Northern Trust Corp Cuts Position in Albany International Corporation $AIN

Key Points

• Northern Trust Corp reduced its stake in Albany International Corporation by 2.6% in Q1, now owning approximately 1.12% of the company, valued at $23.29 million.
• Albany International reported a loss of $0.16 per share in its latest earnings, with revenues declining 6.2% year-over-year, totaling $311.4 million.
• The company declared a quarterly dividend of $0.27 per share, resulting in an annualized yield of 1.7%, with the ex-dividend date set for September 2nd.

Northern Trust Corp lessened its position in shares of Albany International Corporation (NYSE:AIN - Free Report) by 2.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 337,334 shares of the textile maker's stock after selling 9,088 shares during the period. Northern Trust Corp owned 1.12% of Albany International worth $23,290,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of AIN. Cetera Investment Advisers raised its position in shares of Albany International by 3.7% in the 4th quarter. Cetera Investment Advisers now owns 3,730 shares of the textile maker's stock worth $298,000 after acquiring an additional 133 shares in the last quarter. Park Avenue Securities LLC grew its stake in Albany International by 11.5% during the first quarter. Park Avenue Securities LLC now owns 3,320 shares of the textile maker's stock worth $229,000 after purchasing an additional 342 shares during the period. DAVENPORT & Co LLC increased its holdings in Albany International by 3.0% in the first quarter. DAVENPORT & Co LLC now owns 12,464 shares of the textile maker's stock worth $860,000 after purchasing an additional 360 shares in the last quarter. Stifel Financial Corp lifted its stake in Albany International by 1.2% in the fourth quarter. Stifel Financial Corp now owns 32,668 shares of the textile maker's stock valued at $2,612,000 after buying an additional 381 shares during the period. Finally, Brooklyn Investment Group boosted its holdings in shares of Albany International by 2,241.2% during the 1st quarter. Brooklyn Investment Group now owns 398 shares of the textile maker's stock worth $27,000 after buying an additional 381 shares in the last quarter. Institutional investors and hedge funds own 97.37% of the company's stock.

Albany International Stock Up 2.5%

Shares of Albany International stock traded up $1.54 on Thursday, hitting $62.28. The company had a trading volume of 65,423 shares, compared to its average volume of 264,756. Albany International Corporation has a 1 year low of $50.60 and a 1 year high of $89.66. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.78 and a current ratio of 3.51. The stock has a 50 day moving average of $66.31 and a 200-day moving average of $68.05. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 31.13, a P/E/G ratio of 1.51 and a beta of 1.39.

Albany International (NYSE:AIN - Get Free Report) last announced 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). 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 company posted $0.89 EPS. The company's quarterly revenue was down 6.2% compared to the same quarter last year. Albany International has set its FY 2025 guidance at 3.000-3.400 EPS. As a group, sell-side analysts forecast that Albany International Corporation will post 3.23 earnings per share for the current year.

Albany International Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 7th. Stockholders of record on Tuesday, September 2nd will be issued a $0.27 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $1.08 annualized dividend and a dividend yield of 1.7%. Albany International's dividend payout ratio is currently 54.00%.

Analyst Ratings Changes

AIN has been the subject of several research analyst reports. Robert W. Baird lowered shares of Albany International from an "outperform" rating to a "neutral" rating and set a $79.00 price objective for the company. in a research note on Thursday, July 31st. Baird R W downgraded shares of Albany International from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 31st. Wall Street Zen raised shares of Albany International from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Truist Financial restated a "hold" rating and issued a $55.00 target price (down from $70.00) on shares of Albany International in a research note on Friday, August 1st. Finally, Bank of America dropped their price target on Albany International from $75.00 to $65.00 and set an "underperform" rating on the stock in a research note on Monday, June 2nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Albany International presently has a consensus rating of "Hold" and an average price target of $71.40.

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.