Raymond James Financial Inc. Sells 90,634 Shares of Albany International Corporation $AIN

Key Points

• Raymond James Financial Inc. reduced its holdings in Albany International Corporation by 37.5%, owning about 0.50% of the company worth approximately $10.45 million after selling 90,634 shares.
• Albany International reported a missed earnings estimate for the most recent quarter, with earnings per share of $0.57 compared to the consensus estimate of $0.73, amidst a year-over-year revenue decline of 6.2%.
• The company announced a quarterly dividend of $0.27 per share, representing a dividend yield of 1.7% and a payout ratio of 54.00%.

Raymond James Financial Inc. lowered its position in Albany International Corporation (NYSE:AIN - Free Report) by 37.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 151,324 shares of the textile maker's stock after selling 90,634 shares during the quarter. Raymond James Financial Inc. owned approximately 0.50% of Albany International worth $10,447,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Nuveen LLC acquired a new stake in shares of Albany International during the 1st quarter valued at about $18,985,000. Entropy Technologies LP bought a new position in Albany International during the first quarter valued at approximately $407,000. Teacher Retirement System of Texas raised its position in Albany International by 5.5% during the first quarter. Teacher Retirement System of Texas now owns 69,301 shares of the textile maker's stock valued at $4,785,000 after acquiring an additional 3,608 shares in the last quarter. QRG Capital Management Inc. lifted its stake in Albany International by 20.2% in the first quarter. QRG Capital Management Inc. now owns 4,089 shares of the textile maker's stock valued at $282,000 after acquiring an additional 686 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in Albany International by 1.7% in the first quarter. Principal Financial Group Inc. now owns 156,089 shares of the textile maker's stock worth $10,776,000 after acquiring an additional 2,549 shares in the last quarter. 97.37% of the stock is owned by institutional investors and hedge funds.

Albany International Stock Performance

Shares of NYSE AIN traded up $1.54 during trading hours on Thursday, hitting $62.28. 65,423 shares of the company's stock were exchanged, compared to its average volume of 264,756. The company's 50-day moving average price is $66.31 and its 200-day moving average price is $68.05. Albany International Corporation has a 1-year low of $50.60 and a 1-year high of $89.66. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 31.13, a PEG ratio of 1.51 and a beta of 1.39. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.51 and a quick ratio of 2.78.

Albany International (NYSE:AIN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The textile maker reported $0.57 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 business had revenue of $311.40 million during the quarter, compared to the consensus estimate of $306.06 million. During the same period in the prior year, the firm earned $0.89 earnings per share. The business's quarterly revenue was down 6.2% on a year-over-year basis. Albany International has set its FY 2025 guidance at 3.000-3.400 EPS. On average, 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 announced a quarterly dividend, which will be paid on Tuesday, October 7th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.7%. The ex-dividend date is Tuesday, September 2nd. Albany International's dividend payout ratio is presently 54.00%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on AIN shares. Wall Street Zen upgraded shares of Albany International from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Truist Financial reissued a "hold" rating and set a $55.00 target price (down from $70.00) on shares of Albany International in a research report on Friday, August 1st. Bank of America reduced their price target on Albany International from $75.00 to $65.00 and set an "underperform" rating for the company in a research report on Monday, June 2nd. JPMorgan Chase & Co. upped their price target on Albany International from $65.00 to $77.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Finally, Robert W. Baird lowered Albany International from an "outperform" rating to a "neutral" rating and set a $79.00 price objective on the stock. in a report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price 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.