The Manufacturers Life Insurance Company Lowers Stock Position in Albany International Corp. (NYSE:AIN)

The Manufacturers Life Insurance Company decreased its holdings in Albany International Corp. (NYSE:AIN) by 1.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 17,129 shares of the textile maker’s stock after selling 249 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Albany International were worth $1,522,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC boosted its stake in shares of Albany International by 33.4% in the third quarter. GAMMA Investing LLC now owns 899 shares of the textile maker’s stock valued at $80,000 after purchasing an additional 225 shares during the period. KBC Group NV increased its holdings in shares of Albany International by 28.9% in the 3rd quarter. KBC Group NV now owns 1,058 shares of the textile maker’s stock valued at $94,000 after acquiring an additional 237 shares during the period. Central Pacific Bank Trust Division increased its holdings in shares of Albany International by 40.3% in the 3rd 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. Bridges Investment Management Inc. purchased a new position in Albany International in the 3rd quarter valued at $206,000. Finally, Blue Trust Inc. grew its position in Albany International by 38.6% in the 2nd quarter. Blue Trust Inc. now owns 2,700 shares of the textile maker’s stock valued at $252,000 after buying an additional 752 shares during the last quarter. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Wall Street Analyst Weigh In

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

Albany International Stock Up 0.7 %

NYSE AIN opened at $82.60 on Wednesday. The stock has a market cap of $2.59 billion, a PE ratio of 25.81 and a beta of 1.34. Albany International Corp. has a fifty-two week low of $67.39 and a fifty-two week high of $99.41. The business has a 50 day moving average price of $77.84 and a two-hundred day moving average price of $83.98. 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 (NYSE:AIN) last released its earnings results on Wednesday, October 30th. The textile maker reported $0.80 EPS for the quarter, beating the consensus estimate of $0.45 by $0.35. The company had revenue of $298.40 million during the quarter, compared to analysts’ expectations of $304.51 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The business’s revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 EPS. As a group, sell-side analysts predict that Albany International Corp. will post 3.23 EPS for the current fiscal year.

Albany International Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Tuesday, December 17th will be given a dividend of $0.27 per share. This is a positive change from Albany International’s previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 1.31%. The ex-dividend date is Tuesday, December 17th. Albany International’s dividend payout ratio is currently 33.75%.

Insider Activity at Albany International

In related news, SVP Robert Alan Hansen bought 1,050 shares of the company’s stock in a transaction on Tuesday, November 5th. The shares were purchased at an average cost of $71.26 per share, with a total value of $74,823.00. Following the completion of the transaction, the senior vice president now directly owns 8,387 shares of the company’s stock, valued at approximately $597,657.62. This represents a 14.31 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gunnar Kleveland bought 1,400 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was bought 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 directly owns 8,284 shares of the company’s stock, valued at $590,235. This trade represents a 20.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 3,450 shares of company stock valued at $245,813. Corporate 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.