Algert Global LLC Lowers Holdings in Albany International Corp. (NYSE:AIN)

Algert Global LLC trimmed its holdings in Albany International Corp. (NYSE:AIN) by 58.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,096 shares of the textile maker’s stock after selling 13,970 shares during the period. Algert Global LLC’s holdings in Albany International were worth $897,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Hilltop National Bank lifted its position in shares of Albany International by 14.7% in the second quarter. Hilltop National Bank now owns 1,045 shares of the textile maker’s stock valued at $88,000 after acquiring an additional 134 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Albany International by 27.4% in the second quarter. GAMMA Investing LLC now owns 674 shares of the textile maker’s stock valued at $57,000 after acquiring an additional 145 shares in the last quarter. Creative Planning lifted its position in shares of Albany International by 3.0% in the second quarter. Creative Planning now owns 5,018 shares of the textile maker’s stock valued at $424,000 after acquiring an additional 147 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Albany International by 2.0% in the second quarter. Arizona State Retirement System now owns 8,744 shares of the textile maker’s stock valued at $738,000 after acquiring an additional 175 shares in the last quarter. Finally, Dakota Wealth Management lifted its position in shares of Albany International by 1.5% in the second quarter. Dakota Wealth Management now owns 13,211 shares of the textile maker’s stock worth $1,116,000 after buying an additional 195 shares in the last quarter. 97.37% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Albany International news, CEO Gunnar Kleveland acquired 1,400 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was purchased at an average price of $71.25 per share, for a total transaction of $99,750.00. Following the acquisition, the chief executive officer now owns 8,284 shares in the company, valued at approximately $590,235. This trade represents a 20.34 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Joseph M. Gaug acquired 1,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were acquired at an average price of $71.24 per share, with a total value of $71,240.00. Following the acquisition, the vice president now owns 6,811 shares in the company, valued at approximately $485,215.64. The trade was a 17.21 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 3,450 shares of company stock worth $245,813 over the last 90 days. Company insiders own 0.76% of the company’s stock.

Albany International Stock Up 0.6 %

Shares of NYSE:AIN opened at $82.90 on Friday. The business’s 50 day moving average is $78.53 and its 200 day moving average is $84.44. The company has a quick ratio of 2.94, a current ratio of 3.68 and a debt-to-equity ratio of 0.36. The stock has a market cap of $2.59 billion, a P/E ratio of 25.91 and a beta of 1.29. Albany International Corp. has a 52-week low of $67.39 and a 52-week high of $99.41.

Albany International (NYSE:AIN) last posted its earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.35. The company had revenue of $298.40 million during the quarter, compared to analyst estimates of $304.51 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. Albany International’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.02 earnings per share. Sell-side analysts predict that Albany International Corp. will post 3.23 EPS for the current year.

Analysts Set New Price Targets

AIN has been the topic of a number of research analyst reports. Truist Financial decreased their target price on Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. StockNews.com cut Albany International from a “buy” rating to a “hold” rating in a research note on Thursday, November 21st. TD Cowen dropped 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, Bank of America dropped their price objective on Albany International from $90.00 to $80.00 and set an “underperform” rating on the stock in a research note on Friday, November 15th. 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 company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $85.50.

About Albany International

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.