Voloridge Investment Management LLC Boosts Position in Albany International Corp. (NYSE:AIN)

Voloridge Investment Management LLC boosted its stake in shares of Albany International Corp. (NYSE:AIN - Free Report) by 88.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 105,991 shares of the textile maker's stock after acquiring an additional 49,873 shares during the quarter. Voloridge Investment Management LLC owned approximately 0.34% of Albany International worth $8,476,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of AIN. Bank of America Corp DE boosted its stake in Albany International by 3,050.6% during the 4th quarter. Bank of America Corp DE now owns 1,363,946 shares of the textile maker's stock worth $109,075,000 after acquiring an additional 1,320,654 shares during the last quarter. American Century Companies Inc. boosted its position in Albany International by 3,380.5% during the fourth quarter. American Century Companies Inc. now owns 849,379 shares of the textile maker's stock worth $67,925,000 after purchasing an additional 824,975 shares during the period. Massachusetts Financial Services Co. MA bought a new position in Albany International during the fourth quarter worth $62,181,000. Norges Bank bought a new stake in shares of Albany International in the fourth quarter valued at about $39,044,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Albany International in the fourth quarter valued at about $19,349,000. Institutional investors own 97.37% of the company's stock.

Albany International Price Performance

Shares of AIN traded down $0.76 during trading hours on Friday, reaching $66.00. 45,422 shares of the company's stock traded hands, compared to its average volume of 210,829. The stock has a market cap of $1.99 billion, a PE ratio of 20.68 and a beta of 1.37. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36. Albany International Corp. has a 12 month low of $57.71 and a 12 month high of $95.47. The firm's 50 day simple moving average is $65.93 and its 200-day simple moving average is $74.95.

Albany International (NYSE:AIN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The textile maker reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.15. The business had revenue of $288.77 million for the quarter, compared to analysts' expectations of $300.74 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The business's quarterly revenue was down 7.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS. Equities analysts expect that Albany International Corp. will post 3.23 EPS for the current year.

Albany International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.08 annualized dividend and a dividend yield of 1.64%. Albany International's dividend payout ratio (DPR) is presently 43.55%.

Analyst Upgrades and Downgrades

AIN has been the subject of several research analyst reports. Truist Financial lowered their target price on Albany International from $88.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Bank of America lowered their price objective on Albany International from $80.00 to $75.00 and set an "underperform" rating for the company in a research note on Tuesday, March 25th. Robert W. Baird reduced their target price on Albany International from $104.00 to $92.00 and set an "outperform" rating on the stock in a report on Friday, February 28th. JPMorgan Chase & Co. increased their price target on Albany International from $65.00 to $77.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Finally, Wall Street Zen upgraded Albany International from a "hold" rating to a "buy" rating in a report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $81.00.

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.