Gabelli Funds LLC Grows Position in Albany International Corp. (NYSE:AIN)

Gabelli Funds LLC boosted its stake in Albany International Corp. (NYSE:AIN) by 2.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 52,400 shares of the textile maker’s stock after buying an additional 1,400 shares during the quarter. Gabelli Funds LLC owned approximately 0.17% of Albany International worth $4,900,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC purchased a new stake in Albany International in the 4th quarter valued at $47,000. Whittier Trust Co. increased its position in shares of Albany International by 94.7% during the 1st quarter. Whittier Trust Co. now owns 547 shares of the textile maker’s stock valued at $51,000 after purchasing an additional 266 shares during the last quarter. Principal Securities Inc. purchased a new stake in shares of Albany International during the 4th quarter valued at $77,000. TFO Wealth Partners LLC increased its position in shares of Albany International by 109,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,092 shares of the textile maker’s stock valued at $98,000 after purchasing an additional 1,091 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Albany International during the 1st quarter valued at $102,000. 97.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on Albany International from $98.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Truist Financial decreased their target price on Albany International from $104.00 to $101.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Bank of America cut their price target on Albany International from $95.00 to $90.00 and set an “underperform” rating for the company in a research note on Wednesday, May 29th. Finally, TD Cowen cut their price target 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 equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $95.50.

Albany International Price Performance

NYSE AIN traded up $0.55 during trading hours on Friday, hitting $92.11. The company had a trading volume of 87,970 shares, compared to its average volume of 160,633. Albany International Corp. has a 52 week low of $78.20 and a 52 week high of $99.41. The firm has a 50 day simple moving average of $86.52 and a 200 day simple moving average of $89.02. The company has a debt-to-equity ratio of 0.45, a quick ratio of 3.20 and a current ratio of 3.99. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of 25.87, a PEG ratio of 2.70 and a beta of 1.27.

Albany International (NYSE:AIN) last issued its earnings results on Tuesday, April 30th. The textile maker reported $0.90 EPS for the quarter, topping the consensus estimate of $0.87 by $0.03. Albany International had a return on equity of 13.40% and a net margin of 9.35%. The business had revenue of $313.33 million during the quarter, compared to the consensus estimate of $313.41 million. During the same quarter last year, the company earned $0.91 EPS. The firm’s revenue was up 16.4% compared to the same quarter last year. Equities research analysts expect that Albany International Corp. will post 3.79 earnings per share for the current year.

Albany International Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Friday, June 7th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $1.04 annualized dividend and a yield of 1.13%. Albany International’s dividend payout ratio is currently 29.21%.

Insiders Place Their Bets

In other Albany International news, CFO Robert D. Starr purchased 1,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was purchased at an average price of $84.44 per share, for a total transaction of $84,440.00. Following the transaction, the chief financial officer now owns 2,610 shares in the company, valued at approximately $220,388.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Albany International news, CFO Robert D. Starr purchased 1,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was purchased at an average price of $84.44 per share, for a total transaction of $84,440.00. Following the transaction, the chief financial officer now owns 2,610 shares in the company, valued at approximately $220,388.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Gunnar Kleveland purchased 1,250 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were acquired at an average price of $84.68 per share, with a total value of $105,850.00. Following the transaction, the chief executive officer now owns 6,884 shares in the company, valued at approximately $582,937.12. The disclosure for this purchase can be found here. 0.76% of the stock is owned by corporate insiders.

Albany International 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.