Quarry LP Boosts Stake in Albany International Corp. (NYSE:AIN)

Quarry LP increased its stake in shares of Albany International Corp. (NYSE:AIN) by 515.4% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 480 shares of the textile maker’s stock after purchasing an additional 402 shares during the period. Quarry LP’s holdings in Albany International were worth $43,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in AIN. GAMMA Investing LLC boosted its position in Albany International by 33.4% in the 3rd quarter. GAMMA Investing LLC now owns 899 shares of the textile maker’s stock valued at $80,000 after buying an additional 225 shares during the period. KBC Group NV boosted its position in Albany International by 28.9% in the 3rd quarter. KBC Group NV now owns 1,058 shares of the textile maker’s stock valued at $94,000 after buying an additional 237 shares during the period. Central Pacific Bank Trust Division boosted its position in 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 buying an additional 570 shares during the period. Bridges Investment Management Inc. purchased a new position in Albany International in the 3rd quarter valued at approximately $206,000. Finally, Versor Investments LP purchased a new position in Albany International in the 2nd quarter valued at approximately $236,000. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Albany International Price Performance

Shares of NYSE:AIN opened at $82.60 on Wednesday. The company’s fifty day moving average price is $77.84 and its 200 day moving average price is $83.98. Albany International Corp. has a 12 month low of $67.39 and a 12 month high of $99.41. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.68 and a quick ratio of 2.94. The firm has a market capitalization of $2.59 billion, a P/E ratio of 25.81 and a beta of 1.34.

Albany International (NYSE:AIN) last announced its quarterly earnings results on Wednesday, October 30th. The textile maker reported $0.80 EPS for the quarter, topping the consensus estimate of $0.45 by $0.35. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The firm had revenue of $298.40 million for the quarter, compared to analyst estimates of $304.51 million. During the same period last year, the business earned $1.02 EPS. Albany International’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, sell-side analysts predict that Albany International Corp. will post 3.23 earnings per share for the current fiscal year.

Albany International Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Tuesday, December 17th will be paid a dividend of $0.27 per share. This is a positive change from Albany International’s previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Tuesday, December 17th. Albany International’s dividend payout ratio (DPR) is currently 33.75%.

Analyst Ratings Changes

AIN has been the subject of several recent research reports. TD Cowen decreased their price target on shares of Albany International from $95.00 to $81.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Bank of America decreased their price objective on shares of Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a research report on Friday, November 15th. Truist Financial decreased their price objective on shares of Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Finally, StockNews.com cut shares of Albany International from a “buy” rating to a “hold” rating in a research report on Thursday, November 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Albany International has a consensus rating of “Hold” and an average target price of $85.50.

Insider Buying and Selling

In other Albany International news, CEO Gunnar Kleveland acquired 1,400 shares of the company’s stock in a transaction on Tuesday, November 5th. The shares were bought at an average cost 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 $590,235. This trade represents a 20.34 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Joseph M. Gaug acquired 1,000 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was acquired 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 owns 6,811 shares of the company’s stock, valued at $485,215.64. This trade represents a 17.21 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 3,450 shares of company stock worth $245,813 in the last ninety days. 0.92% of the stock is owned by corporate insiders.

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.