Albany International (NYSE:AIN) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Albany International (NYSE:AIN) from a hold rating to a buy rating in a research note published on Friday morning.

Several other research firms have also recently issued reports on AIN. Truist Financial decreased their price objective on shares of Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Bank of America cut 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. Finally, TD Cowen lowered their price objective on Albany International from $95.00 to $81.00 and set a “buy” rating for the company in a research report on Friday, October 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $85.50.

Albany International Trading Down 0.2 %

AIN opened at $81.96 on Friday. The business has a fifty day moving average price of $77.92 and a 200 day moving average price of $83.88. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.68 and a quick ratio of 2.94. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of 25.61 and a beta of 1.34. Albany International has a 12 month low of $67.39 and a 12 month high of $99.41.

Albany International (NYSE:AIN) last released its earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.35. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The firm had revenue of $298.40 million for the quarter, compared to analyst estimates of $304.51 million. During the same period in the prior year, the firm earned $1.02 earnings per share. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. Sell-side analysts expect that Albany International will post 3.23 earnings per share for the current fiscal year.

Albany International Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Tuesday, December 17th will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.32%. This is an increase from Albany International’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Tuesday, December 17th. Albany International’s dividend payout ratio (DPR) is 33.75%.

Insider Activity at Albany International

In other Albany International news, VP Joseph M. Gaug bought 1,000 shares of the stock in a transaction dated Tuesday, November 5th. The shares were acquired at an average cost of $71.24 per share, for a total transaction of $71,240.00. Following the completion of the transaction, the vice president now owns 6,811 shares in the company, valued at approximately $485,215.64. The trade was a 17.21 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gunnar Kleveland bought 1,400 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was acquired at an average cost of $71.25 per share, for a total transaction of $99,750.00. Following the completion of the acquisition, the chief executive officer now directly owns 8,284 shares in the company, valued at approximately $590,235. This trade represents a 20.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 3,450 shares of company stock valued at $245,813 over the last ninety days. Insiders own 0.76% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Creative Planning boosted its stake in shares of Albany International by 3.0% during the second quarter. Creative Planning now owns 5,018 shares of the textile maker’s stock worth $424,000 after buying an additional 147 shares during the period. Arizona State Retirement System lifted its position in Albany International by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 8,744 shares of the textile maker’s stock worth $738,000 after acquiring an additional 175 shares during the period. Dakota Wealth Management lifted its position in Albany International by 1.5% during the 2nd quarter. Dakota Wealth Management now owns 13,211 shares of the textile maker’s stock worth $1,116,000 after acquiring an additional 195 shares during the period. Louisiana State Employees Retirement System grew its stake in shares of Albany International by 1.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 15,700 shares of the textile maker’s stock valued at $1,326,000 after purchasing an additional 200 shares during the last quarter. Finally, Gabelli Funds LLC increased its holdings in shares of Albany International by 0.4% in the second quarter. Gabelli Funds LLC now owns 52,600 shares of the textile maker’s stock valued at $4,442,000 after purchasing an additional 200 shares during the period. 97.37% of the stock is owned by hedge funds and other institutional investors.

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.