Fmr LLC Sells 11,769 Shares of Albany International Corp. (NYSE:AIN)

FMR LLC trimmed its holdings in shares of Albany International Corp. (NYSE:AIN - Free Report) by 81.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,636 shares of the textile maker's stock after selling 11,769 shares during the period. FMR LLC's holdings in Albany International were worth $234,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of AIN. Quantbot Technologies LP boosted its stake in Albany International by 25.8% during the 3rd quarter. Quantbot Technologies LP now owns 6,491 shares of the textile maker's stock valued at $577,000 after purchasing an additional 1,333 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Albany International during the third quarter valued at about $981,000. Charles Schwab Investment Management Inc. grew its holdings in Albany International by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 397,975 shares of the textile maker's stock worth $35,360,000 after acquiring an additional 15,120 shares during the period. Intech Investment Management LLC raised its position in Albany International by 72.4% in the third quarter. Intech Investment Management LLC now owns 9,114 shares of the textile maker's stock worth $810,000 after acquiring an additional 3,827 shares in the last quarter. Finally, Natixis Advisors LLC lifted its holdings in Albany International by 5.4% in the 3rd quarter. Natixis Advisors LLC now owns 239,697 shares of the textile maker's stock valued at $21,297,000 after acquiring an additional 12,262 shares during the last quarter. Institutional investors and hedge funds own 97.37% of the company's stock.

Albany International Stock Up 2.4 %

AIN traded up $1.93 during trading on Friday, reaching $81.18. 825,423 shares of the stock traded hands, compared to its average volume of 174,356. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.68 and a quick ratio of 2.94. Albany International Corp. has a fifty-two week low of $67.39 and a fifty-two week high of $99.41. The stock's 50-day simple moving average is $78.69 and its two-hundred day simple moving average is $83.62. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 25.37 and a beta of 1.34.

Albany International (NYSE:AIN - Get Free Report) 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. The business 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 firm's revenue 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, equities research analysts expect that Albany International Corp. will post 3.23 EPS for the current year.

Albany International Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Tuesday, December 17th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.33%. The ex-dividend date is Tuesday, December 17th. This is an increase from Albany International's previous quarterly dividend of $0.26. Albany International's dividend payout ratio (DPR) is 33.75%.

Insider Transactions at Albany International

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on AIN. Bank of America lowered their price objective on shares of Albany International from $90.00 to $80.00 and set an "underperform" rating on the stock in a research note on Friday, November 15th. Truist Financial dropped their price target on Albany International from $91.00 to $85.00 and set a "buy" rating on the stock in a report on Friday, November 1st. StockNews.com raised Albany International from a "hold" rating to a "buy" rating in a research note on Friday, December 13th. Finally, TD Cowen raised Albany International to a "strong-buy" rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $85.50.

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.