Connor Clark & Lunn Investment Management Ltd. Cuts Stock Holdings in Albany International Corp. (NYSE:AIN)

Connor Clark & Lunn Investment Management Ltd. reduced its stake in Albany International Corp. (NYSE:AIN) by 0.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,899 shares of the textile maker’s stock after selling 251 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Albany International were worth $2,834,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Hilltop National Bank raised its position in shares of Albany International by 14.7% during the 2nd 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 in the last quarter. GAMMA Investing LLC increased its stake in Albany International by 27.4% in the second 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 last quarter. Creative Planning raised its position in Albany International by 3.0% during 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 in the last quarter. Arizona State Retirement System lifted its stake in Albany International by 2.0% during the second quarter. Arizona State Retirement System now owns 8,744 shares of the textile maker’s stock worth $738,000 after purchasing an additional 175 shares during the last quarter. Finally, Dakota Wealth Management boosted its holdings in shares of Albany International by 1.5% in the 2nd quarter. Dakota Wealth Management now owns 13,211 shares of the textile maker’s stock worth $1,116,000 after purchasing an additional 195 shares in the last quarter. 97.37% of the stock is currently owned by institutional investors.

Insider Activity at Albany International

In related news, SVP Robert Alan Hansen bought 1,050 shares of the company’s stock in a transaction dated Tuesday, November 5th. The stock was purchased at an average cost of $71.26 per share, with a total value of $74,823.00. Following the transaction, the senior vice president now owns 8,387 shares in the company, valued at approximately $597,657.62. This trade represents a 14.31 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gunnar Kleveland acquired 1,400 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were purchased at an average cost of $71.25 per share, for a total transaction of $99,750.00. Following the completion of the transaction, the chief executive officer now owns 8,284 shares in the company, valued at approximately $590,235. This represents a 20.34 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,450 shares of company stock worth $245,813 in the last 90 days. Company insiders own 0.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AIN. TD Cowen decreased their price objective on Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Truist Financial decreased their price target 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. StockNews.com lowered shares of Albany International from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Bank of America lowered their price target on shares of Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Albany International presently has an average rating of “Hold” and a consensus target price of $85.50.

Albany International Stock Up 2.7 %

Shares of Albany International stock opened at $84.78 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.94 and a current ratio of 3.68. Albany International Corp. has a 52-week low of $67.39 and a 52-week high of $99.41. The company’s 50 day moving average price is $78.88 and its 200-day moving average price is $84.61. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of 26.49, a P/E/G ratio of 2.66 and a beta of 1.29.

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

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.