Connor Clark & Lunn Investment Management Ltd. Has $2.83 Million Stock Position in Albany International Corp. (NYSE:AIN)

Connor Clark & Lunn Investment Management Ltd. cut its position in Albany International Corp. (NYSE:AIN) by 0.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,899 shares of the textile maker’s stock after selling 251 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.10% of Albany International worth $2,834,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hilltop National Bank grew its stake in Albany International by 14.7% in the second quarter. Hilltop National Bank now owns 1,045 shares of the textile maker’s stock valued at $88,000 after acquiring an additional 134 shares during the period. GAMMA Investing LLC grew its position in Albany International by 27.4% in 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. Creative Planning increased its stake in Albany International by 3.0% during the 2nd 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 raised its holdings 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 buying an additional 175 shares during the last quarter. Finally, Dakota Wealth Management lifted its stake in shares of Albany International by 1.5% in the second quarter. Dakota Wealth Management now owns 13,211 shares of the textile maker’s stock valued at $1,116,000 after buying an additional 195 shares in the last quarter. 97.37% of the stock is owned by institutional investors.

Albany International Price Performance

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

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on AIN shares. Truist Financial lowered their target price on shares of Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a report on Friday, November 1st. TD Cowen lowered 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. StockNews.com cut Albany International from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Bank of America lowered 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 analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $85.50.

Insider Buying and Selling

In related news, CEO Gunnar Kleveland bought 1,400 shares of Albany International stock in a transaction dated Tuesday, November 5th. The stock was purchased at an average cost of $71.25 per share, with a total value of $99,750.00. Following the transaction, the chief executive officer now directly owns 8,284 shares of the company’s stock, valued at approximately $590,235. The trade was a 20.34 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Robert Alan Hansen purchased 1,050 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was bought at an average cost of $71.26 per share, for a total transaction of $74,823.00. Following the acquisition, 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 position. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 3,450 shares of company stock worth $245,813. Insiders own 0.76% of the company’s stock.

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.