Albany International (NYSE:AIN) Rating Lowered to “Hold” at StockNews.com

StockNews.com downgraded shares of Albany International (NYSE:AIN) from a buy rating to a hold rating in a report published on Thursday morning.

Other equities research analysts have also recently issued reports about the stock. TD Cowen dropped their price target on shares of Albany International from $95.00 to $81.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Truist Financial dropped their target price on shares of Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a report on Friday, November 1st. Finally, Bank of America decreased their price target on Albany International from $90.00 to $80.00 and set an “underperform” rating on the stock in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Albany International presently has an average rating of “Hold” and a consensus price target of $85.50.

Albany International Trading Up 2.7 %

AIN opened at $84.78 on Thursday. The stock has a market capitalization of $2.65 billion, a PE ratio of 26.49, a P/E/G ratio of 2.66 and a beta of 1.29. Albany International has a one year low of $67.39 and a one year high of $99.41. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.94 and a current ratio of 3.68. The business’s 50 day moving average price is $78.88 and its 200 day moving average price is $84.61.

Albany International (NYSE:AIN) last announced its quarterly earnings results on Wednesday, October 30th. The textile maker reported $0.80 EPS for the quarter, beating the consensus estimate of $0.45 by $0.35. The business had revenue of $298.40 million for the quarter, compared to analyst estimates of $304.51 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The company’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.02 EPS. As a group, equities research analysts expect that Albany International will post 3.23 EPS for the current year.

Insider Activity at Albany International

In other news, SVP Robert Alan Hansen bought 1,050 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was purchased at an average cost of $71.26 per share, with a total value of $74,823.00. Following the transaction, the senior vice president now directly owns 8,387 shares in the company, valued at $597,657.62. This trade represents a 14.31 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Gunnar Kleveland purchased 1,400 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were purchased at an average price of $71.25 per share, for a total transaction of $99,750.00. Following the purchase, the chief executive officer now directly owns 8,284 shares in the company, valued at $590,235. The trade was a 20.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 3,450 shares of company stock worth $245,813. Corporate insiders own 0.76% of the company’s stock.

Institutional Investors Weigh In On Albany International

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AIN. Geode Capital Management LLC increased its holdings in shares of Albany International by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 715,779 shares of the textile maker’s stock valued at $63,609,000 after acquiring an additional 8,356 shares during the period. Barclays PLC boosted its stake in Albany International by 305.5% during the 3rd quarter. Barclays PLC now owns 53,227 shares of the textile maker’s stock worth $4,728,000 after purchasing an additional 40,101 shares during the period. Y Intercept Hong Kong Ltd grew its position in Albany International by 58.1% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 9,122 shares of the textile maker’s stock worth $810,000 after purchasing an additional 3,352 shares during the last quarter. Jane Street Group LLC increased its stake in Albany International by 1.6% in the third quarter. Jane Street Group LLC now owns 38,753 shares of the textile maker’s stock valued at $3,443,000 after purchasing an additional 629 shares during the period. Finally, State Street Corp raised its holdings in shares of Albany International by 3.1% in the third quarter. State Street Corp now owns 1,218,058 shares of the textile maker’s stock valued at $108,544,000 after buying an additional 36,944 shares during the last quarter. Hedge funds and other institutional investors own 97.37% of the company’s stock.

About Albany International

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.