Essex Financial Services Inc. Makes New $235,000 Investment in Albany International Corp. (NYSE:AIN)

Essex Financial Services Inc. bought a new position in Albany International Corp. (NYSE:AIN) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,820 shares of the textile maker’s stock, valued at approximately $235,000.

A number of other large investors have also recently added to or reduced their stakes in AIN. Charter Oak Capital Management LLC purchased a new position in shares of Albany International in the fourth quarter valued at $41,000. Veriti Management LLC purchased a new position in shares of Albany International in the fourth quarter valued at $66,000. The PNC Financial Services Group Inc. grew its position in shares of Albany International by 15.6% in the first quarter. The PNC Financial Services Group Inc. now owns 1,916 shares of the textile maker’s stock valued at $161,000 after purchasing an additional 258 shares in the last quarter. First Bank & Trust grew its position in shares of Albany International by 43.0% in the first quarter. First Bank & Trust now owns 2,142 shares of the textile maker’s stock valued at $179,000 after purchasing an additional 644 shares in the last quarter. Finally, Diversified Trust Co purchased a new position in shares of Albany International in the first quarter valued at $205,000. 93.28% of the stock is owned by institutional investors and hedge funds.

Several research firms recently commented on AIN. Bank of America restated a “neutral” rating and set a $90.00 target price on shares of Albany International in a research report on Monday, March 15th. Zacks Investment Research upgraded Albany International from a “hold” rating to a “buy” rating and set a $100.00 target price for the company in a research report on Wednesday. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $81.50.

In other Albany International news, insider Daniel A. Halftermeyer sold 3,100 shares of the company’s stock in a transaction that occurred on Monday, June 7th. The stock was sold at an average price of $87.45, for a total transaction of $271,095.00. Following the transaction, the insider now owns 81,655 shares in the company, valued at approximately $7,140,729.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel A. Halftermeyer sold 6,900 shares of the company’s stock in a transaction that occurred on Friday, June 4th. The stock was sold at an average price of $87.58, for a total value of $604,302.00. Following the transaction, the insider now owns 84,755 shares in the company, valued at approximately $7,422,842.90. The disclosure for this sale can be found here. In the last three months, insiders sold 10,100 shares of company stock valued at $884,297. 5.78% of the stock is currently owned by corporate insiders.

Shares of AIN stock opened at $87.90 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.52 and a current ratio of 4.22. The business’s 50-day moving average price is $86.99. Albany International Corp. has a 12-month low of $46.31 and a 12-month high of $92.42. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of 24.35, a P/E/G ratio of 13.96 and a beta of 1.46.

Albany International (NYSE:AIN) last issued its quarterly earnings results on Sunday, April 25th. The textile maker reported $0.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.22. Albany International had a return on equity of 15.90% and a net margin of 13.19%. The firm had revenue of $222.36 million during the quarter, compared to analyst estimates of $210.80 million. On average, equities analysts expect that Albany International Corp. will post 2.82 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 8th. Stockholders of record on Monday, June 7th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend is Friday, June 4th. Albany International’s dividend payout ratio (DPR) is presently 21.51%.

Albany International Company Profile

Albany International Corp., together with its subsidiaries, engages in the textile and materials processing business. 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 manufacturing papers, paperboards, tissues, and towels.

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Institutional Ownership by Quarter for Albany International (NYSE:AIN)

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