Albany International Corp. (NYSE:AIN) Position Raised by State Street Corp

State Street Corp increased its stake in shares of Albany International Corp. (NYSE:AIN - Free Report) by 3.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,218,058 shares of the textile maker's stock after purchasing an additional 36,944 shares during the quarter. State Street Corp owned 3.89% of Albany International worth $108,544,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. MQS Management LLC purchased a new stake in shares of Albany International during the 3rd quarter worth $800,000. Assenagon Asset Management S.A. raised its stake in Albany International by 29.7% in the second quarter. Assenagon Asset Management S.A. now owns 100,528 shares of the textile maker's stock valued at $8,490,000 after buying an additional 23,018 shares in the last quarter. Natixis Advisors LLC lifted its holdings in Albany International by 5.4% during the 3rd quarter. Natixis Advisors LLC now owns 239,697 shares of the textile maker's stock worth $21,297,000 after buying an additional 12,262 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Albany International by 20.2% during the 3rd quarter. Blue Trust Inc. now owns 3,245 shares of the textile maker's stock worth $274,000 after acquiring an additional 545 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Albany International by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 397,975 shares of the textile maker's stock valued at $35,360,000 after acquiring an additional 15,120 shares during the last quarter. Hedge funds and other institutional investors own 97.37% of the company's stock.

Analyst Upgrades and Downgrades

AIN has been the subject of several research reports. Truist Financial reduced their target price on Albany International from $91.00 to $85.00 and set a "buy" rating for the company in a report on Friday, November 1st. TD Cowen cut their price target on Albany International from $95.00 to $81.00 and set a "buy" rating on the stock in a research report on Friday, October 4th. Bank of America decreased their price objective on Albany International from $90.00 to $80.00 and set an "underperform" rating for the company in a report on Friday, November 15th. Finally, StockNews.com upgraded shares of Albany International from a "hold" rating to a "buy" rating in a research report on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a 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 $85.50.

Insider Buying and Selling

In related news, VP Joseph M. Gaug acquired 1,000 shares of the firm's stock in a transaction on Tuesday, November 5th. The stock was bought at an average cost of $71.24 per share, with a total value of $71,240.00. Following the acquisition, 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert Alan Hansen acquired 1,050 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was purchased at an average cost of $71.26 per share, with a total value of $74,823.00. Following the completion of the acquisition, the senior vice president now owns 8,387 shares of the company's stock, valued at $597,657.62. The trade was a 14.31 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 3,450 shares of company stock valued at $245,813. Corporate insiders own 0.76% of the company's stock.

Albany International Trading Down 0.8 %

Shares of Albany International stock traded down $0.64 during trading hours on Monday, reaching $81.32. 242,360 shares of the company's stock were exchanged, compared to its average volume of 171,099. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of 25.41 and a beta of 1.34. 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 $67.39 and a 52-week high of $99.41. The company has a fifty day moving average of $77.92 and a 200-day moving average of $83.88.

Albany International (NYSE:AIN - Get Free Report) last issued its earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.35. The firm had revenue of $298.40 million for the quarter, compared to analysts' expectations 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 for the quarter was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.02 earnings per share. Sell-side analysts forecast that Albany International Corp. will post 3.23 EPS for the current fiscal year.

Albany International Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Tuesday, December 17th will be issued 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 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend is Tuesday, December 17th. Albany International's dividend payout ratio (DPR) is presently 33.75%.

About Albany International

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.