StockNews.com Upgrades Albany International (NYSE:AIN) to “Buy”

Albany International (NYSE:AIN) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

AIN has been the topic of several other research reports. TD Cowen lowered their target price on Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Truist Financial lowered their price objective on shares of Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, Bank of America dropped their target price on shares of Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Albany International has an average rating of “Hold” and a consensus target price of $85.50.

Albany International Stock Down 0.2 %

Shares of NYSE AIN opened at $81.96 on Friday. The company has a quick ratio of 2.94, a current ratio of 3.68 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average price of $77.92 and a 200 day moving average price of $83.89. Albany International has a 52 week low of $67.39 and a 52 week high of $99.41. 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 (NYSE:AIN) last posted its quarterly earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.35. The company had revenue of $298.40 million during the quarter, compared to the consensus estimate of $304.51 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period last year, the firm earned $1.02 EPS. Equities research analysts anticipate that Albany International will post 3.23 EPS for the current fiscal year.

Insider Activity

In other news, VP Joseph M. Gaug bought 1,000 shares of the stock in a transaction on Tuesday, November 5th. The stock was purchased at an average cost of $71.24 per share, with a total value of $71,240.00. Following the purchase, the vice president now owns 6,811 shares of the company’s stock, valued at approximately $485,215.64. The trade was a 17.21 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gunnar Kleveland purchased 1,400 shares of Albany International stock in a transaction 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 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 have purchased 3,450 shares of company stock worth $245,813 over the last three months. 0.76% of the stock is currently owned by corporate insiders.

Institutional Trading of Albany International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MQS Management LLC purchased a new position in shares of Albany International during the 3rd quarter worth about $800,000. Assenagon Asset Management S.A. increased its position in Albany International by 29.7% during the second quarter. Assenagon Asset Management S.A. now owns 100,528 shares of the textile maker’s stock worth $8,490,000 after purchasing an additional 23,018 shares during the last quarter. Natixis Advisors LLC raised its stake in Albany International by 5.4% during the third quarter. Natixis Advisors LLC now owns 239,697 shares of the textile maker’s stock worth $21,297,000 after purchasing an additional 12,262 shares during the period. Blue Trust Inc. raised its stake in Albany International by 20.2% during the third quarter. Blue Trust Inc. now owns 3,245 shares of the textile maker’s stock worth $274,000 after purchasing an additional 545 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Albany International by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 397,975 shares of the textile maker’s stock valued at $35,360,000 after purchasing an additional 15,120 shares during the last quarter. Hedge funds and other institutional investors own 97.37% of the company’s stock.

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.