Northern Trust Corp Has $27.70 Million Stake in Albany International Corp. (NYSE:AIN)

Northern Trust Corp raised its stake in shares of Albany International Corp. (NYSE:AIN) by 12.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 346,422 shares of the textile maker’s stock after purchasing an additional 37,762 shares during the quarter. Northern Trust Corp owned 1.11% of Albany International worth $27,703,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Albany International by 14.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 80,618 shares of the textile maker’s stock worth $7,163,000 after purchasing an additional 9,931 shares during the period. Advantage Alpha Capital Partners LP increased its holdings in shares of Albany International by 18.1% during the 4th quarter. Advantage Alpha Capital Partners LP now owns 28,164 shares of the textile maker’s stock worth $2,252,000 after purchasing an additional 4,307 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Albany International by 6.6% during the 3rd quarter. Principal Financial Group Inc. now owns 586,268 shares of the textile maker’s stock worth $52,071,000 after purchasing an additional 36,274 shares during the period. Vanguard Group Inc. increased its holdings in shares of Albany International by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 3,493,846 shares of the textile maker’s stock worth $279,403,000 after purchasing an additional 12,687 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Albany International during the 4th quarter worth about $521,000. Institutional investors own 97.37% of the company’s stock.

Albany International Stock Performance

NYSE AIN opened at $65.62 on Monday. The stock has a market cap of $1.98 billion, a P/E ratio of 20.51 and a beta of 1.37. The company’s 50-day simple moving average is $67.62 and its 200 day simple moving average is $75.67. Albany International Corp. has a twelve month low of $57.71 and a twelve month high of $95.47. The company has a quick ratio of 2.94, a current ratio of 3.68 and a debt-to-equity ratio of 0.36.

Albany International (NYSE:AIN) last posted its earnings results on Wednesday, April 30th. The textile maker reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.15. The business had revenue of $288.77 million for the quarter, compared to analysts’ expectations of $300.74 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The firm’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 earnings per share. As a group, research analysts forecast that Albany International Corp. will post 3.23 earnings per share for the current fiscal year.

Albany International Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 21st were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, March 21st. This represents a $1.08 annualized dividend and a yield of 1.65%. Albany International’s dividend payout ratio is 43.55%.

Analysts Set New Price Targets

AIN has been the topic of several research reports. Robert W. Baird dropped their price objective 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. Bank of America dropped their price objective on shares of Albany International from $80.00 to $75.00 and set an “underperform” rating on the stock in a report on Tuesday, March 25th. StockNews.com downgraded shares of Albany International from a “buy” rating to a “hold” rating in a report on Thursday. JPMorgan Chase & Co. lowered their target price 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. Finally, Truist Financial lowered their target price on shares of Albany International from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $80.40.

Albany International 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.