Summit Global Investments Acquires New Position in Albany International Corp. (NYSE:AIN)

Summit Global Investments bought a new position in Albany International Corp. (NYSE:AIN) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,974 shares of the textile maker’s stock, valued at approximately $238,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in AIN. Quarry LP raised its holdings in Albany International by 515.4% in the 3rd quarter. Quarry LP now owns 480 shares of the textile maker’s stock worth $43,000 after acquiring an additional 402 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Albany International by 306.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 667 shares of the textile maker’s stock worth $53,000 after purchasing an additional 503 shares in the last quarter. Vestcor Inc purchased a new position in shares of Albany International in the fourth quarter worth $70,000. KBC Group NV boosted its position in shares of Albany International by 41.3% during the fourth quarter. KBC Group NV now owns 1,495 shares of the textile maker’s stock valued at $120,000 after buying an additional 437 shares during the last quarter. Finally, Central Pacific Bank Trust Division boosted its position in shares of Albany International by 16.1% during the fourth quarter. Central Pacific Bank Trust Division now owns 2,305 shares of the textile maker’s stock valued at $184,000 after buying an additional 320 shares during the last quarter. Institutional investors own 97.37% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on AIN. StockNews.com cut shares of Albany International from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Bank of America dropped their target price on shares of Albany International from $80.00 to $75.00 and set an “underperform” rating on the stock in a report on Tuesday. Truist Financial lifted their target price on shares of Albany International from $85.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. TD Cowen upgraded Albany International to a “strong-buy” rating in a research note on Thursday, December 19th. Finally, JPMorgan Chase & Co. cut their price objective on Albany International from $75.00 to $74.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $82.00.

Albany International Stock Performance

Shares of AIN opened at $73.07 on Wednesday. Albany International Corp. has a 52 week low of $67.39 and a 52 week high of $96.49. The company has a quick ratio of 2.94, a current ratio of 3.68 and a debt-to-equity ratio of 0.36. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of 22.83 and a beta of 1.37. The business has a 50-day simple moving average of $78.02 and a two-hundred day simple moving average of $79.39.

Albany International (NYSE:AIN) last released its earnings results on Wednesday, February 26th. The textile maker reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.05). The firm had revenue of $286.91 million for 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, analysts expect that Albany International Corp. will post 3.23 EPS for the current year.

Albany International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 21st will be given a dividend of $0.27 per share. The ex-dividend date of this dividend 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 is 38.71%.

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.