Edgestream Partners L.P. Buys New Position in Albany International Corp. (NYSE:AIN)

Edgestream Partners L.P. purchased a new position in shares of Albany International Corp. (NYSE:AIN) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 6,004 shares of the textile maker’s stock, valued at approximately $533,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of Albany International by 27.4% in the 2nd quarter. GAMMA Investing LLC now owns 674 shares of the textile maker’s stock valued at $57,000 after acquiring an additional 145 shares during the period. Creative Planning increased its stake in Albany International by 3.0% in the second quarter. Creative Planning now owns 5,018 shares of the textile maker’s stock valued at $424,000 after purchasing an additional 147 shares during the period. Arizona State Retirement System raised its holdings in shares of Albany International by 2.0% in the second quarter. Arizona State Retirement System now owns 8,744 shares of the textile maker’s stock valued at $738,000 after buying an additional 175 shares during the last quarter. Dakota Wealth Management boosted its stake in shares of Albany International by 1.5% during the second quarter. Dakota Wealth Management now owns 13,211 shares of the textile maker’s stock worth $1,116,000 after buying an additional 195 shares during the period. Finally, Louisiana State Employees Retirement System grew its holdings in shares of Albany International by 1.3% during the second quarter. Louisiana State Employees Retirement System now owns 15,700 shares of the textile maker’s stock worth $1,326,000 after buying an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Albany International Trading Down 2.2 %

Shares of AIN stock opened at $80.40 on Friday. Albany International Corp. has a 1-year low of $67.39 and a 1-year 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 business’s fifty day moving average price is $78.22 and its 200 day moving average price is $84.23. The firm has a market capitalization of $2.52 billion, a PE ratio of 25.13 and a beta of 1.34.

Albany International (NYSE:AIN) last posted its quarterly 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. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The business had revenue of $298.40 million for the quarter, compared to analysts’ expectations of $304.51 million. During the same period in the prior year, the company posted $1.02 EPS. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. As a group, sell-side analysts forecast that Albany International Corp. will post 3.23 EPS for the current fiscal year.

Insider Activity

In other news, SVP Robert Alan Hansen purchased 1,050 shares of the company’s stock in a transaction dated Tuesday, November 5th. The stock was acquired at an average price of $71.26 per share, for a total transaction of $74,823.00. Following the completion of the transaction, the senior vice president now directly owns 8,387 shares in the company, valued at $597,657.62. This represents a 14.31 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, VP Joseph M. Gaug acquired 1,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 6,811 shares in the company, valued at approximately $485,215.64. This represents a 17.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 3,450 shares of company stock worth $245,813. Company insiders own 0.76% of the company’s stock.

Wall Street Analyst Weigh In

AIN has been the subject of a number of recent research reports. Bank of America decreased their price objective 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. StockNews.com lowered shares of Albany International from a “buy” rating to a “hold” rating in a research report on Thursday, November 21st. Truist Financial dropped their price objective on shares of Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, TD Cowen lowered their target price 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $85.50.

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.