Fifth Third Bancorp Sells 8,810 Shares of Albany International Corp. (NYSE:AIN)

Fifth Third Bancorp lowered its position in Albany International Corp. (NYSE:AINFree Report) by 43.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 11,488 shares of the textile maker’s stock after selling 8,810 shares during the quarter. Fifth Third Bancorp’s holdings in Albany International were worth $919,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Renaissance Technologies LLC raised its holdings in Albany International by 720.0% during the 2nd quarter. Renaissance Technologies LLC now owns 20,500 shares of the textile maker’s stock valued at $1,731,000 after acquiring an additional 18,000 shares during the period. Marshall Wace LLP bought a new stake in shares of Albany International during the second quarter valued at about $794,000. Squarepoint Ops LLC purchased a new stake in shares of Albany International in the second quarter worth about $930,000. AQR Capital Management LLC boosted its position in shares of Albany International by 22.1% in the second quarter. AQR Capital Management LLC now owns 3,038 shares of the textile maker’s stock valued at $257,000 after acquiring an additional 549 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in Albany International by 2.4% during the second quarter. The Manufacturers Life Insurance Company now owns 17,378 shares of the textile maker’s stock valued at $1,468,000 after acquiring an additional 407 shares in the last quarter. 97.37% of the stock is currently owned by institutional investors.

Albany International Trading Down 0.5 %

AIN stock opened at $79.77 on Thursday. Albany International Corp. has a one year low of $67.39 and a one year high of $98.73. The company has a market capitalization of $2.50 billion, a PE ratio of 24.93 and a beta of 1.35. The company’s 50 day moving average price is $81.24 and its two-hundred day moving average price is $82.93. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.94 and a current ratio of 3.68.

Albany International (NYSE:AINGet Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.35. The business had revenue of $298.40 million during the quarter, compared to analyst estimates of $304.51 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The company’s revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 earnings per share. As a group, analysts predict that Albany International Corp. will post 3.24 earnings per share for the current fiscal year.

Albany International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Tuesday, December 17th were given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.35%. This is a positive change from Albany International’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, December 17th. Albany International’s dividend payout ratio (DPR) is presently 33.75%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on AIN shares. Bank of America lowered their price objective on Albany International from $90.00 to $80.00 and set an “underperform” rating on the stock in a research report on Friday, November 15th. 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. 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 research note on Tuesday, January 14th. TD Cowen raised shares of Albany International to a “strong-buy” rating in a report on Thursday, December 19th. Finally, StockNews.com raised shares of Albany International from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $80.75.

Get Our Latest Analysis on AIN

Insiders Place Their Bets

In other news, SVP Robert Alan Hansen acquired 1,050 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were purchased at an average price of $71.26 per share, for a total transaction of $74,823.00. Following the completion of the transaction, the senior vice president now owns 8,387 shares of the company’s stock, valued at $597,657.62. The trade was a 14.31 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gunnar Kleveland bought 1,400 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were purchased at an average price of $71.25 per share, with a total value of $99,750.00. Following the completion of the acquisition, the chief executive officer now owns 8,284 shares of the company’s stock, valued at $590,235. This trade represents a 20.34 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 3,450 shares of company stock valued at $245,813 in the last ninety days. Company insiders own 0.76% of the company’s stock.

Albany International Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Albany International (NYSE:AIN)

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