Albany International Corporation $AIN Holdings Boosted by Granite Investment Partners LLC

Granite Investment Partners LLC raised its stake in Albany International Corporation (NYSE:AIN) by 299.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 171,707 shares of the textile maker’s stock after acquiring an additional 128,693 shares during the period. Granite Investment Partners LLC owned 0.58% of Albany International worth $9,152,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in AIN. American Century Companies Inc. lifted its holdings in shares of Albany International by 37.6% in the 2nd quarter. American Century Companies Inc. now owns 1,697,965 shares of the textile maker’s stock worth $119,079,000 after purchasing an additional 464,040 shares during the last quarter. Jane Street Group LLC acquired a new stake in Albany International in the first quarter worth $7,468,000. Millennium Management LLC lifted its stake in Albany International by 464.4% in the first quarter. Millennium Management LLC now owns 91,934 shares of the textile maker’s stock valued at $6,347,000 after buying an additional 75,644 shares during the last quarter. Sei Investments Co. lifted its stake in Albany International by 9.3% in the second quarter. Sei Investments Co. now owns 797,414 shares of the textile maker’s stock valued at $55,923,000 after buying an additional 68,079 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Albany International during the second quarter valued at $4,706,000. 97.37% of the stock is currently owned by institutional investors and hedge funds.

Albany International Trading Down 0.2%

Shares of NYSE:AIN opened at $59.36 on Monday. The company has a 50 day moving average of $55.37 and a 200-day moving average of $55.41. The company has a current ratio of 2.34, a quick ratio of 1.84 and a debt-to-equity ratio of 0.65. The firm has a market cap of $1.70 billion, a P/E ratio of -30.60, a P/E/G ratio of 2.39 and a beta of 1.21. Albany International Corporation has a twelve month low of $41.15 and a twelve month high of $83.65.

Albany International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Tuesday, December 16th were paid a $0.28 dividend. The ex-dividend date of this dividend was Tuesday, December 16th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from Albany International’s previous quarterly dividend of $0.27. Albany International’s dividend payout ratio (DPR) is presently -57.73%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Albany International in a report on Monday, December 29th. Zacks Research cut Albany International from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 18th. JPMorgan Chase & Co. boosted their price objective on Albany International from $45.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, January 16th. Finally, Truist Financial set a $55.00 price objective on Albany International in a report on Friday, January 9th. Three analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $61.50.

About Albany International

Albany International Corp. is a global advanced materials company specializing in engineered textiles and composites. Its business is organized into two primary segments: Process Media and Engineered Composites. The Process Media segment designs, manufactures and services press, forming and drying fabrics used in the production of paper and packaging materials, helping paper manufacturers improve efficiency, quality and sustainability. The Engineered Composites segment produces lightweight composite structures and components for aerospace and industrial applications, serving commercial and military aircraft programs as well as industrial markets that require high-performance, durable materials.

In the Process Media segment, Albany’s products include forming fabrics, press felts and dryer fabrics engineered to withstand extreme moisture and temperature conditions.