SteelPeak Wealth LLC Makes New $1.68 Million Investment in Albany International Corp. (NYSE:AIN)

SteelPeak Wealth LLC acquired a new position in Albany International Corp. (NYSE:AIN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 institutional investors have also recently made changes to their positions in AIN. State Street Corp raised its holdings in Albany International by 3.1% in the 3rd quarter. State Street Corp now owns 1,218,058 shares of the textile maker's stock valued at $108,544,000 after acquiring an additional 36,944 shares during the last quarter. MQS Management LLC purchased a new stake in Albany International in the 3rd quarter valued at $800,000. JPMorgan Chase & Co. raised its holdings in shares of Albany International by 14.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 80,618 shares of the textile maker's stock worth $7,163,000 after acquiring an additional 9,931 shares during the period. Natixis Advisors LLC boosted its position 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 valued at $21,297,000 after acquiring an additional 12,262 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Albany International by 6.6% during the third quarter. Principal Financial Group Inc. now owns 586,268 shares of the textile maker's stock worth $52,071,000 after purchasing an additional 36,274 shares during the last quarter. Hedge funds and other institutional investors own 97.37% of the company's stock.

Insider Activity

In related news, SVP Robert Alan Hansen bought 1,050 shares of the business's stock in a transaction dated Tuesday, November 5th. The shares were acquired at an average price of $71.26 per share, for a total transaction of $74,823.00. Following the purchase, the senior vice president now owns 8,387 shares in the company, valued at $597,657.62. This trade represents a 14.31 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Gunnar Kleveland purchased 1,400 shares of Albany International stock in a transaction dated Tuesday, November 5th. The shares were bought at an average cost of $71.25 per share, for a total transaction of $99,750.00. Following the transaction, the chief executive officer now directly owns 8,284 shares of the company's stock, valued at approximately $590,235. The trade was a 20.34 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 3,450 shares of company stock worth $245,813 over the last 90 days. Company insiders own 0.76% of the company's stock.

Analyst Upgrades and Downgrades

AIN has been the topic of a number of research analyst reports. 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 research report on Friday, November 15th. Truist Financial upped their price objective on shares of Albany International from $85.00 to $88.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. TD Cowen upgraded Albany International to a "strong-buy" rating in a research note on Thursday, December 19th. StockNews.com raised Albany International from a "hold" rating to a "buy" rating in a research note on Thursday, January 23rd. Finally, JPMorgan Chase & Co. cut their price target on shares of Albany International from $75.00 to $74.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Albany International has an average rating of "Moderate Buy" and an average target price of $80.75.

Albany International Price Performance

Shares of NYSE AIN traded up $0.67 during trading on Thursday, reaching $80.34. The company had a trading volume of 117,342 shares, compared to its average volume of 176,955. The stock has a market capitalization of $2.51 billion, a PE ratio of 25.10 and a beta of 1.35. 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 50-day moving average price of $81.24 and a two-hundred day moving average price of $82.93. Albany International Corp. has a twelve month low of $67.39 and a twelve month high of $98.73.

Albany International (NYSE:AIN - Get Free Report) last released its earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.35. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The business had revenue of $298.40 million for the quarter, compared to analysts' expectations of $304.51 million. During the same period last year, the company earned $1.02 earnings per share. The company's quarterly revenue was up 6.2% on a year-over-year basis. As a group, sell-side analysts predict that Albany International Corp. will post 3.24 earnings per share for the current 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 paid a $0.27 dividend. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.34%. This is a positive change from Albany International's previous quarterly dividend of $0.26. Albany International's dividend payout ratio (DPR) is 33.75%.

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.