Clearbridge Investments LLC Has $48.31 Million Holdings in Albany International Corp. (NYSE:AIN)

Clearbridge Investments LLC lowered its position in Albany International Corp. (NYSE:AIN) by 1.8% in the second quarter, HoldingsChannel.com reports. The fund owned 572,084 shares of the textile maker’s stock after selling 10,305 shares during the quarter. Clearbridge Investments LLC’s holdings in Albany International were worth $48,312,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of AIN. Point72 Asset Management L.P. lifted its position in shares of Albany International by 119.2% during the second quarter. Point72 Asset Management L.P. now owns 5,700 shares of the textile maker’s stock worth $481,000 after purchasing an additional 3,100 shares in the last quarter. Creative Planning increased its stake in shares of Albany International by 3.0% in the 2nd quarter. Creative Planning now owns 5,018 shares of the textile maker’s stock valued at $424,000 after buying an additional 147 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in shares of Albany International during the second quarter worth $494,000. Select Equity Group L.P. lifted its stake in shares of Albany International by 15.1% during the second quarter. Select Equity Group L.P. now owns 27,453 shares of the textile maker’s stock valued at $2,318,000 after acquiring an additional 3,602 shares during the period. Finally, Mackenzie Financial Corp boosted its holdings in Albany International by 5.4% in the second quarter. Mackenzie Financial Corp now owns 4,212 shares of the textile maker’s stock valued at $356,000 after acquiring an additional 215 shares during the last quarter. 97.37% of the stock is owned by institutional investors and hedge funds.

Albany International Stock Performance

Shares of AIN opened at $77.26 on Friday. The firm has a market cap of $2.41 billion, a P/E ratio of 21.70, a PEG ratio of 2.42 and a beta of 1.26. Albany International Corp. has a twelve month low of $77.07 and a twelve month high of $99.41. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.87 and a current ratio of 3.59. The firm’s 50 day moving average price is $88.23 and its two-hundred day moving average price is $87.96.

Albany International (NYSE:AIN) last announced its earnings results on Tuesday, August 6th. The textile maker reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). Albany International had a return on equity of 13.13% and a net margin of 8.76%. The company had revenue of $331.99 million during the quarter, compared to analyst estimates of $318.17 million. During the same period in the previous year, the company posted $0.90 earnings per share. Albany International’s revenue for the quarter was up 21.1% on a year-over-year basis. On average, analysts forecast that Albany International Corp. will post 3.71 EPS for the current fiscal year.

Albany International Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Tuesday, September 3rd will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.35%. The ex-dividend date is Tuesday, September 3rd. Albany International’s payout ratio is 29.21%.

Wall Street Analysts Forecast Growth

AIN has been the topic of several recent research reports. StockNews.com raised shares of Albany International from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Truist Financial reduced their price objective 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. One 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 presently has an average rating of “Hold” and an average price target of $93.00.

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.