Avantax Advisory Services Inc. Reduces Holdings in Albany International Corp. (NYSE:AIN)

Avantax Advisory Services Inc. trimmed its stake in shares of Albany International Corp. (NYSE:AIN) by 19.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 12,874 shares of the textile maker’s stock after selling 3,165 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Albany International were worth $1,030,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AIN. Raymond James Financial Inc. bought a new stake in shares of Albany International during the 4th quarter valued at $19,349,000. Barclays PLC raised its stake in shares of Albany International by 305.5% during the 3rd quarter. Barclays PLC now owns 53,227 shares of the textile maker’s stock valued at $4,728,000 after purchasing an additional 40,101 shares during the period. State Street Corp raised its stake in shares of Albany International by 3.1% during the 3rd quarter. State Street Corp now owns 1,218,058 shares of the textile maker’s stock valued at $108,544,000 after purchasing an additional 36,944 shares during the period. Principal Financial Group Inc. raised its stake in shares of Albany International by 6.6% during the 3rd 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. Finally, Fort Washington Investment Advisors Inc. OH raised its stake in shares of Albany International by 16.1% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 252,233 shares of the textile maker’s stock valued at $20,171,000 after purchasing an additional 34,890 shares during the period. 97.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

AIN has been the topic of a number of analyst reports. TD Cowen upgraded Albany International to a “strong-buy” rating in a research note on Thursday, December 19th. Truist Financial upped their target price on Albany International from $85.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Robert W. Baird decreased their target price on Albany International from $104.00 to $92.00 and set an “outperform” rating on the stock in a research note on Friday, February 28th. JPMorgan Chase & Co. decreased their target price on Albany International from $75.00 to $74.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. Finally, StockNews.com lowered Albany International from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. One 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 company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $83.00.

Albany International Price Performance

AIN opened at $74.69 on Thursday. The stock has a 50-day moving average price of $78.64 and a 200-day moving average price of $79.91. Albany International Corp. has a 12-month low of $67.39 and a 12-month high of $96.49. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $2.31 billion, a P/E ratio of 23.34 and a beta of 1.37.

Albany International (NYSE:AIN) last posted its quarterly earnings data 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). Albany International had a return on equity of 12.20% and a net margin of 7.92%. The firm had revenue of $286.91 million during the quarter, compared to analysts’ expectations of $299.52 million. Equities analysts predict that Albany International Corp. will post 3.23 earnings per share for the current fiscal year.

Albany International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 21st will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.45%. The ex-dividend date is Friday, March 21st. Albany International’s dividend payout ratio is presently 38.71%.

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.