4,563 Shares in Albany International Corp. (NYSE:AIN) Bought by Procyon Advisors LLC

Procyon Advisors LLC purchased a new stake in Albany International Corp. (NYSE:AIN) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 4,563 shares of the textile maker’s stock, valued at approximately $365,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Creative Planning increased its holdings in shares of Albany International by 3.0% during the 2nd quarter. Creative Planning now owns 5,018 shares of the textile maker’s stock worth $424,000 after acquiring an additional 147 shares during the last quarter. Gabelli Funds LLC boosted its position in Albany International by 0.4% during the second quarter. Gabelli Funds LLC now owns 52,600 shares of the textile maker’s stock worth $4,442,000 after purchasing an additional 200 shares during the period. Mackenzie Financial Corp increased its holdings in shares of Albany International by 5.4% in the second quarter. Mackenzie Financial Corp now owns 4,212 shares of the textile maker’s stock valued at $356,000 after purchasing an additional 215 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Albany International by 33.4% during the 3rd quarter. GAMMA Investing LLC now owns 899 shares of the textile maker’s stock worth $80,000 after buying an additional 225 shares during the last quarter. Finally, KBC Group NV boosted its holdings in shares of Albany International by 28.9% during the 3rd quarter. KBC Group NV now owns 1,058 shares of the textile maker’s stock worth $94,000 after buying an additional 237 shares during the period. Institutional investors own 97.37% of the company’s stock.

Insider Activity at Albany International

In related news, CEO Gunnar Kleveland bought 1,400 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were purchased at an average price of $71.25 per share, with a total value of $99,750.00. Following the completion of the purchase, the chief executive officer now owns 8,284 shares in the company, valued at $590,235. This represents a 20.34 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, VP Joseph M. Gaug purchased 1,000 shares of the company’s stock in a transaction dated Tuesday, November 5th. The stock was purchased at an average price of $71.24 per share, with a total value of $71,240.00. Following the completion of the purchase, the vice president now directly owns 6,811 shares in the company, valued at $485,215.64. The trade was a 17.21 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 3,450 shares of company stock valued at $245,813. 0.76% of the stock is owned by insiders.

Albany International Price Performance

Shares of NYSE:AIN opened at $81.36 on Monday. The firm has a 50 day moving average of $81.40 and a 200-day moving average of $83.07. Albany International Corp. has a 12 month low of $67.39 and a 12 month high of $98.73. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $2.55 billion, a PE ratio of 25.42 and a beta of 1.35.

Albany International (NYSE:AIN) last released its earnings results 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 firm had revenue of $298.40 million during the quarter, compared to analysts’ expectations of $304.51 million. During the same period in the prior year, the company earned $1.02 earnings per share. The company’s quarterly revenue was up 6.2% on a year-over-year basis. On average, equities research analysts predict that Albany International Corp. will post 3.24 EPS for the current fiscal year.

Albany International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Stockholders of record on Tuesday, December 17th were paid a $0.27 dividend. This is an increase from Albany International’s previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date was Tuesday, December 17th. Albany International’s dividend payout ratio (DPR) is presently 33.75%.

Analysts Set New Price Targets

Several research analysts have weighed in on AIN shares. StockNews.com cut shares of Albany International from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. JPMorgan Chase & Co. reduced their price target on Albany International from $75.00 to $74.00 and set a “neutral” rating for the company in a research note on Wednesday, January 15th. Truist Financial increased their price objective on Albany International from $85.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. TD Cowen raised shares of Albany International to a “strong-buy” rating in a research report on Thursday, December 19th. Finally, Bank of America decreased their price target on shares of Albany International from $90.00 to $80.00 and set an “underperform” rating on the stock in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $80.75.

Albany International 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.