Geode Capital Management LLC Has $63.61 Million Stock Holdings in Albany International Corp. (NYSE:AIN)

Geode Capital Management LLC grew its position in shares of Albany International Corp. (NYSE:AIN - Free Report) by 1.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 715,779 shares of the textile maker's stock after acquiring an additional 8,356 shares during the quarter. Geode Capital Management LLC owned 2.29% of Albany International worth $63,609,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. State Street Corp boosted its holdings in Albany International by 3.1% during the third quarter. State Street Corp now owns 1,218,058 shares of the textile maker's stock worth $108,544,000 after purchasing an additional 36,944 shares during the last quarter. MQS Management LLC bought a new stake in Albany International during the 3rd quarter worth about $800,000. Natixis Advisors LLC boosted its stake in shares of Albany International by 5.4% during the 3rd quarter. Natixis Advisors LLC now owns 239,697 shares of the textile maker's stock worth $21,297,000 after buying an additional 12,262 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of Albany International by 20.2% in the 3rd quarter. Blue Trust Inc. now owns 3,245 shares of the textile maker's stock valued at $274,000 after acquiring an additional 545 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Albany International by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 397,975 shares of the textile maker's stock valued at $35,360,000 after acquiring an additional 15,120 shares during the last quarter. 97.37% of the stock is owned by institutional investors.

Albany International Stock Performance

Shares of AIN traded up $1.93 during mid-day trading on Friday, reaching $81.18. The company's stock had a trading volume of 825,423 shares, compared to its average volume of 174,356. 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 cap of $2.54 billion, a P/E ratio of 25.37 and a beta of 1.34. Albany International Corp. has a 1-year low of $67.39 and a 1-year high of $99.41. The business has a 50-day simple moving average of $78.69 and a two-hundred day simple moving average of $83.62.

Albany International (NYSE:AIN - Get Free Report) last announced its quarterly 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. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The business had revenue of $298.40 million during the quarter, compared to the consensus estimate of $304.51 million. During the same quarter last year, the firm posted $1.02 EPS. The company's quarterly revenue was up 6.2% on a year-over-year basis. As a group, equities research analysts anticipate that Albany International Corp. will post 3.23 earnings per share for the current fiscal year.

Albany International Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Tuesday, December 17th will be paid a $0.27 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $1.08 dividend on an annualized basis and a yield of 1.33%. This is a positive change from Albany International's previous quarterly dividend of $0.26. Albany International's dividend payout ratio is 33.75%.

Insider Buying and Selling at Albany International

In other news, CEO Gunnar Kleveland bought 1,400 shares of the company's stock in a transaction dated Tuesday, November 5th. The stock was bought at an average price 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 of the company's stock, valued at $590,235. This represents a 20.34 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Robert Alan Hansen acquired 1,050 shares of the business's stock in a transaction on Tuesday, November 5th. The stock was acquired at an average cost of $71.26 per share, with a total value of $74,823.00. Following the acquisition, the senior vice president now directly owns 8,387 shares in the company, valued at approximately $597,657.62. This trade represents a 14.31 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 3,450 shares of company stock valued at $245,813 in the last three months. 0.76% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on AIN shares. Bank of America decreased their price target on Albany International from $90.00 to $80.00 and set an "underperform" rating for the company in a research note on Friday, November 15th. Truist Financial decreased their target price 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 upgraded shares of Albany International from a "hold" rating to a "buy" rating in a report on Friday, December 13th. Finally, TD Cowen upgraded shares of Albany International to a "strong-buy" rating in a research note on Thursday. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $85.50.

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.