Insider Buying: Albany International Corp. (NYSE:AIN) CEO Purchases 1,250 Shares of Stock

Albany International Corp. (NYSE:AIN) CEO Gunnar Kleveland acquired 1,250 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was bought at an average cost of $84.68 per share, with a total value of $105,850.00. Following the purchase, the chief executive officer now owns 6,884 shares in the company, valued at $582,937.12. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Albany International Price Performance

Albany International stock opened at $87.60 on Wednesday. The firm has a market cap of $2.73 billion, a P/E ratio of 24.61, a P/E/G ratio of 2.21 and a beta of 1.28. The stock’s 50 day moving average is $90.43 and its 200 day moving average is $89.70. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.99 and a quick ratio of 3.20. Albany International Corp. has a one year low of $78.20 and a one year high of $99.41.

Albany International (NYSE:AIN) last posted its quarterly earnings data on Tuesday, April 30th. The textile maker reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The company had revenue of $313.33 million for the quarter, compared to analyst estimates of $313.41 million. Albany International had a net margin of 9.35% and a return on equity of 13.40%. The company’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 EPS. As a group, research analysts expect that Albany International Corp. will post 3.89 EPS for the current year.

Albany International Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date was Thursday, March 14th. Albany International’s dividend payout ratio is 29.21%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Bank of America reiterated an “underperform” rating and issued a $95.00 price target (down from $105.00) on shares of Albany International in a research note on Thursday, March 28th. Truist Financial cut their price target on Albany International from $121.00 to $104.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. JPMorgan Chase & Co. lowered their price objective on Albany International from $98.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Finally, TD Cowen cut their target price on shares of Albany International from $106.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.00.

Institutional Investors Weigh In On Albany International

Large investors have recently added to or reduced their stakes in the business. Raymond James & Associates boosted its holdings in shares of Albany International by 4.7% during the 3rd quarter. Raymond James & Associates now owns 118,751 shares of the textile maker’s stock worth $10,246,000 after buying an additional 5,362 shares in the last quarter. Brown Advisory Inc. grew its holdings in Albany International by 2.7% in the third quarter. Brown Advisory Inc. now owns 369,061 shares of the textile maker’s stock worth $31,843,000 after purchasing an additional 9,753 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Albany International by 12.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,260 shares of the textile maker’s stock valued at $540,000 after purchasing an additional 715 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Albany International by 9.1% during the third quarter. Mackenzie Financial Corp now owns 4,166 shares of the textile maker’s stock valued at $354,000 after purchasing an additional 347 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Albany International by 2.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,940 shares of the textile maker’s stock worth $1,203,000 after purchasing an additional 379 shares in the last quarter. Institutional investors and hedge funds own 97.37% of the company’s stock.

About Albany International

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.