Fifth Third Bancorp Sells 8,810 Shares of Albany International Corp. (NYSE:AIN)

Fifth Third Bancorp reduced its position in Albany International Corp. (NYSE:AIN - Free Report) by 43.4% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 11,488 shares of the textile maker's stock after selling 8,810 shares during the quarter. Fifth Third Bancorp's holdings in Albany International were worth $919,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Quarry LP grew its holdings in Albany International by 515.4% in the third quarter. Quarry LP now owns 480 shares of the textile maker's stock valued at $43,000 after purchasing an additional 402 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Albany International by 33.4% during the 3rd quarter. GAMMA Investing LLC now owns 899 shares of the textile maker's stock worth $80,000 after buying an additional 225 shares during the last quarter. KBC Group NV grew its stake in Albany International by 28.9% during the third quarter. KBC Group NV now owns 1,058 shares of the textile maker's stock worth $94,000 after buying an additional 237 shares during the period. Central Pacific Bank Trust Division increased its holdings in Albany International by 40.3% in the 3rd quarter. Central Pacific Bank Trust Division now owns 1,985 shares of the textile maker's stock valued at $176,000 after purchasing an additional 570 shares in the last quarter. Finally, Bridges Investment Management Inc. purchased a new position in Albany International in the third quarter valued at about $206,000. 97.37% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Albany International news, VP Joseph M. Gaug purchased 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, November 5th. The shares were acquired at an average cost of $71.24 per share, for a total transaction of $71,240.00. Following the transaction, the vice president now directly owns 6,811 shares in the company, valued at approximately $485,215.64. The trade was a 17.21 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gunnar Kleveland purchased 1,400 shares of Albany International stock in a transaction that occurred on Tuesday, November 5th. The shares were bought at an average price of $71.25 per share, for a total transaction of $99,750.00. Following the transaction, the chief executive officer now owns 8,284 shares in the company, valued at $590,235. This represents a 20.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 3,450 shares of company stock worth $245,813. 0.76% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

AIN has been the topic of a number of recent analyst reports. Bank of America cut their target price on Albany International from $90.00 to $80.00 and set an "underperform" rating on the stock in a research report on Friday, November 15th. Truist Financial upped their price target on shares of Albany International from $85.00 to $88.00 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. TD Cowen upgraded Albany International to a "strong-buy" rating in a research report on Thursday, December 19th. StockNews.com upgraded shares of Albany International from a "hold" rating to a "buy" rating in a research note on Thursday, January 23rd. Finally, JPMorgan Chase & Co. dropped their price target on Albany International from $75.00 to $74.00 and set a "neutral" rating on the stock in a report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $80.75.

Albany International Stock Up 1.8 %

Shares of AIN stock traded up $1.43 during trading on Thursday, hitting $81.10. 26,219 shares of the company were exchanged, compared to its average volume of 172,093. 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 firm has a market capitalization of $2.54 billion, a price-to-earnings ratio of 25.34 and a beta of 1.35. The business's 50-day simple moving average is $81.24 and its 200 day simple moving average is $82.93. Albany International Corp. has a twelve month low of $67.39 and a twelve month high of $98.73.

Albany International (NYSE:AIN - Get Free Report) last posted its earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.35. The firm had revenue of $298.40 million during the quarter, compared to analyst estimates of $304.51 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The company's revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.02 EPS. As a group, analysts forecast that Albany International Corp. will post 3.24 EPS for the current fiscal year.

Albany International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Tuesday, December 17th were issued a $0.27 dividend. The ex-dividend date was Tuesday, December 17th. This is an increase from Albany International's previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a yield of 1.33%. Albany International's dividend payout ratio is 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.