Pinnacle Associates Ltd. purchased a new position in Albany International Corporation (NYSE:AIN) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 4,125 shares of the textile maker’s stock, valued at approximately $220,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AIN. BlackRock Inc. raised its holdings in shares of Albany International Corporation by 55,161.6% in the first quarter. BlackRock Inc. now owns 3,611,346 shares of the textile maker’s stock worth $166,302,000 after acquiring an additional 3,604,811 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Albany International Corporation in the second quarter worth $21,946,000. Vanguard Group Inc. raised its holdings in shares of Albany International Corporation by 5.6% in the first quarter. Vanguard Group Inc. now owns 2,569,064 shares of the textile maker’s stock worth $118,306,000 after acquiring an additional 135,361 shares during the last quarter. Mesirow Financial Investment Management Equity Management acquired a new position in shares of Albany International Corporation in the second quarter worth $4,465,000. Finally, Earnest Partners LLC raised its holdings in shares of Albany International Corporation by 7.5% in the first quarter. Earnest Partners LLC now owns 1,131,352 shares of the textile maker’s stock worth $52,099,000 after acquiring an additional 78,485 shares during the last quarter. 90.96% of the stock is owned by institutional investors.
In other news, insider Daniel A. Halftermeyer sold 17,300 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $53.29, for a total value of $921,917.00. Following the completion of the sale, the insider now owns 66,377 shares in the company, valued at $3,537,230.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 11.63% of the stock is owned by corporate insiders.
Separately, BidaskClub cut Albany International Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th.
Albany International Corporation (NYSE:AIN) opened at 53.00 on Monday. Albany International Corporation has a 12-month low of $37.00 and a 12-month high of $55.15. The stock has a 50 day moving average price of $52.26 and a 200-day moving average price of $49.33. The firm has a market capitalization of $1.70 billion, a PE ratio of 41.73 and a beta of 1.69.
Albany International Corporation (NYSE:AIN) last released its earnings results on Tuesday, August 1st. The textile maker reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.52 by $0.36. The business had revenue of $215.57 million during the quarter. Albany International Corporation had a net margin of 4.98% and a return on equity of 8.42%. On average, equities research analysts forecast that Albany International Corporation will post $1.90 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Monday, September 11th will be issued a $0.17 dividend. The ex-dividend date is Friday, September 8th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.28%. Albany International Corporation’s payout ratio is currently 53.54%.
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Albany International Corporation Company Profile
Albany International Corp. is focused on textiles and materials processing business. The Company operates through two segments: Machine Clothing and Albany Engineered Composites. The Company’s Machine Clothing segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, nonwovens, fiber cement and various other industrial applications.
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