AlphaQuest LLC Invests $473,000 in Albany International Corporation $AIN

AlphaQuest LLC acquired a new stake in shares of Albany International Corporation (NYSE:AIN) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 8,870 shares of the textile maker’s stock, valued at approximately $473,000.

Other institutional investors have also recently made changes to their positions in the company. New York State Common Retirement Fund boosted its position in shares of Albany International by 9.9% in the third quarter. New York State Common Retirement Fund now owns 284,671 shares of the textile maker’s stock worth $15,173,000 after purchasing an additional 25,585 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of Albany International during the 2nd quarter valued at $673,000. American Century Companies Inc. increased its stake in Albany International by 37.6% in the 2nd quarter. American Century Companies Inc. now owns 1,697,965 shares of the textile maker’s stock worth $119,079,000 after buying an additional 464,040 shares in the last quarter. AdvisorShares Investments LLC bought a new stake in Albany International during the second quarter valued at about $463,000. Finally, AXQ Capital LP purchased a new position in shares of Albany International in the second quarter valued at about $244,000. Institutional investors own 97.37% of the company’s stock.

Albany International Stock Performance

NYSE:AIN opened at $56.93 on Friday. The firm has a market capitalization of $1.63 billion, a PE ratio of -29.35, a PEG ratio of 2.29 and a beta of 1.21. The stock’s fifty day moving average is $53.35 and its 200 day moving average is $56.16. Albany International Corporation has a fifty-two week low of $41.15 and a fifty-two week high of $83.65. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.84 and a current ratio of 2.34.

Albany International (NYSE:AIN) last posted its quarterly earnings data on Wednesday, November 5th. The textile maker reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.11). The firm had revenue of $307.44 million for the quarter, compared to the consensus estimate of $303.41 million. Albany International had a negative net margin of 4.66% and a positive return on equity of 8.98%. The company’s revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.80 EPS. On average, sell-side analysts anticipate that Albany International Corporation will post 3.23 earnings per share for the current year.

Albany International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Tuesday, December 16th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date was Tuesday, December 16th. This is a positive change from Albany International’s previous quarterly dividend of $0.27. Albany International’s payout ratio is currently -57.73%.

Insiders Place Their Bets

In other news, CEO Gunnar Kleveland acquired 2,300 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was acquired at an average price of $42.04 per share, with a total value of $96,692.00. Following the completion of the purchase, the chief executive officer directly owned 19,895 shares in the company, valued at approximately $836,385.80. This trade represents a 13.07% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.76% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

AIN has been the topic of a number of research analyst reports. Truist Financial set a $55.00 price target on Albany International in a report on Friday, January 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Albany International in a report on Monday, December 29th. JPMorgan Chase & Co. raised their target price on shares of Albany International from $45.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, January 16th. Finally, Zacks Research cut shares of Albany International from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 18th. Three investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $61.50.

Albany International Profile

Albany International Corp. is a global advanced materials company specializing in engineered textiles and composites. Its business is organized into two primary segments: Process Media and Engineered Composites. The Process Media segment designs, manufactures and services press, forming and drying fabrics used in the production of paper and packaging materials, helping paper manufacturers improve efficiency, quality and sustainability. The Engineered Composites segment produces lightweight composite structures and components for aerospace and industrial applications, serving commercial and military aircraft programs as well as industrial markets that require high-performance, durable materials.

In the Process Media segment, Albany’s products include forming fabrics, press felts and dryer fabrics engineered to withstand extreme moisture and temperature conditions.