Edgestream Partners L.P. Invests $533,000 in Albany International Corp. (NYSE:AIN)

Edgestream Partners L.P. acquired a new stake in shares of Albany International Corp. (NYSE:AIN) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,004 shares of the textile maker’s stock, valued at approximately $533,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its stake in shares of Albany International by 5,971.5% during the 2nd quarter. Victory Capital Management Inc. now owns 683,895 shares of the textile maker’s stock worth $57,755,000 after purchasing an additional 672,631 shares during the period. Assenagon Asset Management S.A. increased its stake in Albany International by 60.5% in the third quarter. Assenagon Asset Management S.A. now owns 161,340 shares of the textile maker’s stock valued at $14,335,000 after purchasing an additional 60,812 shares during the last quarter. Earnest Partners LLC lifted its position in Albany International by 2.1% during the second quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock worth $218,961,000 after buying an additional 53,743 shares during the period. Dimensional Fund Advisors LP boosted its stake in Albany International by 5.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock worth $92,192,000 after buying an additional 52,909 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in Albany International by 176.9% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 66,900 shares of the textile maker’s stock valued at $5,650,000 after buying an additional 42,740 shares during the period. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on AIN. TD Cowen decreased their target price on shares of Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. 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 report on Friday, November 15th. Truist Financial dropped their price objective on Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a report on Friday, November 1st. Finally, StockNews.com cut Albany International from a “buy” rating to a “hold” rating in a report on Thursday, November 21st. 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. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $85.50.

Albany International Price Performance

Albany International stock opened at $80.40 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. The firm has a market capitalization of $2.52 billion, a P/E ratio of 25.13 and a beta of 1.34. The firm has a fifty day moving average of $78.22 and a 200-day moving average of $84.23. Albany International Corp. has a 52-week low of $67.39 and a 52-week high of $99.41.

Albany International (NYSE:AIN) last released 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. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The company had revenue of $298.40 million for the quarter, compared to analyst estimates of $304.51 million. During the same period last year, the company posted $1.02 earnings per share. The firm’s revenue was up 6.2% compared to the same quarter last year. As a group, analysts predict that Albany International Corp. will post 3.23 EPS for the current year.

Insider Buying and Selling

In other Albany International news, VP Joseph M. Gaug acquired 1,000 shares of the company’s stock in a transaction on Tuesday, November 5th. The shares were bought at an average cost of $71.24 per share, for a total transaction of $71,240.00. Following the acquisition, the vice president now directly owns 6,811 shares of the company’s stock, valued at $485,215.64. This trade represents a 17.21 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert Alan Hansen bought 1,050 shares of Albany International stock in a transaction dated Tuesday, November 5th. The shares were acquired at an average price of $71.26 per share, with a total value of $74,823.00. Following the completion of the purchase, the senior vice president now 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 ninety days, insiders have purchased 3,450 shares of company stock valued at $245,813. Corporate insiders own 0.76% of the company’s stock.

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.