Quest Partners LLC Reduces Stock Position in Albany International Corp. (NYSE:AIN)

Quest Partners LLC cut its stake in shares of Albany International Corp. (NYSE:AIN) by 27.1% in the third quarter, Holdings Channel.com reports. The institutional investor owned 4,715 shares of the textile maker’s stock after selling 1,755 shares during the quarter. Quest Partners LLC’s holdings in Albany International were worth $419,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Albany International by 0.3% during the first quarter. Vanguard Group Inc. now owns 3,529,478 shares of the textile maker’s stock valued at $330,041,000 after acquiring an additional 11,052 shares during the last quarter. Earnest Partners LLC grew its stake in shares of Albany International by 2.1% during the 2nd quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock valued at $218,961,000 after purchasing an additional 53,743 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Albany International by 5.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock valued at $92,192,000 after purchasing an additional 52,909 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Albany International by 24.0% in the 3rd quarter. Victory Capital Management Inc. now owns 847,829 shares of the textile maker’s stock worth $75,330,000 after purchasing an additional 163,934 shares during the period. Finally, William Blair Investment Management LLC boosted its holdings in shares of Albany International by 3.5% in the second quarter. William Blair Investment Management LLC now owns 726,287 shares of the textile maker’s stock worth $61,335,000 after buying an additional 24,430 shares during the last quarter. 97.37% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Albany International Stock Up 2.7 %

AIN opened at $84.78 on Monday. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 26.49, a price-to-earnings-growth ratio of 2.66 and a beta of 1.29. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.94 and a current ratio of 3.68. The firm’s fifty day moving average is $78.88 and its 200 day moving average is $84.61. Albany International Corp. has a fifty-two week low of $67.39 and a fifty-two week high of $99.41.

Albany International (NYSE:AIN) last announced its quarterly earnings data 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 business had revenue of $298.40 million for the quarter, compared to the consensus estimate 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 previous year, the business earned $1.02 earnings per share. On average, sell-side analysts forecast that Albany International Corp. will post 3.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.