Geode Capital Management LLC Purchases 8,356 Shares of Albany International Corp. (NYSE:AIN)

Geode Capital Management LLC raised its holdings in shares of Albany International Corp. (NYSE:AIN) by 1.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 715,779 shares of the textile maker’s stock after acquiring an additional 8,356 shares during the quarter. Geode Capital Management LLC’s holdings in Albany International were worth $63,609,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AIN. Quarry LP grew its position in Albany International by 515.4% in the third quarter. Quarry LP now owns 480 shares of the textile maker’s stock valued at $43,000 after purchasing an additional 402 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Albany International by 33.4% in the 3rd quarter. GAMMA Investing LLC now owns 899 shares of the textile maker’s stock valued at $80,000 after acquiring an additional 225 shares in the last quarter. KBC Group NV grew its holdings in shares of Albany International by 28.9% in the 3rd quarter. KBC Group NV now owns 1,058 shares of the textile maker’s stock valued at $94,000 after acquiring an additional 237 shares in the last quarter. Central Pacific Bank Trust Division increased its position in shares of Albany International by 40.3% in the third quarter. Central Pacific Bank Trust Division now owns 1,985 shares of the textile maker’s stock valued at $176,000 after acquiring an additional 570 shares during the last quarter. Finally, Bridges Investment Management Inc. bought a new stake in Albany International during the third quarter worth about $206,000. 97.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Albany International

In other news, SVP Robert Alan Hansen acquired 1,050 shares of the stock in a transaction on Tuesday, November 5th. The shares were purchased at an average price of $71.26 per share, for a total transaction of $74,823.00. Following the transaction, the senior vice president now directly owns 8,387 shares of the company’s stock, valued at approximately $597,657.62. This represents a 14.31 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Joseph M. Gaug bought 1,000 shares of Albany International stock in a transaction dated Tuesday, November 5th. The stock was acquired at an average cost of $71.24 per share, with a total value of $71,240.00. Following the transaction, the vice president now owns 6,811 shares of the company’s stock, valued at $485,215.64. This trade represents a 17.21 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 3,450 shares of company stock worth $245,813 over the last quarter. Company insiders own 0.76% of the company’s stock.

Albany International Stock Up 2.4 %

AIN stock opened at $81.18 on Friday. Albany International Corp. has a 1-year low of $67.39 and a 1-year high of $99.41. The business’s 50 day simple moving average is $78.69 and its 200 day simple moving average is $83.65. 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 $2.54 billion, a PE ratio of 25.37 and a beta of 1.34.

Albany International (NYSE:AIN) last issued its quarterly earnings data on Wednesday, October 30th. The textile maker reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.35. The company had revenue of $298.40 million for the quarter, compared to analyst estimates of $304.51 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The company’s revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.02 earnings per share. As a group, research analysts anticipate that Albany International Corp. will post 3.23 EPS for the current year.

Albany International Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This is an increase from Albany International’s previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a yield of 1.33%. Albany International’s dividend payout ratio (DPR) is 33.75%.

Analysts Set New Price Targets

Several research firms have weighed in on AIN. StockNews.com raised Albany International from a “hold” rating to a “buy” rating in a research report on Friday, December 13th. TD Cowen raised shares of Albany International to a “strong-buy” rating in a research report on Thursday. Bank of America cut their price target on shares of Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a research note on Friday, November 15th. Finally, Truist Financial dropped their target price on shares of Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.