Nuveen LLC Purchases New Position in Albany International Corporation $AIN

Key Points

• Nuveen LLC has established a new position in Albany International Corporation, acquiring 274,989 shares valued at approximately $18.99 million during the first quarter.
• Albany International's stock received mixed ratings from analysts, with JPMorgan Chase raising its price target from $65.00 to $77.00 while Bank of America lowered its target from $75.00 to $65.00.
• The company's latest quarterly earnings report showed earnings per share (EPS) of $0.57, missing estimates, and a revenue decline of 6.2% year-over-year, indicating potential financial challenges.

Nuveen LLC bought a new position in Albany International Corporation (NYSE:AIN - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm bought 274,989 shares of the textile maker's stock, valued at approximately $18,985,000. Nuveen LLC owned about 0.91% of Albany International as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Cetera Investment Advisers increased its holdings in shares of Albany International by 3.7% during the 4th quarter. Cetera Investment Advisers now owns 3,730 shares of the textile maker's stock worth $298,000 after buying an additional 133 shares during the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of Albany International by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,265 shares of the textile maker's stock worth $261,000 after buying an additional 207 shares during the last quarter. Park Avenue Securities LLC increased its holdings in shares of Albany International by 11.5% during the 1st quarter. Park Avenue Securities LLC now owns 3,320 shares of the textile maker's stock worth $229,000 after buying an additional 342 shares during the last quarter. DAVENPORT & Co LLC increased its holdings in shares of Albany International by 3.0% during the 1st quarter. DAVENPORT & Co LLC now owns 12,464 shares of the textile maker's stock worth $860,000 after buying an additional 360 shares during the last quarter. Finally, Stifel Financial Corp increased its holdings in shares of Albany International by 1.2% during the 4th quarter. Stifel Financial Corp now owns 32,668 shares of the textile maker's stock worth $2,612,000 after buying an additional 381 shares during the last quarter. Institutional investors and hedge funds own 97.37% of the company's stock.

Analyst Upgrades and Downgrades

AIN has been the subject of a number of recent analyst reports. Baird R W downgraded shares of Albany International from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 31st. Bank of America dropped their target price on shares of Albany International from $75.00 to $65.00 and set an "underperform" rating for the company in a report on Monday, June 2nd. JPMorgan Chase & Co. lifted their target price on shares of Albany International from $65.00 to $77.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Truist Financial reiterated a "hold" rating and issued a $55.00 target price (down previously from $70.00) on shares of Albany International in a report on Friday, August 1st. 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 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. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $71.40.

Albany International Stock Up 4.5%

Shares of AIN stock traded up $2.79 on Friday, reaching $65.16. 326,028 shares of the stock were exchanged, compared to its average volume of 402,265. The company has a current ratio of 3.51, a quick ratio of 2.78 and a debt-to-equity ratio of 0.50. The business's 50 day moving average price is $67.13 and its 200 day moving average price is $69.01. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of 32.58, a PEG ratio of 1.46 and a beta of 1.38. Albany International Corporation has a twelve month low of $50.60 and a twelve month high of $94.20.

Albany International (NYSE:AIN - Get Free Report) last issued its 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). The firm had revenue of $311.40 million for the quarter, compared to analyst estimates of $306.06 million. Albany International had a return on equity of 8.87% and a net margin of 5.25%.The business's revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.89 EPS. Albany International has set its FY 2025 guidance at 3.000-3.400 EPS. As a group, sell-side analysts expect that Albany International Corporation will post 3.23 earnings per share for the current fiscal year.

Albany International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 7th. Investors of record on Tuesday, September 2nd will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.7%. 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.