Y Intercept Hong Kong Ltd Raises Stock Position in Albany International Corp. (NYSE:AIN)

Y Intercept Hong Kong Ltd lifted its stake in Albany International Corp. (NYSE:AIN) by 58.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 9,122 shares of the textile maker’s stock after buying an additional 3,352 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Albany International were worth $810,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Quarry LP raised its stake in Albany International by 515.4% in the third quarter. Quarry LP now owns 480 shares of the textile maker’s stock worth $43,000 after buying an additional 402 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Albany International by 33.4% during the 3rd quarter. GAMMA Investing LLC now owns 899 shares of the textile maker’s stock worth $80,000 after acquiring an additional 225 shares during the period. KBC Group NV raised its position 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 worth $94,000 after acquiring an additional 237 shares in the last quarter. Central Pacific Bank Trust Division lifted its stake in shares of Albany International by 40.3% in the 3rd quarter. Central Pacific Bank Trust Division now owns 1,985 shares of the textile maker’s stock valued at $176,000 after purchasing an additional 570 shares during the period. Finally, Bridges Investment Management Inc. bought a new stake in shares of Albany International during the third quarter valued at approximately $206,000. Institutional investors own 97.37% of the company’s stock.

Wall Street Analyst Weigh In

AIN has been the subject of a number of research reports. Truist Financial decreased their price objective on Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a report on Friday, November 1st. Bank of America decreased 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. TD Cowen dropped their price objective on shares of 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 raised shares of Albany International from a “hold” rating to a “buy” rating in a research note on Friday. One investment 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $85.50.

Albany International Stock Performance

Shares of Albany International stock opened at $81.96 on Friday. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of 25.61 and a beta of 1.34. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.68 and a quick ratio of 2.94. Albany International Corp. has a 1 year low of $67.39 and a 1 year high of $99.41. The firm’s 50-day moving average is $77.92 and its 200 day moving average is $83.91.

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 analysts’ consensus estimates of $0.45 by $0.35. The firm 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%. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.02 earnings per share. Sell-side analysts anticipate that Albany International Corp. will post 3.23 EPS for the current fiscal year.

Albany International Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Tuesday, December 17th will be issued a $0.27 dividend. This is a positive change from Albany International’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.32%. Albany International’s dividend payout ratio (DPR) is presently 32.50%.

Insiders Place Their Bets

In related news, SVP Robert Alan Hansen bought 1,050 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was acquired at an average cost of $71.26 per share, for a total transaction of $74,823.00. Following the purchase, the senior vice president now owns 8,387 shares in the company, valued at approximately $597,657.62. This represents a 14.31 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gunnar Kleveland purchased 1,400 shares of the company’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 completion of the purchase, the chief executive officer now owns 8,284 shares in the company, valued at approximately $590,235. The trade was a 20.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 3,450 shares of company stock valued at $245,813. Corporate 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.