Albany International Corp. (NYSE:AIN) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lessened its stake in Albany International Corp. (NYSE:AIN) by 79.1% in the 4th quarter, Holdings Channel.com reports. The fund owned 6,666 shares of the textile maker’s stock after selling 25,233 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Albany International were worth $533,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. HighTower Advisors LLC raised its holdings in Albany International by 2.0% in the 4th quarter. HighTower Advisors LLC now owns 17,157 shares of the textile maker’s stock valued at $1,372,000 after acquiring an additional 342 shares during the last quarter. Wealthfront Advisers LLC acquired a new stake in Albany International in the 4th quarter valued at approximately $646,000. Raymond James Financial Inc. acquired a new position in Albany International during the 4th quarter worth about $19,349,000. Proficio Capital Partners LLC acquired a new stake in shares of Albany International during the fourth quarter worth about $1,509,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Albany International by 7.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 426,036 shares of the textile maker’s stock worth $34,070,000 after purchasing an additional 28,061 shares in the last quarter. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Albany International Stock Down 3.8 %

AIN opened at $70.70 on Friday. Albany International Corp. has a 1 year low of $67.39 and a 1 year high of $96.49. The firm has a 50 day moving average price of $78.32 and a 200 day moving average price of $79.64. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.94 and a current ratio of 3.68. The company has a market cap of $2.18 billion, a PE ratio of 22.09 and a beta of 1.37.

Albany International (NYSE:AIN) last posted its quarterly earnings data on Wednesday, February 26th. The textile maker reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.05). Albany International had a net margin of 7.92% and a return on equity of 12.20%. The firm had revenue of $286.91 million for the quarter, compared to analysts’ expectations of $299.52 million. Sell-side analysts expect that Albany International Corp. will post 3.23 earnings per share for the current year.

Albany International Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 21st will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Friday, March 21st. Albany International’s payout ratio is currently 38.71%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Truist Financial raised their target price on shares of Albany International from $85.00 to $88.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. JPMorgan Chase & Co. cut their price target on Albany International from $75.00 to $74.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 15th. Robert W. Baird dropped their price target on shares of Albany International from $104.00 to $92.00 and set an “outperform” rating on the stock in a research note on Friday, February 28th. StockNews.com lowered Albany International from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Finally, TD Cowen raised Albany International to a “strong-buy” rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Albany International has a consensus rating of “Moderate Buy” and a consensus target price of $83.00.

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.