KLP Kapitalforvaltning AS Invests $521,000 in Albany International Corp. (NYSE:AIN)

KLP Kapitalforvaltning AS purchased a new stake in shares of Albany International Corp. (NYSE:AIN - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 6,500 shares of the textile maker's stock, valued at approximately $521,000.

Several other hedge funds also recently modified their holdings of the stock. State Street Corp grew its position 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 during the period. JPMorgan Chase & Co. lifted its stake in Albany International by 14.0% in the third quarter. JPMorgan Chase & Co. now owns 80,618 shares of the textile maker's stock valued at $7,163,000 after purchasing an additional 9,931 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Albany International by 6.6% during the third quarter. Principal Financial Group Inc. now owns 586,268 shares of the textile maker's stock valued at $52,071,000 after purchasing an additional 36,274 shares during the period. Geode Capital Management LLC increased its position in Albany International by 1.2% in the third quarter. Geode Capital Management LLC now owns 715,779 shares of the textile maker's stock worth $63,609,000 after buying an additional 8,356 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Albany International by 3.1% in the fourth quarter. Bank of New York Mellon Corp now owns 304,875 shares of the textile maker's stock valued at $24,381,000 after buying an additional 9,091 shares during the period. Hedge funds and other institutional investors own 97.37% of the company's stock.

Albany International Trading Down 0.9 %

Shares of NYSE:AIN traded down $0.52 during trading on Tuesday, reaching $59.79. 263,985 shares of the company traded hands, compared to its average volume of 200,168. 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 52-week low of $57.71 and a 52-week high of $95.47. The business's fifty day moving average is $74.84 and its 200-day moving average is $77.94. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of 18.69 and a beta of 1.29.

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

Albany International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 21st were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend was Friday, March 21st. Albany International's dividend payout ratio (DPR) is currently 38.71%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. TD Cowen upgraded Albany International to a "strong-buy" rating in a research report on Thursday, December 19th. StockNews.com cut shares of Albany International from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Bank of America cut their target price on Albany International from $80.00 to $75.00 and set an "underperform" rating for the company in a research note on Tuesday, March 25th. Robert W. Baird decreased their price target on shares of Albany International from $104.00 to $92.00 and set an "outperform" rating on the stock in a research note on Friday, February 28th. Finally, JPMorgan Chase & Co. cut 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 note on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $82.00.

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.