Quest Partners LLC Decreases Stake in Albany International Corp. (NYSE:AIN)

Quest Partners LLC decreased its position in Albany International Corp. (NYSE:AIN) by 42.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,470 shares of the textile maker’s stock after selling 4,728 shares during the period. Quest Partners LLC’s holdings in Albany International were worth $546,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AIN. Charles Schwab Investment Management Inc. grew its position in shares of Albany International by 5.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 354,944 shares of the textile maker’s stock valued at $34,863,000 after acquiring an additional 18,459 shares during the period. Principal Securities Inc. bought a new position in shares of Albany International during the 4th quarter valued at approximately $77,000. QRG Capital Management Inc. grew its position in shares of Albany International by 11.6% during the 4th quarter. QRG Capital Management Inc. now owns 3,478 shares of the textile maker’s stock valued at $342,000 after acquiring an additional 361 shares during the period. Brown Advisory Inc. grew its position in shares of Albany International by 11.0% during the 4th quarter. Brown Advisory Inc. now owns 409,688 shares of the textile maker’s stock valued at $40,240,000 after acquiring an additional 40,627 shares during the period. Finally, Norges Bank bought a new position in shares of Albany International during the 4th quarter valued at approximately $33,273,000. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Albany International Stock Up 0.8 %

AIN opened at $84.87 on Friday. The company has a 50 day moving average of $88.70 and a 200 day moving average of $88.76. The company has a market cap of $2.65 billion, a PE ratio of 23.84, a price-to-earnings-growth ratio of 2.37 and a beta of 1.26. Albany International Corp. has a 12 month low of $78.20 and a 12 month high of $99.41. The company has a current ratio of 3.59, a quick ratio of 2.87 and a debt-to-equity ratio of 0.38.

Albany International (NYSE:AIN) last posted its earnings results on Tuesday, August 6th. The textile maker reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.02). Albany International had a return on equity of 13.13% and a net margin of 8.76%. The firm had revenue of $331.99 million during the quarter, compared to analysts’ expectations of $318.17 million. During the same quarter in the prior year, the company earned $0.90 earnings per share. The business’s revenue for the quarter was up 21.1% compared to the same quarter last year. On average, sell-side analysts expect that Albany International Corp. will post 3.71 EPS for the current year.

Albany International Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Tuesday, September 3rd will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.23%. The ex-dividend date is Tuesday, September 3rd. Albany International’s dividend payout ratio is presently 29.21%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on AIN shares. Bank of America reduced their target price on shares of Albany International from $95.00 to $90.00 and set an “underperform” rating for the company in a research report on Wednesday, May 29th. StockNews.com raised shares of Albany International from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Finally, Truist Financial cut their price objective on shares of Albany International from $104.00 to $101.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Albany International has an average rating of “Hold” and an average price target of $95.50.

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.