Principal Financial Group Inc. Has $12.28 Million Stake in Albany International Corp. (NYSE:AIN)

Principal Financial Group Inc. reduced its stake in shares of Albany International Corp. (NYSE:AIN - Free Report) by 73.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 153,540 shares of the textile maker's stock after selling 432,728 shares during the quarter. Principal Financial Group Inc. owned about 0.49% of Albany International worth $12,279,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of AIN. State Street Corp lifted its stake in Albany International by 3.1% during the third quarter. State Street Corp now owns 1,218,058 shares of the textile maker's stock valued at $108,544,000 after buying an additional 36,944 shares in the last quarter. MQS Management LLC bought a new position in Albany International in the 3rd quarter worth approximately $800,000. JPMorgan Chase & Co. grew its position in Albany International by 14.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 80,618 shares of the textile maker's stock worth $7,163,000 after purchasing an additional 9,931 shares during the last quarter. Natixis Advisors LLC lifted its position in Albany International by 5.4% in the third quarter. Natixis Advisors LLC now owns 239,697 shares of the textile maker's stock worth $21,297,000 after purchasing an additional 12,262 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Albany International by 1.2% during the third quarter. Geode Capital Management LLC now owns 715,779 shares of the textile maker's stock valued at $63,609,000 after purchasing an additional 8,356 shares in the last quarter. Institutional investors and hedge funds own 97.37% of the company's stock.

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Analysts Set New Price Targets

Several brokerages recently issued reports on AIN. TD Cowen raised shares of Albany International to a "strong-buy" rating in a report on Thursday, December 19th. Bank of America decreased their price objective on shares of Albany International from $90.00 to $80.00 and set an "underperform" rating on the stock in a report on Friday, November 15th. JPMorgan Chase & Co. dropped their price objective on shares of Albany International from $75.00 to $74.00 and set a "neutral" rating for the company in a research report on Wednesday, January 15th. Truist Financial raised their price target on Albany International from $85.00 to $88.00 and gave the company a "buy" rating in a report on Tuesday, January 14th. Finally, Robert W. Baird dropped their price target on shares of Albany International from $104.00 to $92.00 and set an "outperform" rating for the company in a research note on Friday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $83.00.

Albany International Trading Down 2.4 %

NYSE:AIN traded down $1.82 during trading hours on Monday, hitting $74.75. The stock had a trading volume of 221,485 shares, compared to its average volume of 171,943. Albany International Corp. has a one year low of $67.39 and a one year high of $97.60. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 23.46 and a beta of 1.34. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.94 and a current ratio of 3.68. The business's 50 day moving average is $80.43 and its 200-day moving average is $81.42.

Albany International (NYSE:AIN - Get Free Report) last issued its earnings results on Wednesday, February 26th. The textile maker reported $0.58 earnings per share for the quarter, missing analysts' consensus estimates of $0.63 by ($0.05). The firm had revenue of $286.91 million for the quarter, compared to analyst estimates of $299.52 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. Sell-side analysts anticipate that Albany International Corp. will post 3.23 EPS for the current fiscal year.

Albany International Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 21st will be issued a $0.27 dividend. The ex-dividend date of this dividend is Friday, March 21st. This represents a $1.08 annualized dividend and a dividend yield of 1.44%. Albany International's dividend payout ratio is currently 38.71%.

Albany International Company 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.