Raymond James Financial Inc. Purchases New Position in Albany International Corp. (NYSE:AIN)

Raymond James Financial Inc. purchased a new stake in shares of Albany International Corp. (NYSE:AIN) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 241,958 shares of the textile maker’s stock, valued at approximately $19,349,000.

A number of other institutional investors also recently modified their holdings of the business. Entropy Technologies LP purchased a new stake in Albany International in the 3rd quarter worth approximately $245,000. KBC Group NV lifted its stake in Albany International by 28.9% in the 3rd quarter. KBC Group NV now owns 1,058 shares of the textile maker’s stock worth $94,000 after purchasing an additional 237 shares in the last quarter. Natixis Advisors LLC lifted its stake in Albany International by 5.4% in the 3rd quarter. Natixis Advisors LLC now owns 239,697 shares of the textile maker’s stock worth $21,297,000 after purchasing an additional 12,262 shares in the last quarter. Intech Investment Management LLC lifted its stake in Albany International by 72.4% in the 3rd quarter. Intech Investment Management LLC now owns 9,114 shares of the textile maker’s stock worth $810,000 after purchasing an additional 3,827 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Albany International by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 397,975 shares of the textile maker’s stock worth $35,360,000 after purchasing an additional 15,120 shares in the last quarter. 97.37% of the stock is currently owned by hedge funds and other institutional investors.

Albany International Price Performance

Shares of NYSE:AIN opened at $74.16 on Monday. The company’s fifty day moving average price is $79.04 and its 200-day moving average price is $80.22. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 23.17 and a beta of 1.37. Albany International Corp. has a one year low of $67.39 and a one year high of $96.49. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.68 and a quick ratio of 2.94.

Albany International (NYSE:AIN) last released its earnings results on Wednesday, February 26th. The textile maker reported $0.58 EPS for the quarter, missing the consensus estimate of $0.63 by ($0.05). Albany International had a net margin of 7.92% and a return on equity of 12.20%. The business had revenue of $286.91 million for the quarter, compared to the consensus estimate of $299.52 million. On average, equities research analysts anticipate that Albany International Corp. will post 3.23 earnings per share for the current fiscal year.

Albany International Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 21st will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Friday, March 21st. Albany International’s dividend payout ratio is currently 38.71%.

Analyst Upgrades and Downgrades

AIN has been the topic of several recent analyst reports. Robert W. Baird lowered their target price 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 cut shares of Albany International from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Truist Financial increased their price target on shares of Albany International from $85.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. TD Cowen raised shares of Albany International to a “strong-buy” rating in a report on Thursday, December 19th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Albany International from $75.00 to $74.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $83.00.

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.