Victory Capital Management Inc. Increases Stock Position in Albany International Corp. (NYSE:AIN)

Victory Capital Management Inc. increased its position in Albany International Corp. (NYSE:AIN) by 24.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 847,829 shares of the textile maker’s stock after purchasing an additional 163,934 shares during the quarter. Victory Capital Management Inc. owned 2.72% of Albany International worth $75,330,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in AIN. Assenagon Asset Management S.A. boosted its stake in shares of Albany International by 60.5% in the third quarter. Assenagon Asset Management S.A. now owns 161,340 shares of the textile maker’s stock valued at $14,335,000 after purchasing an additional 60,812 shares during the period. Earnest Partners LLC boosted its stake in shares of Albany International by 2.1% in the second quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock valued at $218,961,000 after purchasing an additional 53,743 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Albany International by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock valued at $92,192,000 after purchasing an additional 52,909 shares during the period. Cubist Systematic Strategies LLC boosted its stake in shares of Albany International by 176.9% in the second quarter. Cubist Systematic Strategies LLC now owns 66,900 shares of the textile maker’s stock valued at $5,650,000 after purchasing an additional 42,740 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Albany International by 6.6% in the third quarter. Principal Financial Group Inc. now owns 586,268 shares of the textile maker’s stock valued at $52,071,000 after purchasing an additional 36,274 shares during the period. 97.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on AIN shares. StockNews.com downgraded shares of Albany International from a “buy” rating to a “hold” rating in a research note on Wednesday. TD Cowen cut their price target on shares of Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Finally, Truist Financial cut their price target 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 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 data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $88.00.

Albany International Trading Up 1.0 %

AIN opened at $82.11 on Thursday. The stock has a market capitalization of $2.57 billion, a PE ratio of 25.66, a P/E/G ratio of 2.63 and a beta of 1.29. The firm’s fifty day moving average price is $79.27 and its 200 day moving average price is $84.71. 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 12-month low of $67.39 and a 12-month high of $99.41.

Albany International (NYSE:AIN) last issued 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 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 firm’s revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.02 earnings per share. As a group, research analysts expect that Albany International Corp. will post 3.2 EPS for the current fiscal year.

Albany International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $0.26 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.27%. Albany International’s dividend payout ratio (DPR) is 32.50%.

Insiders Place Their Bets

In other Albany International news, VP Joseph M. Gaug bought 1,000 shares of the company’s stock in a transaction on Tuesday, November 5th. The shares were bought at an average cost of $71.24 per share, with a total value of $71,240.00. Following the completion of the acquisition, the vice president now owns 6,811 shares of the company’s stock, valued at approximately $485,215.64. This trade represents a 0.00 % 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 hyperlink. In other news, CEO Gunnar Kleveland purchased 1,400 shares of the stock in a transaction dated Tuesday, November 5th. The stock was acquired at an average price of $71.25 per share, for a total transaction of $99,750.00. Following the completion of the transaction, the chief executive officer now owns 8,284 shares of the company’s stock, valued at approximately $590,235. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Joseph M. Gaug purchased 1,000 shares of the stock in a transaction dated Tuesday, November 5th. The shares were purchased at an average price of $71.24 per share, with a total value of $71,240.00. Following the transaction, the vice president now directly owns 6,811 shares of the company’s stock, valued at approximately $485,215.64. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 3,450 shares of company stock valued at $245,813. Company insiders own 0.76% of the company’s stock.

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.