Summit Global Investments Acquires Shares of 2,974 Albany International Corp. (NYSE:AIN)

Summit Global Investments bought a new position in Albany International Corp. (NYSE:AIN) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 2,974 shares of the textile maker’s stock, valued at approximately $238,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Raymond James Financial Inc. bought a new position in Albany International in the 4th quarter valued at $19,349,000. Barclays PLC increased its holdings in shares of Albany International by 305.5% in the 3rd quarter. Barclays PLC now owns 53,227 shares of the textile maker’s stock valued at $4,728,000 after acquiring an additional 40,101 shares during the period. State Street Corp raised its holdings in Albany International by 3.1% in the third quarter. State Street Corp now owns 1,218,058 shares of the textile maker’s stock worth $108,544,000 after purchasing an additional 36,944 shares in the last quarter. Principal Financial Group Inc. lifted its position in Albany International by 6.6% during the third quarter. Principal Financial Group Inc. now owns 586,268 shares of the textile maker’s stock valued at $52,071,000 after acquiring an additional 36,274 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH boosted its position in shares of Albany International by 16.1% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 252,233 shares of the textile maker’s stock worth $20,171,000 after purchasing an additional 34,890 shares in the last quarter. 97.37% of the stock is owned by hedge funds and other institutional investors.

Albany International Stock Up 0.3 %

AIN opened at $73.07 on Wednesday. The company has a fifty day moving average of $78.02 and a two-hundred day moving average of $79.39. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 22.83 and a beta of 1.37. Albany International Corp. has a fifty-two week low of $67.39 and a fifty-two week high of $96.49. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.94 and a current ratio of 3.68.

Albany International (NYSE:AIN) last announced its quarterly earnings results on Wednesday, February 26th. The textile maker reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.63 by ($0.05). The business had revenue of $286.91 million during the quarter, compared to analysts’ expectations of $299.52 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. On average, research analysts expect that Albany International Corp. will post 3.23 earnings per share for the current year.

Albany International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 21st will be given a dividend of $0.27 per share. The ex-dividend date is Friday, March 21st. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.48%. Albany International’s dividend payout ratio (DPR) is 38.71%.

Analyst Ratings Changes

AIN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their price target on shares of Albany International from $75.00 to $74.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. Truist Financial lifted their price objective on shares of Albany International from $85.00 to $88.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. StockNews.com lowered shares of Albany International from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Robert W. Baird lowered their price target on shares of Albany International from $104.00 to $92.00 and set an “outperform” rating on the stock in a report on Friday, February 28th. Finally, TD Cowen raised Albany International to a “strong-buy” rating in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Albany International currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.00.

Albany International Company 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.