Quest Partners LLC Sells 1,755 Shares of Albany International Corp. (NYSE:AIN)

Quest Partners LLC lowered its stake in shares of Albany International Corp. (NYSE:AIN) by 27.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. 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 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Hilltop National Bank raised its position in Albany International by 14.7% during the second quarter. Hilltop National Bank now owns 1,045 shares of the textile maker’s stock valued at $88,000 after purchasing an additional 134 shares in the last quarter. GAMMA Investing LLC lifted 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 worth $57,000 after buying an additional 145 shares during the last quarter. Creative Planning boosted its stake in Albany International by 3.0% in the second quarter. Creative Planning now owns 5,018 shares of the textile maker’s stock worth $424,000 after buying an additional 147 shares in the last quarter. Arizona State Retirement System grew its position 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 valued at $738,000 after acquiring an additional 175 shares during the last quarter. Finally, Dakota Wealth Management raised its stake in shares of Albany International by 1.5% during the second quarter. Dakota Wealth Management now owns 13,211 shares of the textile maker’s stock worth $1,116,000 after acquiring an additional 195 shares in the last quarter. 97.37% of the stock is owned by institutional investors.

Analysts Set New Price Targets

AIN has been the subject of several recent research reports. StockNews.com downgraded shares of Albany International from a “buy” rating to a “hold” rating in a research note on Thursday. TD Cowen lowered their target price 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. Bank of America dropped their target price on Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a report on Friday, November 15th. Finally, Truist Financial lowered their price objective on Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $85.50.

Albany International Stock Up 2.7 %

Shares of NYSE:AIN opened at $84.78 on Monday. The stock’s 50-day moving average is $78.88 and its 200 day moving average is $84.61. The company has a market cap of $2.65 billion, a PE ratio of 26.49, a P/E/G ratio of 2.66 and a beta of 1.29. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.68 and a quick ratio of 2.94. Albany International Corp. has a 1 year low of $67.39 and a 1 year high of $99.41.

Albany International (NYSE:AIN) last posted its earnings results 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 firm had revenue of $298.40 million for 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.02 earnings per share. Sell-side analysts anticipate that Albany International Corp. will post 3.23 EPS for the current year.

Insider Activity at Albany International

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

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.