. Alliancebernstein L.P. now owns 37,891 shares of the textile maker's stock worth $3,030,000 after buying an additional 1,788 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Albany International by 20.4% in the 4th quarter. Franklin Resources Inc. now owns 5,839 shares of the textile maker's stock worth $467,000 after buying an additional 988 shares during the last quarter. Finally, Bank of Montreal Can lifted its position in shares of Albany International by 11.6% in the 4th quarter. Bank of Montreal Can now owns 4,572 shares of the textile maker's stock worth $366,000 after buying an additional 475 shares during the last quarter. 97.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on AIN shares. Robert W. Baird downgraded 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, July 31st. Truist Financial reiterated a "hold" rating and issued a $55.00 price objective (down from $70.00) on shares of Albany International in a research report on Friday, August 1st. Bank of America cut their price objective 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. Baird R W downgraded shares of Albany International from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 31st. Finally, Wall Street Zen upgraded shares of Albany International from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Albany International presently has a consensus rating of "Hold" and an average price target of $71.40.

Albany International Price Performance

Shares of AIN stock traded down $0.25 during midday trading on Friday, reaching $60.96. 318,957 shares of the company were exchanged, compared to its average volume of 338,465. Albany International Corporation has a 12 month low of $50.60 and a 12 month high of $94.20. The company has a market cap of $1.80 billion, a P/E ratio of 30.48, a PEG ratio of 1.43 and a beta of 1.38. The company's 50 day moving average price is $67.99 and its two-hundred day moving average price is $70.23. 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 (NYSE:AIN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The textile maker reported $0.57 EPS for the quarter, missing analysts' consensus estimates of $0.73 by ($0.16). Albany International had a return on equity of 8.87% and a net margin of 5.25%. The company had revenue of $311.40 million for the quarter, compared to the consensus estimate of $306.06 million. During the same quarter last year, the firm posted $0.89 earnings per share. The firm's quarterly revenue was down 6.2% compared to the same quarter last year. On average, sell-side analysts expect that Albany International Corporation will post 3.23 earnings per share for the current year.

Albany International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Friday, June 6th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, June 6th. Albany International's dividend payout ratio (DPR) is 54.00%.

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.