Insider Buying: Albany International Corp. (NYSE:AIN) CEO Acquires 1,250 Shares of Stock

Albany International Corp. (NYSE:AIN) CEO Gunnar Kleveland purchased 1,250 shares of Albany International stock in a transaction on Friday, May 3rd. The shares were acquired at an average cost of $84.68 per share, for a total transaction of $105,850.00. Following the purchase, the chief executive officer now owns 6,884 shares in the company, valued at $582,937.12. The acquisition was disclosed in a document filed with the SEC, which is available through this link.

Albany International Stock Performance

Shares of Albany International stock traded up $1.56 during trading hours on Monday, reaching $86.23. The company’s stock had a trading volume of 12,590 shares, compared to its average volume of 146,967. The company has a debt-to-equity ratio of 0.45, a quick ratio of 3.20 and a current ratio of 3.99. Albany International Corp. has a one year low of $78.20 and a one year high of $99.41. The company’s 50 day simple moving average is $90.68 and its 200 day simple moving average is $89.66. The stock has a market cap of $2.69 billion, a P/E ratio of 23.78, a price-to-earnings-growth ratio of 2.21 and a beta of 1.28.

Albany International (NYSE:AIN) last posted its earnings results on Tuesday, April 30th. The textile maker reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The company had revenue of $313.33 million for the quarter, compared to analysts’ expectations of $313.41 million. Albany International had a return on equity of 13.40% and a net margin of 9.35%. The firm’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same period last year, the business posted $0.91 earnings per share. As a group, analysts expect that Albany International Corp. will post 3.89 EPS for the current fiscal year.

Albany International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend was Thursday, March 14th. Albany International’s dividend payout ratio (DPR) is presently 29.21%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Orion Capital Management LLC purchased a new position in Albany International during the third quarter valued at approximately $29,000. GAMMA Investing LLC acquired a new position in Albany International in the 4th quarter valued at $47,000. Whittier Trust Co. increased its position in Albany International by 94.7% in the 1st quarter. Whittier Trust Co. now owns 547 shares of the textile maker’s stock worth $51,000 after buying an additional 266 shares during the period. Principal Securities Inc. acquired a new stake in Albany International in the 4th quarter worth $77,000. Finally, Adirondack Trust Co. acquired a new stake in shares of Albany International during the 3rd quarter worth approximately $86,000. Institutional investors own 97.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AIN. Truist Financial reduced their target price on Albany International from $121.00 to $104.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Bank of America reissued an “underperform” rating and set a $95.00 target price (down previously from $105.00) on shares of Albany International in a research report on Thursday, March 28th. JPMorgan Chase & Co. decreased their target price on shares of Albany International from $98.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday. Finally, TD Cowen lowered their target price on Albany International from $106.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $102.00.

Albany International Company 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.