Dynamic Technology Lab Private Ltd Purchases New Position in Albany International Corp. (NYSE:AIN)

Dynamic Technology Lab Private Ltd acquired a new stake in Albany International Corp. (NYSE:AIN) in the third quarter, according to its most recent filing with the SEC. The fund acquired 11,041 shares of the textile maker’s stock, valued at approximately $981,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. GAMMA Investing LLC raised its stake in shares of Albany International by 27.4% during the 2nd quarter. GAMMA Investing LLC now owns 674 shares of the textile maker’s stock valued at $57,000 after purchasing an additional 145 shares during the period. Hilltop National Bank increased its position in shares of Albany International by 14.7% during the second 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 during the period. KBC Group NV lifted its holdings in shares of Albany International by 28.9% in the third quarter. KBC Group NV now owns 1,058 shares of the textile maker’s stock worth $94,000 after buying an additional 237 shares in the last quarter. Central Pacific Bank Trust Division boosted its position in shares of Albany International by 40.3% in 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. Finally, Bridges Investment Management Inc. purchased a new position in Albany International during the third quarter valued at approximately $206,000. Institutional investors own 97.37% of the company’s stock.

Analysts Set New Price Targets

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

Albany International Price Performance

AIN opened at $82.40 on Thursday. The stock has a market capitalization of $2.58 billion, a P/E ratio of 25.75 and a beta of 1.29. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36. Albany International Corp. has a 12-month low of $67.39 and a 12-month high of $99.41. The stock has a 50-day moving average price of $78.82 and a 200-day moving average price of $84.52.

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

Insiders Place Their Bets

In related news, SVP Robert Alan Hansen purchased 1,050 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were acquired at an average cost of $71.26 per share, with a total value of $74,823.00. Following the purchase, the senior vice president now directly owns 8,387 shares of the company’s stock, valued at approximately $597,657.62. This trade represents a 14.31 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Gunnar Kleveland acquired 1,400 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were bought at an average cost of $71.25 per share, with a total value of $99,750.00. Following the purchase, the chief executive officer now owns 8,284 shares of the company’s stock, valued at approximately $590,235. This trade represents a 20.34 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 3,450 shares of company stock valued at $245,813 over the last three months. Insiders own 0.92% of the company’s stock.

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.