Eagle Asset Management Inc. Trims Stake in Albany International Corp. (NYSE:AIN)

Eagle Asset Management Inc. decreased its holdings in shares of Albany International Corp. (NYSE:AIN) by 20.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 155,491 shares of the textile maker’s stock after selling 39,200 shares during the period. Eagle Asset Management Inc. owned about 0.50% of Albany International worth $12,744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC raised its stake in Albany International by 27.4% during the 2nd quarter. GAMMA Investing LLC now owns 674 shares of the textile maker’s stock worth $57,000 after acquiring an additional 145 shares during the period. Hilltop National Bank lifted its stake in shares of Albany International by 14.7% during the 2nd quarter. Hilltop National Bank now owns 1,045 shares of the textile maker’s stock valued at $88,000 after buying an additional 134 shares in the last quarter. KBC Group NV boosted its holdings in 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 buying an additional 237 shares during the period. SG Americas Securities LLC purchased a new stake in Albany International in the 1st quarter worth $102,000. Finally, Central Pacific Bank Trust Division raised its holdings in Albany International by 40.3% during the third quarter. Central Pacific Bank Trust Division now owns 1,985 shares of the textile maker’s stock valued at $176,000 after acquiring an additional 570 shares during the period. 97.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AIN has been the subject of several research analyst reports. Bank of America cut their target price on 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 cut their price objective 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 downgraded shares of Albany International from a “buy” rating to a “hold” rating in a report on Thursday. Finally, TD Cowen dropped their target price 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. One 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, Albany International currently has a consensus rating of “Hold” and an average target price of $85.50.

Insiders Place Their Bets

In related news, VP Joseph M. Gaug purchased 1,000 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were acquired at an average cost of $71.24 per share, for a total transaction of $71,240.00. Following the acquisition, the vice president now owns 6,811 shares of the company’s stock, valued at $485,215.64. The trade was a 17.21 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gunnar Kleveland bought 1,400 shares of Albany International stock in a transaction on Tuesday, November 5th. The stock was purchased at an average price of $71.25 per share, with a total value of $99,750.00. Following the completion of the acquisition, the chief executive officer now directly owns 8,284 shares of the company’s stock, valued at $590,235. This represents a 20.34 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 3,450 shares of company stock worth $245,813 in the last ninety days. 0.76% of the stock is owned by company insiders.

Albany International Stock Up 2.7 %

NYSE AIN opened at $84.78 on Friday. The company has a fifty day moving average of $78.88 and a two-hundred day moving average of $84.63. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 26.49, a PEG ratio of 2.66 and a beta of 1.29. The company has a quick ratio of 2.94, a current ratio of 3.68 and a debt-to-equity ratio of 0.36. Albany International Corp. has a 52 week low of $67.39 and a 52 week high of $99.41.

Albany International (NYSE:AIN) last issued its quarterly earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.35. The firm had revenue of $298.40 million for the quarter, compared to the consensus estimate of $304.51 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 earnings per share. On average, analysts predict that Albany International Corp. will post 3.23 earnings per share for the current year.

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.