SteelPeak Wealth LLC Takes Position in Albany International Corp. (NYSE:AIN)

SteelPeak Wealth LLC acquired a new position in Albany International Corp. (NYSE:AIN) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 20,876 shares of the textile maker’s stock, valued at approximately $1,675,000. SteelPeak Wealth LLC owned 0.07% of Albany International at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Creative Planning increased its stake in Albany International by 3.0% in the 2nd 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. Integrated Investment Consultants LLC boosted its stake in shares of Albany International by 3.3% in the fourth quarter. Integrated Investment Consultants LLC now owns 4,825 shares of the textile maker’s stock worth $386,000 after acquiring an additional 155 shares during the period. Mackenzie Financial Corp grew its position in shares of Albany International by 5.4% during the second quarter. Mackenzie Financial Corp now owns 4,212 shares of the textile maker’s stock worth $356,000 after purchasing an additional 215 shares in the last quarter. GAMMA Investing LLC raised its stake in Albany International by 33.4% during the 3rd quarter. GAMMA Investing LLC now owns 899 shares of the textile maker’s stock valued at $80,000 after purchasing an additional 225 shares during the period. Finally, KBC Group NV lifted its holdings in Albany International by 28.9% in the 3rd quarter. KBC Group NV now owns 1,058 shares of the textile maker’s stock worth $94,000 after purchasing an additional 237 shares in the last quarter. Institutional investors own 97.37% of the company’s stock.

Insider Buying and Selling

In other Albany International news, SVP Robert Alan Hansen purchased 1,050 shares of Albany International stock in a transaction dated Tuesday, November 5th. The shares were purchased at an average cost of $71.26 per share, for a total transaction of $74,823.00. Following the completion of the acquisition, the senior vice president now owns 8,387 shares in the company, valued at $597,657.62. This represents a 14.31 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Gunnar Kleveland acquired 1,400 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were acquired at an average price of $71.25 per share, with a total value of $99,750.00. Following 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 disclosure for this purchase can be found here. Insiders purchased a total of 3,450 shares of company stock worth $245,813 over the last three months. 0.76% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

AIN has been the subject of a number of research analyst reports. Truist Financial increased their price objective on shares of Albany International from $85.00 to $88.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. StockNews.com upgraded shares of Albany International from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. TD Cowen raised shares of Albany International to a “strong-buy” rating in a report on Thursday, December 19th. Bank of America reduced their target price on Albany International from $90.00 to $80.00 and set an “underperform” rating on the stock in a report on Friday, November 15th. Finally, JPMorgan Chase & Co. dropped 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Albany International presently has a consensus rating of “Moderate Buy” and an average target price of $80.75.

Albany International Stock Performance

Albany International stock opened at $79.77 on Thursday. The company’s 50-day moving average price is $81.24 and its 200-day moving average price is $82.93. 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 company has a market cap of $2.50 billion, a PE ratio of 24.93 and a beta of 1.35. Albany International Corp. has a twelve month low of $67.39 and a twelve month high of $98.73.

Albany International (NYSE:AIN) last issued 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. The company 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 firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.02 earnings per share. On average, equities research analysts forecast that Albany International Corp. will post 3.24 EPS for the current fiscal year.

Albany International Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 8th. Stockholders of record on Tuesday, December 17th were given a dividend of $0.27 per share. The ex-dividend date was Tuesday, December 17th. This represents a $1.08 annualized dividend and a dividend yield of 1.35%. This is an increase from Albany International’s previous quarterly dividend of $0.26. Albany International’s payout ratio is currently 33.75%.

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.