Fifth Third Bancorp Sells 1,879 Shares of Albany International Corp. (NYSE:AIN)

Fifth Third Bancorp decreased its position in Albany International Corp. (NYSE:AIN) by 16.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,609 shares of the textile maker’s stock after selling 1,879 shares during the quarter. Fifth Third Bancorp’s holdings in Albany International were worth $663,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AIN. Advantage Alpha Capital Partners LP boosted its holdings in shares of Albany International by 18.1% in the 4th quarter. Advantage Alpha Capital Partners LP now owns 28,164 shares of the textile maker’s stock worth $2,252,000 after buying an additional 4,307 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Albany International by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 3,493,846 shares of the textile maker’s stock worth $279,403,000 after buying an additional 12,687 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Albany International in the 4th quarter worth about $521,000. Raymond James Financial Inc. purchased a new position in shares of Albany International in the 4th quarter worth about $19,349,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Albany International by 3.1% in the 4th quarter. Bank of New York Mellon Corp now owns 304,875 shares of the textile maker’s stock worth $24,381,000 after buying an additional 9,091 shares during the last quarter. Institutional investors own 97.37% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AIN. Bank of America cut their price target on shares of Albany International from $75.00 to $65.00 and set an “underperform” rating on the stock in a report on Monday, June 2nd. Robert W. Baird cut their price target 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. Truist Financial dropped their price objective on shares of Albany International from $88.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. JPMorgan Chase & Co. upped their price objective on shares of Albany International from $65.00 to $77.00 and gave the company a “neutral” rating in a report on Friday, May 16th. Finally, Wall Street Zen raised shares of Albany International from a “hold” rating to a “buy” rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Albany International presently has an average rating of “Moderate Buy” and an average target price of $79.00.

Albany International Price Performance

NYSE AIN opened at $68.55 on Tuesday. The company has a market cap of $2.07 billion, a PE ratio of 21.42 and a beta of 1.31. Albany International Corp. has a 52 week low of $57.71 and a 52 week 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. The firm’s 50-day simple moving average is $65.97 and its two-hundred day simple moving average is $73.55.

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

Albany International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 6th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend is Friday, June 6th. Albany International’s dividend payout ratio is presently 43.55%.

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.