Truist Financial Corp Decreases Stock Holdings in Albany International Corp. (NYSE:AIN)

Truist Financial Corp lowered its position in shares of Albany International Corp. (NYSE:AIN) by 38.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,063 shares of the textile maker’s stock after selling 4,431 shares during the period. Truist Financial Corp’s holdings in Albany International were worth $596,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Whittier Trust Co. boosted its position in shares of Albany International by 94.7% during the 1st quarter. Whittier Trust Co. now owns 547 shares of the textile maker’s stock worth $51,000 after acquiring an additional 266 shares in the last quarter. GAMMA Investing LLC lifted its stake in Albany International by 27.4% during the second quarter. GAMMA Investing LLC now owns 674 shares of the textile maker’s stock worth $57,000 after purchasing an additional 145 shares during the last quarter. Hilltop National Bank boosted its holdings in Albany International by 14.7% in the second quarter. Hilltop National Bank now owns 1,045 shares of the textile maker’s stock valued at $88,000 after purchasing an additional 134 shares in the last quarter. SG Americas Securities LLC purchased a new position in Albany International in the first quarter valued at approximately $102,000. Finally, Central Pacific Bank Trust Division acquired a new stake in Albany International during the first quarter worth approximately $128,000. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Wall Street Analyst Weigh In

AIN has been the subject of several research analyst reports. TD Cowen decreased their price objective on shares of Albany International from $95.00 to $81.00 and set a “buy” rating for the company in a research note on Friday, October 4th. StockNews.com raised Albany International from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Finally, Truist Financial dropped their price target on shares of Albany International from $101.00 to $91.00 and set a “buy” rating on the stock in a research note on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Albany International has a consensus rating of “Hold” and a consensus target price of $89.50.

Albany International Trading Up 1.4 %

Shares of AIN stock opened at $74.05 on Wednesday. The company has a quick ratio of 2.87, a current ratio of 3.59 and a debt-to-equity ratio of 0.38. The stock has a market cap of $2.31 billion, a P/E ratio of 20.80, a P/E/G ratio of 2.39 and a beta of 1.25. The business has a fifty day simple moving average of $85.60 and a 200-day simple moving average of $86.74. Albany International Corp. has a fifty-two week low of $69.19 and a fifty-two week high of $99.41.

Albany International (NYSE:AIN) last posted its quarterly earnings data on Tuesday, August 6th. The textile maker reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). The company had revenue of $331.99 million for the quarter, compared to analysts’ expectations of $318.17 million. Albany International had a return on equity of 13.13% and a net margin of 8.76%. The company’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 EPS. On average, analysts forecast that Albany International Corp. will post 3.11 earnings per share for the current fiscal year.

Albany International Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Tuesday, September 3rd were given a $0.26 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 1.40%. Albany International’s dividend payout ratio is presently 29.21%.

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.