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

Albany International (NYSE:AIN) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Tuesday.

A number of other research analysts also recently issued reports on AIN. TD Cowen upgraded shares of Albany International to a “strong-buy” rating in a research report on Thursday, December 19th. Bank of America reduced their price objective on shares of 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, Truist Financial upped their target price on shares of Albany International from $85.00 to $88.00 and gave the company a “buy” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $80.75.

Albany International Stock Performance

Shares of Albany International stock opened at $80.35 on Tuesday. The firm has a 50 day simple moving average of $81.41 and a 200 day simple moving average of $83.08. Albany International has a fifty-two week low of $67.39 and a fifty-two week high of $98.73. 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 firm has a market cap of $2.51 billion, a P/E ratio of 25.11 and a beta of 1.35.

Albany International (NYSE:AIN) last released its 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. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The company had revenue of $298.40 million during the quarter, compared to analysts’ expectations of $304.51 million. During the same period last year, the firm earned $1.02 EPS. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. Sell-side analysts predict that Albany International will post 3.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Albany International

In other news, VP Joseph M. Gaug purchased 1,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was bought at an average price of $71.24 per share, with a total value of $71,240.00. Following the acquisition, the vice president now directly owns 6,811 shares of the company’s stock, valued at approximately $485,215.64. This represents a 17.21 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Gunnar Kleveland acquired 1,400 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were acquired at an average cost 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. This trade represents a 20.34 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 3,450 shares of company stock valued at $245,813. Corporate insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Albany International

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Earnest Partners LLC raised its position in Albany International by 2.1% in the 2nd quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock valued at $218,961,000 after buying an additional 53,743 shares during the last quarter. 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 purchasing an additional 36,944 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Albany International by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock worth $92,192,000 after purchasing an additional 52,909 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Albany International by 24.0% during the third quarter. Victory Capital Management Inc. now owns 847,829 shares of the textile maker’s stock worth $75,330,000 after purchasing an additional 163,934 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Albany International by 1.2% in the third quarter. Geode Capital Management LLC now owns 715,779 shares of the textile maker’s stock valued at $63,609,000 after purchasing an additional 8,356 shares in the last quarter. 97.37% of the stock is owned by institutional investors and hedge funds.

Albany International Company Profile

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.