JPMorgan Chase & Co. Grows Stock Holdings in Albany International Corp. (NYSE:AIN)

JPMorgan Chase & Co. grew its stake in Albany International Corp. (NYSE:AIN - Free Report) by 14.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 80,618 shares of the textile maker's stock after purchasing an additional 9,931 shares during the quarter. JPMorgan Chase & Co. owned about 0.26% of Albany International worth $7,163,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. TD Cowen raised Albany International to a "strong-buy" rating in a research report on Thursday, December 19th. Bank of America dropped their target price 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 raised their price target on shares of Albany International from $85.00 to $88.00 and gave the company a "buy" rating in a research report on Tuesday. StockNews.com cut Albany International from a "buy" rating to a "hold" rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. reduced their target price on Albany International from $75.00 to $74.00 and set a "neutral" rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Albany International currently has an average rating of "Hold" and an average target price of $80.75.

Albany International Stock Performance

Shares of AIN stock traded down $0.55 during trading hours on Wednesday, reaching $80.35. The company had a trading volume of 222,815 shares, compared to its average volume of 215,257. The firm has a market cap of $2.51 billion, a PE ratio of 25.11 and a beta of 1.35. The business has a fifty day moving average price of $81.41 and a 200-day moving average price of $83.10. Albany International Corp. has a one year low of $67.39 and a one year high of $98.73. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.94 and a current ratio of 3.68.

Albany International (NYSE:AIN - Get Free Report) last posted its earnings results on Wednesday, October 30th. The textile maker reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.35. The business had revenue of $298.40 million during the quarter, compared to the consensus estimate of $304.51 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The firm's revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.02 EPS. Sell-side analysts predict that Albany International Corp. will post 3.23 earnings per share for the current fiscal year.

Albany International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Tuesday, December 17th were paid a dividend of $0.27 per share. 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 dividend yield of 1.34%. The ex-dividend date of this dividend was Tuesday, December 17th. Albany International's payout ratio is currently 33.75%.

Insider Activity

In other Albany International news, SVP Robert Alan Hansen bought 1,050 shares of the business's stock in a transaction that occurred on Tuesday, November 5th. The stock was bought at an average cost of $71.26 per share, for a total transaction of $74,823.00. Following the completion of the transaction, the senior vice president now owns 8,387 shares of the company's stock, valued at $597,657.62. This represents a 14.31 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Joseph M. Gaug purchased 1,000 shares of the company's stock in a transaction dated Tuesday, November 5th. The shares were acquired 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 approximately $485,215.64. The trade was a 17.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 3,450 shares of company stock valued at $245,813 in the last quarter. 0.92% of the stock is currently owned by insiders.

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.