Albany International Corp. (NYSE:AIN) Shares Sold by Connable Office Inc.

Connable Office Inc. lessened its holdings in Albany International Corp. (NYSE:AIN) by 4.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 4,803 shares of the textile maker’s stock after selling 224 shares during the quarter. Connable Office Inc.’s holdings in Albany International were worth $427,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of AIN. UniSuper Management Pty Ltd acquired a new position in Albany International during the 1st quarter worth $679,000. MQS Management LLC purchased a new position in shares of Albany International in the 3rd quarter valued at about $800,000. Assenagon Asset Management S.A. grew its position in shares of Albany International by 29.7% during the second quarter. Assenagon Asset Management S.A. now owns 100,528 shares of the textile maker’s stock worth $8,490,000 after buying an additional 23,018 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Albany International by 0.3% during the first quarter. Vanguard Group Inc. now owns 3,529,478 shares of the textile maker’s stock worth $330,041,000 after buying an additional 11,052 shares during the period. Finally, CANADA LIFE ASSURANCE Co raised its holdings in Albany International by 9.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 28,687 shares of the textile maker’s stock valued at $2,677,000 after acquiring an additional 2,367 shares in the last quarter. Institutional investors and hedge funds own 97.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. TD Cowen lowered their price target on shares of Albany International from $95.00 to $81.00 and set a “buy” rating for the company in a report on Friday, October 4th. StockNews.com downgraded shares of Albany International from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Truist Financial cut their price target on Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $88.00.

Albany International Stock Down 1.9 %

Shares of NYSE:AIN opened at $80.52 on Friday. The firm has a 50 day simple moving average of $79.27 and a 200-day simple moving average of $84.71. Albany International Corp. has a twelve month low of $67.39 and a twelve month high of $99.41. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $2.52 billion, a PE ratio of 25.16, a P/E/G ratio of 2.66 and a beta of 1.29.

Albany International (NYSE:AIN) last announced its quarterly earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.35. The firm had revenue of $298.40 million during the quarter, compared to analysts’ expectations of $304.51 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. Albany International’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.02 earnings per share. On average, equities analysts predict that Albany International Corp. will post 3.2 EPS for the current fiscal year.

Albany International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Tuesday, September 3rd were given a $0.26 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.29%. Albany International’s dividend payout ratio (DPR) is presently 32.50%.

Insiders Place Their Bets

In related news, VP Joseph M. Gaug purchased 1,000 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were purchased at an average price of $71.24 per share, with a total value of $71,240.00. Following the completion of the acquisition, the vice president now directly owns 6,811 shares in the company, valued at $485,215.64. This represents a 17.21 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Gunnar Kleveland purchased 1,400 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was bought at an average price of $71.25 per share, for a total transaction of $99,750.00. Following the transaction, the chief executive officer now directly owns 8,284 shares in the company, valued at $590,235. This trade represents a 20.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 3,450 shares of company stock valued at $245,813 over the last quarter. Company insiders own 0.76% of the company’s stock.

Albany International Profile

Albany International Corp., together with its subsidiaries, engages in the machine clothing and engineered composites businesses. 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 the manufacturing of papers, paperboards, tissues, towels, pulps, nonwovens, building products, tannery, and textiles, as well as fiber cement and several other industrial applications.