Earnest Partners LLC boosted its holdings in shares of Albany International Corp. (NYSE:AIN) by 0.8% in the 2nd quarter, Holdings Channel reports. The firm owned 1,440,759 shares of the textile maker’s stock after buying an additional 11,569 shares during the period. Albany International accounts for about 1.1% of Earnest Partners LLC’s holdings, making the stock its 20th largest position. Earnest Partners LLC’s holdings in Albany International were worth $119,453,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in Albany International by 8.0% during the second quarter. BlackRock Inc. now owns 4,584,183 shares of the textile maker’s stock worth $380,076,000 after purchasing an additional 340,272 shares during the last quarter. Dana Investment Advisors Inc. bought a new stake in Albany International during the second quarter worth $1,696,000. US Bancorp DE increased its holdings in shares of Albany International by 29.0% during the second quarter. US Bancorp DE now owns 1,719 shares of the textile maker’s stock worth $142,000 after buying an additional 386 shares in the last quarter. HighTower Advisors LLC acquired a new position in shares of Albany International during the second quarter worth $440,000. Finally, Pinebridge Investments L.P. increased its holdings in shares of Albany International by 247.2% during the second quarter. Pinebridge Investments L.P. now owns 20,567 shares of the textile maker’s stock worth $1,705,000 after buying an additional 14,643 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.
Several research analysts have recently issued reports on AIN shares. ValuEngine upgraded shares of Albany International from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Bank of America started coverage on shares of Albany International in a report on Thursday. They set a “buy” rating and a $99.00 price target for the company. Noble Financial reiterated a “hold” rating on shares of Albany International in a report on Sunday, August 4th. Alembic Global Advisors started coverage on shares of Albany International in a report on Friday, June 28th. They set a “neutral” rating and a $90.00 price target for the company. Finally, Cowen started coverage on shares of Albany International in a report on Monday, August 19th. They set a “market perform” rating and a $85.00 price target for the company. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $90.33.
Shares of NYSE:AIN opened at $89.05 on Friday. The company has a fifty day moving average of $81.83 and a 200-day moving average of $77.19. The company has a market capitalization of $2.88 billion, a PE ratio of 34.65 and a beta of 1.71. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.66 and a current ratio of 3.19. Albany International Corp. has a 52-week low of $58.06 and a 52-week high of $88.70.
Albany International (NYSE:AIN) last announced its quarterly earnings results on Tuesday, July 30th. The textile maker reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.24. The company had revenue of $273.95 million during the quarter, compared to the consensus estimate of $267.75 million. Albany International had a net margin of 10.59% and a return on equity of 17.42%. On average, equities analysts forecast that Albany International Corp. will post 3.44 EPS for the current fiscal year.
The business also recently disclosed a — dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 9th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a yield of 0.9%. Albany International’s payout ratio is 28.02%.
Albany International Company Profile
Albany International Corp. engages in the textile and materials processing 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. This segment offers forming, pressing, and dryer fabrics, as well as process belts.
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