Albany International Corp. (NYSE:AIN) Shares Sold by Fruth Investment Management

Fruth Investment Management cut its stake in shares of Albany International Corp. (NYSE:AIN) by 2.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,097 shares of the textile maker’s stock after selling 603 shares during the quarter. Fruth Investment Management owned 0.07% of Albany International worth $1,874,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of AIN. UniSuper Management Pty Ltd acquired a new stake in Albany International in the first quarter valued at $679,000. Assenagon Asset Management S.A. lifted its holdings in Albany International by 29.7% in the second quarter. Assenagon Asset Management S.A. now owns 100,528 shares of the textile maker’s stock valued at $8,490,000 after acquiring an additional 23,018 shares during the period. Sei Investments Co. lifted its holdings in Albany International by 3.7% in the first quarter. Sei Investments Co. now owns 694,792 shares of the textile maker’s stock valued at $64,970,000 after acquiring an additional 24,720 shares during the period. Vanguard Group Inc. lifted its holdings in Albany International by 0.3% in the first quarter. Vanguard Group Inc. now owns 3,529,478 shares of the textile maker’s stock valued at $330,041,000 after acquiring an additional 11,052 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in Albany International by 9.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 28,687 shares of the textile maker’s stock valued at $2,677,000 after acquiring an additional 2,367 shares during the period. 97.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on AIN. Truist Financial reduced their target price on Albany International from $101.00 to $91.00 and set a “buy” rating for the company in a report on Thursday, October 3rd. TD Cowen dropped their price target on Albany International from $95.00 to $81.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Finally, StockNews.com upgraded Albany International from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Albany International currently has a consensus rating of “Hold” and a consensus target price of $89.50.

Albany International Trading Up 1.0 %

Shares of AIN stock opened at $73.05 on Tuesday. Albany International Corp. has a fifty-two week low of $69.19 and a fifty-two week high of $99.41. The stock has a market cap of $2.28 billion, a P/E ratio of 20.52, a P/E/G ratio of 2.39 and a beta of 1.25. The business has a fifty day simple moving average of $86.06 and a 200-day simple moving average of $87.02. The company has a quick ratio of 2.87, a current ratio of 3.59 and a debt-to-equity ratio of 0.38.

Albany International (NYSE:AIN) last announced its quarterly earnings results on Tuesday, August 6th. The textile maker reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). The firm had revenue of $331.99 million during the quarter, compared to analysts’ expectations of $318.17 million. Albany International had a net margin of 8.76% and a return on equity of 13.13%. The company’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 EPS. On average, analysts forecast that Albany International Corp. will post 3.11 earnings per share for the current fiscal year.

Albany International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Tuesday, September 3rd were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date was Tuesday, September 3rd. Albany International’s dividend payout ratio is presently 29.21%.

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.