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

Connable Office Inc. trimmed its stake in shares of Albany International Corp. (NYSE:AIN) by 4.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,803 shares of the textile maker’s stock after selling 224 shares during the period. Connable Office Inc.’s holdings in Albany International were worth $427,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. SG Americas Securities LLC purchased a new position in Albany International in the 1st quarter valued at about $102,000. Russell Investments Group Ltd. boosted its stake in shares of Albany International by 3,897.2% in the first quarter. Russell Investments Group Ltd. now owns 2,878 shares of the textile maker’s stock worth $269,000 after acquiring an additional 2,806 shares during the last quarter. ProShare Advisors LLC boosted its stake in shares of Albany International by 7.4% in the first quarter. ProShare Advisors LLC now owns 6,308 shares of the textile maker’s stock worth $590,000 after acquiring an additional 433 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in shares of Albany International by 36.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 12,172 shares of the textile maker’s stock worth $1,088,000 after purchasing an additional 3,233 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Albany International by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 3,529,478 shares of the textile maker’s stock valued at $330,041,000 after purchasing an additional 11,052 shares during the last quarter. Institutional investors and hedge funds own 97.37% of the company’s stock.

Albany International Trading Down 1.9 %

Shares of AIN stock opened at $80.52 on Friday. Albany International Corp. has a twelve month low of $67.39 and a twelve month high of $99.41. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of 25.16, a PEG ratio of 2.66 and a beta of 1.29. The company’s 50-day moving average price is $79.27 and its 200-day moving average price is $84.71. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36.

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, 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%. Albany International’s revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.02 EPS. As a group, equities analysts predict that Albany International Corp. will post 3.2 earnings per share for the current year.

Albany International Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AIN. Truist Financial dropped their target price on shares of Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a report on Friday, November 1st. StockNews.com cut shares of Albany International from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, TD Cowen cut their price objective 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $88.00.

Insider Activity

In related news, SVP Robert Alan Hansen bought 1,050 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was purchased at an average price of $71.26 per share, for a total transaction of $74,823.00. Following the acquisition, the senior vice president now owns 8,387 shares of the company’s stock, valued at approximately $597,657.62. This trade represents a 14.31 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Joseph M. Gaug purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were purchased 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 directly owns 6,811 shares of the company’s stock, valued at $485,215.64. This represents a 17.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,450 shares of company stock valued at $245,813 in the last quarter. Insiders own 0.76% of the company’s stock.

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.