Bank of Nova Scotia Invests $281,000 in Albany International Corp. (NYSE:AIN)

Bank of Nova Scotia bought a new position in Albany International Corp. (NYSE:AIN – Get Rating) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,853 shares of the textile maker’s stock, valued at approximately $281,000.

A number of other institutional investors have also recently modified their holdings of AIN. BlackRock Inc. lifted its holdings in shares of Albany International by 1.1% during the first quarter. BlackRock Inc. now owns 4,948,017 shares of the textile maker’s stock valued at $417,218,000 after purchasing an additional 51,597 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Albany International by 0.9% during the first quarter. Vanguard Group Inc. now owns 3,444,386 shares of the textile maker’s stock valued at $290,431,000 after purchasing an additional 30,652 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Albany International by 2.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,151,310 shares of the textile maker’s stock valued at $97,080,000 after acquiring an additional 29,943 shares during the period. State Street Corp lifted its holdings in Albany International by 0.5% in the third quarter. State Street Corp now owns 1,082,808 shares of the textile maker’s stock valued at $85,587,000 after acquiring an additional 5,426 shares during the period. Finally, Clearbridge Investments LLC lifted its holdings in Albany International by 0.4% in the first quarter. Clearbridge Investments LLC now owns 541,742 shares of the textile maker’s stock valued at $45,680,000 after acquiring an additional 1,926 shares during the period. 99.94% of the stock is owned by hedge funds and other institutional investors.

Albany International Stock Up 0.1 %

NYSE AIN opened at $86.09 on Friday. The stock’s 50-day moving average price is $89.66 and its 200-day moving average price is $98.02. The company has a quick ratio of 3.98, a current ratio of 4.82 and a debt-to-equity ratio of 0.55. Albany International Corp. has a 52 week low of $75.24 and a 52 week high of $115.39. The company has a market capitalization of $2.69 billion, a P/E ratio of 28.41, a price-to-earnings-growth ratio of 3.06 and a beta of 1.31.

Albany International (NYSE:AIN – Get Rating) last posted its quarterly earnings data on Wednesday, April 26th. The textile maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. Albany International had a return on equity of 14.14% and a net margin of 8.96%. The firm had revenue of $269.10 million for the quarter, compared to the consensus estimate of $255.14 million. During the same quarter last year, the company earned $0.91 earnings per share. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, equities research analysts predict that Albany International Corp. will post 3.66 earnings per share for the current year.

Albany International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 10th. Investors of record on Wednesday, June 7th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.16%. The ex-dividend date of this dividend is Tuesday, June 6th. Albany International’s dividend payout ratio is currently 33.00%.

Insider Buying and Selling

In related news, SVP Robert Alan Hansen sold 1,900 shares of the stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $101.93, for a total transaction of $193,667.00. Following the completion of the sale, the senior vice president now owns 11,504 shares in the company, valued at $1,172,602.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.76% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on AIN shares. Truist Financial raised Albany International from a “hold” rating to a “buy” rating and increased their target price for the company from $90.00 to $105.00 in a report on Thursday, April 27th. They noted that the move was a valuation call. StockNews.com started coverage on Albany International in a report on Thursday, May 18th. They issued a “buy” rating on the stock.

About Albany International

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Albany International Corp. engages in textiles and materials processing. It operates through the following segments: Machine Clothing and Albany Engineered Composites. The Machine Clothing segment supplies fabrics used in the manufacturing process in the pulp, corrugator, nonwovens, fiber cement, building products, and tannery and textile industries.

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