Principal Financial Group Inc. Grows Stock Position in Albany International Corp. (NYSE:AIN)

Principal Financial Group Inc. grew its holdings in Albany International Corp. (NYSE:AIN) by 6.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 586,268 shares of the textile maker’s stock after buying an additional 36,274 shares during the quarter. Principal Financial Group Inc. owned about 1.88% of Albany International worth $52,071,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Victory Capital Management Inc. raised its holdings in Albany International by 5,971.5% in the 2nd quarter. Victory Capital Management Inc. now owns 683,895 shares of the textile maker’s stock valued at $57,755,000 after acquiring an additional 672,631 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Albany International by 60.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 161,340 shares of the textile maker’s stock worth $14,335,000 after buying an additional 60,812 shares during the last quarter. Earnest Partners LLC raised its position in shares of Albany International by 2.1% in the 2nd quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock worth $218,961,000 after buying an additional 53,743 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Albany International by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock valued at $92,192,000 after acquiring an additional 52,909 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its holdings in Albany International by 176.9% in the second quarter. Cubist Systematic Strategies LLC now owns 66,900 shares of the textile maker’s stock valued at $5,650,000 after buying an additional 42,740 shares during the period. 97.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Truist Financial dropped their target price on Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a report on Friday, November 1st. TD Cowen cut their price objective on Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. Finally, StockNews.com upgraded shares of Albany International from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $88.00.

Albany International Price Performance

AIN stock opened at $81.96 on Monday. The firm has a 50-day moving average of $79.78 and a two-hundred day moving average of $84.81. Albany International Corp. has a one year low of $67.39 and a one year 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 firm has a market capitalization of $2.57 billion, a PE ratio of 25.61, a P/E/G ratio of 2.60 and a beta of 1.29.

Albany International (NYSE:AIN) last posted its quarterly earnings results on Wednesday, October 30th. The textile maker reported $0.80 EPS for the quarter, beating the consensus estimate of $0.45 by $0.35. The business had revenue of $298.40 million for 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 revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 EPS. On average, analysts forecast that Albany International Corp. will post 3.2 earnings per share for the current year.

Albany International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date of this dividend was Tuesday, September 3rd. Albany International’s dividend payout ratio is currently 32.50%.

Insider Buying and Selling

In other news, VP Joseph M. Gaug bought 1,000 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was bought at an average price of $71.24 per share, for a total transaction of $71,240.00. Following the completion of the purchase, the vice president now owns 6,811 shares of the company’s stock, valued at approximately $485,215.64. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Gunnar Kleveland acquired 1,400 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was purchased at an average cost of $71.25 per share, for a total transaction of $99,750.00. Following the completion of the transaction, the chief executive officer now directly owns 8,284 shares in the company, valued at $590,235. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Joseph M. Gaug acquired 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was acquired at an average price of $71.24 per share, for a total transaction of $71,240.00. Following the completion of the acquisition, the vice president now directly owns 6,811 shares of the company’s stock, valued at $485,215.64. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 3,450 shares of company stock valued at $245,813 over the last ninety days. 0.76% of the stock is owned by company insiders.

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.