Albany International Corporation $AIN Shares Bought by Granite Investment Partners LLC

Granite Investment Partners LLC increased its holdings in Albany International Corporation (NYSE:AIN) by 299.2% during the third quarter, Holdings Channel reports. The firm owned 171,707 shares of the textile maker’s stock after purchasing an additional 128,693 shares during the period. Granite Investment Partners LLC’s holdings in Albany International were worth $9,152,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its position in Albany International by 227.3% in the second quarter. EverSource Wealth Advisors LLC now owns 540 shares of the textile maker’s stock worth $38,000 after buying an additional 375 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Albany International by 32.4% during the 2nd quarter. Smartleaf Asset Management LLC now owns 711 shares of the textile maker’s stock worth $49,000 after acquiring an additional 174 shares in the last quarter. Osaic Holdings Inc. boosted its stake in shares of Albany International by 42.3% during the 2nd quarter. Osaic Holdings Inc. now owns 908 shares of the textile maker’s stock worth $64,000 after acquiring an additional 270 shares in the last quarter. Lazard Asset Management LLC acquired a new position in shares of Albany International in the 2nd quarter worth $77,000. Finally, Blue Trust Inc. raised its position in shares of Albany International by 6.1% during the third quarter. Blue Trust Inc. now owns 3,433 shares of the textile maker’s stock worth $183,000 after purchasing an additional 196 shares during the period. 97.37% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Albany International in a research report on Monday, December 29th. JPMorgan Chase & Co. raised their target price on shares of Albany International from $45.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, January 16th. Truist Financial set a $55.00 target price on shares of Albany International in a research report on Friday, January 9th. Finally, Zacks Research downgraded shares of Albany International from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 18th. Three research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Albany International currently has an average rating of “Reduce” and a consensus target price of $61.50.

Albany International Trading Down 0.2%

Shares of NYSE AIN opened at $59.36 on Monday. The company has a current ratio of 2.34, a quick ratio of 1.84 and a debt-to-equity ratio of 0.65. Albany International Corporation has a one year low of $41.15 and a one year high of $83.65. The business has a 50-day moving average price of $55.37 and a two-hundred day moving average price of $55.41. The firm has a market capitalization of $1.70 billion, a PE ratio of -30.60, a PEG ratio of 2.39 and a beta of 1.21.

Albany International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Tuesday, December 16th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, December 16th. This is a boost from Albany International’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Albany International’s payout ratio is presently -57.73%.

About Albany International

Albany International Corp. is a global advanced materials company specializing in engineered textiles and composites. Its business is organized into two primary segments: Process Media and Engineered Composites. The Process Media segment designs, manufactures and services press, forming and drying fabrics used in the production of paper and packaging materials, helping paper manufacturers improve efficiency, quality and sustainability. The Engineered Composites segment produces lightweight composite structures and components for aerospace and industrial applications, serving commercial and military aircraft programs as well as industrial markets that require high-performance, durable materials.

In the Process Media segment, Albany’s products include forming fabrics, press felts and dryer fabrics engineered to withstand extreme moisture and temperature conditions.