Albany International (NYSE:AIN) Upgraded by StockNews.com to “Buy” Rating

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

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

Albany International Stock Down 0.2 %

Albany International stock traded down $0.15 during midday trading on Friday, hitting $81.96. The stock had a trading volume of 162,088 shares, compared to its average volume of 170,788. The business has a fifty day moving average price of $77.92 and a 200 day moving average price of $83.91. Albany International has a 12 month low of $67.39 and a 12 month high of $99.41. The stock has a market cap of $2.57 billion, a P/E ratio of 25.61 and a beta of 1.34. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36.

Albany International (NYSE:AIN) last issued its quarterly earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.35. The business had revenue of $298.40 million during the quarter, compared to the consensus estimate of $304.51 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The business’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.02 EPS. Research analysts predict that Albany International will post 3.23 EPS for the current year.

Insider Buying and Selling at Albany International

In other Albany International news, CEO Gunnar Kleveland purchased 1,400 shares of the stock in a transaction dated Tuesday, November 5th. The shares were bought at an average cost of $71.25 per share, with a total value of $99,750.00. Following the completion of the acquisition, the chief executive officer now owns 8,284 shares of the company’s stock, valued at approximately $590,235. This trade represents a 20.34 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Joseph M. Gaug acquired 1,000 shares of Albany International stock in a transaction that occurred on Tuesday, November 5th. The stock was bought at an average cost 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 trade represents a 17.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 3,450 shares of company stock worth $245,813. 0.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. MQS Management LLC bought a new position in Albany International during the 3rd quarter valued at $800,000. Assenagon Asset Management S.A. boosted its stake 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 valued at $8,490,000 after buying an additional 23,018 shares in the last quarter. Natixis Advisors LLC grew its holdings 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 acquiring an additional 12,262 shares during the period. Blue Trust Inc. raised its position in Albany International by 20.2% in the third quarter. Blue Trust Inc. now owns 3,245 shares of the textile maker’s stock worth $274,000 after acquiring an additional 545 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in 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 acquiring an additional 15,120 shares during the last quarter. Institutional investors and hedge funds 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.