D.A. Davidson & CO. acquired a new stake in shares of Albany International Corp. (NYSE:AIN) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 3,251 shares of the textile maker’s stock, valued at approximately $258,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board purchased a new position in shares of Albany International during the 3rd quarter valued at about $7,704,000. Trexquant Investment LP purchased a new position in shares of Albany International during the 3rd quarter valued at about $494,000. BlackRock Inc. raised its stake in shares of Albany International by 3.7% during the 3rd quarter. BlackRock Inc. now owns 4,132,731 shares of the textile maker’s stock valued at $328,552,000 after buying an additional 146,117 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Albany International by 7.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 472,859 shares of the textile maker’s stock valued at $37,593,000 after buying an additional 33,347 shares during the last quarter. Finally, Granite Investment Partners LLC raised its stake in shares of Albany International by 4.1% during the 3rd quarter. Granite Investment Partners LLC now owns 223,652 shares of the textile maker’s stock valued at $17,780,000 after buying an additional 8,801 shares during the last quarter. Institutional investors and hedge funds own 87.08% of the company’s stock.
Shares of Albany International stock opened at $69.40 on Friday. The company has a quick ratio of 2.41, a current ratio of 2.90 and a debt-to-equity ratio of 0.87. Albany International Corp. has a twelve month low of $57.95 and a twelve month high of $82.20. The stock has a market capitalization of $2.23 billion, a P/E ratio of 26.23 and a beta of 1.74.
Albany International (NYSE:AIN) last announced its quarterly earnings results on Tuesday, October 30th. The textile maker reported $0.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.15. Albany International had a return on equity of 14.33% and a net margin of 7.51%. The firm had revenue of $253.25 million during the quarter, compared to analyst estimates of $248.50 million. Analysts forecast that Albany International Corp. will post 2.54 earnings per share for the current fiscal year.
A number of equities analysts have weighed in on AIN shares. ValuEngine upgraded Albany International from a “hold” rating to a “buy” rating in a research note on Tuesday, September 4th. Zacks Investment Research lowered Albany International from a “buy” rating to a “hold” rating in a research note on Wednesday, November 7th. Finally, Stephens restated a “hold” rating on shares of Albany International in a research note on Thursday, August 16th.
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About Albany International
Albany International Corp. engages in textile and materials processing businesses worldwide. The company operates through two segments, Machine Clothing (MC) and Albany Engineered Composites (AEC). The MC segment designs, manufactures, and markets paper machine clothing. This segment offers forming, pressing, dryer fabrics, and process belts.
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