Should Albany International Corp. (NYSE:AIN) investors track the following data?
In the financial world, there are many metrics shareholders can use to watch stocks. A pair of the most underrated are hedge fund and insider trading sentiment. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the top investment managers can trounce the S&P 500 by a superb amount (see just how much).
Just as key, bullish insider trading activity is a second way to look at the investments you’re interested in. As the old adage goes: there are a variety of reasons for an insider to get rid of shares of his or her company, but just one, very clear reason why they would initiate a purchase. Plenty of empirical studies have demonstrated the market-beating potential of this method if piggybackers know what to do (learn more here).
Keeping this in mind, we’re going to examine the recent info surrounding Albany International Corp. (NYSE:AIN).
How are hedge funds trading Albany International Corp. (NYSE:AIN)?
At Q2’s end, a total of 12 of the hedge funds we track were bullish in this stock, a change of 33% from one quarter earlier. With the smart money’s capital changing hands, there exists an “upper tier” of notable hedge fund managers who were upping their holdings considerably.
When using filings from the hedgies we track, Chuck Royce’s Royce & Associates had the largest position in Albany International Corp. (NYSE:AIN), worth close to $15.7 million, comprising less than 0.1%% of its total 13F portfolio. Coming in second is AQR Capital Management, managed by Cliff Asness, which held a $11.4 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Other hedge funds that are bullish include D. E. Shaw’s D E Shaw, Jim Simons’s Renaissance Technologies and Mario Gabelli’s GAMCO Investors.
As industrywide interest increased, certain money managers have been driving this bullishness. Royce & Associates, managed by Chuck Royce, assembled the biggest position in Albany International Corp. (NYSE:AIN). Royce & Associates had 15.7 million invested in the company at the end of the quarter. Cliff Asness’s AQR Capital Management also initiated a $11.4 million position during the quarter. The other funds with brand new AIN positions are D. E. Shaw’s D E Shaw, Jim Simons’s Renaissance Technologies, and Mario Gabelli’s GAMCO Investors.
What do corporate executives and insiders think about Albany International Corp. (NYSE:AIN)?
Legal insider trading, particularly when it’s bullish, is at its handiest when the company in question has experienced transactions within the past six months. Over the latest 180-day time frame, Albany International Corp. (NYSE:AIN) has seen zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
We’ll check out the relationship between both of these indicators in other stocks similar to Albany International Corp. (NYSE:AIN). These stocks are Dixie Group Inc (NASDAQ:DXYN), Mohawk Industries, Inc. (NYSE:MHK), Culp, Inc. (NYSE:CFI), Unifi, Inc. (NYSE:UFI), and Interface, Inc. (NASDAQ:TILE). This group of stocks are the members of the textile industrial industry and their market caps match AIN’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| Dixie Group Inc (NASDAQ:DXYN) | 0 | 0 | |
| Mohawk Industries, Inc. (NYSE:MHK) | 47 | 0 | 0 |
| Culp, Inc. (NYSE:CFI) | 5 | 0 | 0 |
| Unifi, Inc. (NYSE:UFI) | 10 | 0 | 0 |
| Interface, Inc. (NASDAQ:TILE) | 10 | 0 | 0 |
Using the results shown by our research, average investors must always pay attention to hedge fund and insider trading activity, and Albany International Corp. (NYSE:AIN) is an important part of this process.
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This Metric Says You Are Smart to Sell Albany International Corp. (AIN)
