Rochester, NH—Robert D. Starr, Chief Financial Officer and Treasurer of Albany International Corp (NYSE:AIN), has acquired 1,000 shares of Class A Common Stock, according to a recent SEC filing. The purchase, executed on November 5, 2024, was made at a price of $71.38 per share, bringing the total transaction value to $71,380. This acquisition increases Starr's total holdings to 3,610 shares.
In addition to the recent stock purchase, Starr holds Restricted Stock Units (RSUs) that are set to vest over the coming years. These RSUs, granted under the Albany International Corp. 2017 and 2023 Incentive Plans, entitle Starr to receive additional shares of Class A Common Stock upon vesting. The RSUs are scheduled to vest in multiple tranches, with the next vesting dates in March 2024 and March 2025.
Albany International Corp, a leading manufacturer in the broadwoven fabric mills sector, continues to see active participation from its executive team in its stock incentive programs. The company's stock is traded on the New York Stock Exchange under the ticker symbol AIN.
In other recent news, Albany International Corp. reported a 6.1% year-over-year increase in consolidated net sales for Q3 2024, totaling $298 million. Despite a significant adjustment in the Engineered Composites segment, the company's free cash flow improved considerably, and a slight increase in the adjusted earnings per share (EPS) midpoint was noted as the company tightened its full-year revenue guidance for 2024. These are among the recent developments at Albany International.
Machine Clothing sales rose to $183 million, while Engineered Composites sales remained steady at $115 million. The company also announced new leadership appointments and plans for an Investor Day in Spring 2025. However, the gross profit declined to $90 million due to a $22 million cumulative adjustment in the Engineered Composites segment.
Albany International anticipates providing full-year 2025 guidance at the year-end and discussing long-term strategies at the upcoming Investor Day. Despite some challenges, such as a downward adjustment in production estimates for the LEAP program, the company sees potential future revenue opportunities in a strong backlog in defense classified work.
InvestingPro Insights
Robert D. Starr's recent purchase of Albany International Corp (NYSE:AIN) shares aligns with several key financial indicators and trends highlighted by 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 Starr's investment particularly noteworthy, potentially signaling confidence in the company's future prospects despite recent market challenges.
InvestingPro data reveals that Albany International has a market capitalization of $2.26 billion and a P/E ratio of 22.16. The company's revenue growth stands at 15.93% for the last twelve months as of Q3 2024, indicating solid top-line performance. Additionally, Albany International boasts a healthy gross profit margin of 34.57% for the same period.
Two relevant InvestingPro Tips shed light on the company's financial stability and shareholder-friendly policies:
1. Albany International has maintained dividend payments for 24 consecutive years, demonstrating a strong commitment to returning value to shareholders.
2. The company operates with a moderate level of debt, suggesting a balanced approach to financial management.
These insights, along with the CFO's stock purchase, may provide investors with a more comprehensive view of Albany International's current position and future potential. InvestingPro offers 8 additional tips for AIN, providing even more in-depth analysis for interested investors.
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