KBC Group NV Boosts Position in Albany International Corp. (NYSE:AIN)

KBC Group NV raised its stake in Albany International Corp. (NYSE:AIN) by 28.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,058 shares of the textile maker’s stock after buying an additional 237 shares during the period. KBC Group NV’s holdings in Albany International were worth $94,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in AIN. Hilltop National Bank lifted 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 worth $88,000 after acquiring an additional 134 shares during the period. GAMMA Investing LLC raised 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 worth $57,000 after buying an additional 145 shares in the last quarter. Creative Planning lifted its holdings in Albany International by 3.0% during 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 during the period. Arizona State Retirement System increased its holdings in shares of Albany International by 2.0% in the 2nd 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 period. Finally, Dakota Wealth Management raised its position 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 acquiring an additional 195 shares in the last quarter. 97.37% of the stock is currently owned by institutional investors.

Albany International Stock Up 2.7 %

AIN stock opened at $84.78 on Friday. 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 Corp. has a 52 week low of $67.39 and a 52 week high of $99.41. The stock has a market capitalization of $2.65 billion, a PE ratio of 25.81, a price-to-earnings-growth ratio of 2.69 and a beta of 1.29. The firm has a 50 day moving average of $78.90 and a 200 day moving average of $84.64.

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

Wall Street Analyst Weigh In

AIN has been the topic of several analyst reports. TD Cowen cut their target price on Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. Truist Financial reduced their price objective on shares of Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, November 1st. StockNews.com downgraded shares of Albany International from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Bank of America reduced their price target on Albany International from $90.00 to $80.00 and set an “underperform” rating on the stock in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $85.50.

Insider Buying and Selling at Albany International

In other Albany International news, CEO Gunnar Kleveland purchased 1,400 shares of the stock in a transaction on Tuesday, November 5th. The shares were bought at an average cost of $71.25 per share, with a total value 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 purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Robert Alan Hansen acquired 1,050 shares of Albany International stock in a transaction on Tuesday, November 5th. The shares were bought at an average price of $71.26 per share, with a total value of $74,823.00. Following the purchase, the senior vice president now directly owns 8,387 shares in the company, valued at approximately $597,657.62. The trade was a 14.31 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 3,450 shares of company stock worth $245,813. 0.76% of the stock is currently owned by 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.