Albany International Corp. (NYSE:AIN) Shares Acquired by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division raised its holdings in shares of Albany International Corp. (NYSE:AIN) by 16.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,305 shares of the textile maker’s stock after purchasing an additional 320 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Albany International were worth $184,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of AIN. JPMorgan Chase & Co. grew its position in shares of Albany International by 14.0% during the third quarter. JPMorgan Chase & Co. now owns 80,618 shares of the textile maker’s stock worth $7,163,000 after buying an additional 9,931 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Albany International by 6.6% during the 3rd quarter. Principal Financial Group Inc. now owns 586,268 shares of the textile maker’s stock valued at $52,071,000 after acquiring an additional 36,274 shares during the last quarter. Geode Capital Management LLC grew its holdings in Albany International by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 715,779 shares of the textile maker’s stock worth $63,609,000 after acquiring an additional 8,356 shares in the last quarter. Barclays PLC raised its stake in shares of Albany International by 305.5% in the 3rd quarter. Barclays PLC now owns 53,227 shares of the textile maker’s stock valued at $4,728,000 after purchasing an additional 40,101 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd lifted its position in shares of Albany International by 58.1% during the third quarter. Y Intercept Hong Kong Ltd now owns 9,122 shares of the textile maker’s stock worth $810,000 after purchasing an additional 3,352 shares during the last quarter. 97.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AIN has been the subject of several research analyst reports. StockNews.com raised Albany International from a “hold” rating to a “buy” rating in a report on Friday, December 13th. TD Cowen upgraded Albany International to a “strong-buy” rating in a report on Thursday, December 19th. Truist Financial reduced their price objective on Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, Bank of America lowered their target price on shares of Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have given 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 an average price target of $85.50.

Insider Activity

In other Albany International news, SVP Robert Alan Hansen bought 1,050 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were purchased at an average price of $71.26 per share, with a total value of $74,823.00. Following the purchase, the senior vice president now directly owns 8,387 shares of the company’s stock, valued at approximately $597,657.62. The trade was a 14.31 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Gunnar Kleveland purchased 1,400 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was acquired at an average cost of $71.25 per share, with a total value of $99,750.00. Following the purchase, the chief executive officer now owns 8,284 shares of the company’s stock, valued at approximately $590,235. This represents a 20.34 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 3,450 shares of company stock valued at $245,813. Insiders own 0.76% of the company’s stock.

Albany International Trading Up 2.2 %

Shares of NYSE AIN opened at $80.97 on Friday. The company has a market cap of $2.53 billion, a price-to-earnings ratio of 25.30 and a beta of 1.35. The stock’s 50 day simple moving average is $80.06 and its 200 day simple moving average is $83.33. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36. Albany International Corp. has a 12-month low of $67.39 and a 12-month high of $98.73.

Albany International (NYSE:AIN) last announced 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. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The company had revenue of $298.40 million during the quarter, compared to the consensus estimate of $304.51 million. During the same quarter in the previous year, the company posted $1.02 earnings per share. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. Equities research analysts expect that Albany International Corp. will post 3.23 EPS for the current year.

Albany International Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Tuesday, December 17th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $1.08 annualized dividend and a dividend yield of 1.33%. This is a positive change from Albany International’s previous quarterly dividend of $0.26. Albany International’s dividend payout ratio (DPR) is presently 33.75%.

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.