In a recent transaction, Gunnar Kleveland, the President and CEO of Albany International Corp (NYSE:AIN), acquired 1,400 shares of the company's Class A Common Stock. The shares were purchased at an average price of $71.255 per share, totaling approximately $99,757. Following this acquisition, Kleveland now holds a total of 8,284 shares directly.
Additionally, the filing detailed Kleveland's holdings of Restricted Stock Units (RSUs) which are set to vest over the coming years as part of the company's incentive plan. These RSUs, which convert to Class A Common Stock upon vesting, reflect Kleveland's continued commitment to aligning his interests with those of Albany International's shareholders.
In other recent news, Albany International Corp. reported a 6.1% year-over-year increase in consolidated net sales for Q3 2024, reaching $298 million. Even with a significant adjustment in the Engineered Composites segment, the company saw an improved free cash flow and tightened its full-year revenue guidance for 2024, with an adjusted earnings per share (EPS) midpoint now at $3.20. Machine Clothing sales rose to $183 million, while Engineered Composites sales remained flat at $115 million.
The company also announced new leadership appointments and plans for an Investor Day in Spring 2025. Despite a sizable cumulative adjustment in the Engineered Composites segment impacting gross profit, Albany International's integration of Heimbach and operational execution in the Machine Clothing segment boosted margins. The company also indicated future revenue opportunities through a strong backlog in defense classified work.
These recent developments come as Albany International anticipates providing full-year 2025 guidance at the year-end. The company also expressed confidence in the long-term fundamentals of the F-35 program, despite some current softness. The company's resilience is evident in its ability to navigate operational challenges while maintaining a focus on free cash flow generation.
InvestingPro Insights
Gunnar Kleveland's recent purchase of Albany International Corp (NYSE:AIN) shares aligns with several key insights from InvestingPro. The company's stock is currently trading near its 52-week low, with a significant price drop of 16.44% over the last three months. This context makes Kleveland's insider buying particularly noteworthy, as it may signal confidence in the company's future prospects despite recent market challenges.
InvestingPro data shows that Albany International has a market capitalization of $2.23 billion and a P/E ratio of 22.16. The company's revenue growth of 15.93% over the last twelve months demonstrates its ability to expand in a challenging economic environment. This growth, coupled with a gross profit margin of 34.57%, suggests that Albany International maintains a strong market position.
An InvestingPro Tip highlights that Albany International has raised its dividend for 6 consecutive years, indicating a commitment to shareholder returns. This is further supported by the company's 1.48% dividend yield and a 4% dividend growth rate over the last twelve months. The consistent dividend policy aligns with Kleveland's increased stake in the company and may be attractive to income-focused investors.
Another relevant InvestingPro Tip notes that Albany International operates with a moderate level of debt, which could provide financial flexibility in uncertain economic times. This prudent financial management may have factored into Kleveland's decision to increase his ownership.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for Albany International, providing a deeper understanding of the company's financial health and market position.
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