KBC Group NV Acquires 237 Shares of Albany International Corp. (NYSE:AIN)

KBC Group NV increased its stake in Albany International Corp. (NYSE:AIN) by 28.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,058 shares of the textile maker’s stock after purchasing an additional 237 shares during the quarter. KBC Group NV’s holdings in Albany International were worth $94,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of AIN. Victory Capital Management Inc. lifted its stake in shares of Albany International by 5,971.5% during the 2nd quarter. Victory Capital Management Inc. now owns 683,895 shares of the textile maker’s stock valued at $57,755,000 after buying an additional 672,631 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Albany International by 60.5% during the third quarter. Assenagon Asset Management S.A. now owns 161,340 shares of the textile maker’s stock valued at $14,335,000 after acquiring an additional 60,812 shares during the period. Earnest Partners LLC lifted its position in shares of Albany International by 2.1% in the second quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock valued at $218,961,000 after acquiring an additional 53,743 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Albany International by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock worth $92,192,000 after acquiring an additional 52,909 shares during the period. Finally, Cubist Systematic Strategies LLC grew its position in shares of Albany International by 176.9% during the second quarter. Cubist Systematic Strategies LLC now owns 66,900 shares of the textile maker’s stock worth $5,650,000 after purchasing an additional 42,740 shares in the last quarter. 97.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Albany International

In other news, VP Joseph M. Gaug purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was purchased at an average cost of $71.24 per share, with a total value of $71,240.00. Following the purchase, the vice president now owns 6,811 shares in the company, valued at approximately $485,215.64. This trade represents a 17.21 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Robert Alan Hansen acquired 1,050 shares of Albany International stock in a transaction that occurred on Tuesday, November 5th. The stock was purchased at an average cost 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 trade represents a 14.31 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 3,450 shares of company stock worth $245,813 over the last quarter. Insiders own 0.76% of the company’s stock.

Albany International Stock Performance

Albany International stock opened at $84.78 on Friday. 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 twelve month low of $67.39 and a twelve month high of $99.41. The company’s 50-day moving average price is $78.90 and its 200-day moving average price is $84.64. The company has a market cap of $2.65 billion, a PE ratio of 25.81, a price-to-earnings-growth ratio of 2.69 and a beta of 1.29.

Albany International (NYSE:AIN) last posted its quarterly earnings data on Wednesday, October 30th. The textile maker reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.35. The business had revenue of $298.40 million during the quarter, compared to analyst estimates 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 last year, the company earned $1.02 EPS. On average, equities research analysts forecast that Albany International Corp. will post 3.23 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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.