Public Sector Pension Investment Board Raises Holdings in Albany International Corporation $AIN

Public Sector Pension Investment Board grew its holdings in shares of Albany International Corporation (NYSE:AIN) by 11.8% in the third quarter, Holdings Channel.com reports. The firm owned 115,035 shares of the textile maker’s stock after buying an additional 12,102 shares during the period. Public Sector Pension Investment Board’s holdings in Albany International were worth $6,131,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in AIN. Illinois Municipal Retirement Fund grew its stake in Albany International by 3.0% during the third quarter. Illinois Municipal Retirement Fund now owns 16,757 shares of the textile maker’s stock valued at $893,000 after acquiring an additional 486 shares in the last quarter. Skylands Capital LLC bought a new position in shares of Albany International during the 3rd quarter valued at about $1,992,000. Linden Thomas Advisory Services LLC boosted its stake in Albany International by 6.2% in the third quarter. Linden Thomas Advisory Services LLC now owns 13,242 shares of the textile maker’s stock worth $706,000 after buying an additional 773 shares in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Albany International by 4.5% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 43,461 shares of the textile maker’s stock valued at $2,316,000 after purchasing an additional 1,870 shares during the last quarter. Finally, AlphaQuest LLC purchased a new position in shares of Albany International in the third quarter worth about $473,000. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on AIN. Zacks Research lowered shares of Albany International from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 18th. Weiss Ratings restated a “sell (d)” rating on shares of Albany International in a research note on Monday, December 29th. JPMorgan Chase & Co. lifted their price target on Albany International from $45.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, January 16th. Finally, Truist Financial set a $55.00 price target on shares of Albany International in a research note on Friday, January 9th. Three research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $61.50.

Albany International Price Performance

AIN opened at $58.71 on Thursday. The stock has a market capitalization of $1.68 billion, a P/E ratio of -30.26, a P/E/G ratio of 2.32 and a beta of 1.21. The company’s 50-day simple moving average is $55.09 and its two-hundred day simple moving average is $55.45. Albany International Corporation has a 52-week low of $41.15 and a 52-week high of $83.65. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.84 and a current ratio of 2.34.

Albany International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Tuesday, December 16th were issued a $0.28 dividend. This is a positive change 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%. The ex-dividend date of this dividend was Tuesday, December 16th. Albany International’s dividend payout ratio is currently -57.73%.

Albany International Company Profile

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.