StockNews.com Downgrades Albany International (NYSE:AIN) to Hold

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

A number of other research firms also recently weighed in on AIN. TD Cowen decreased their target price on Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. Truist Financial lowered their price objective on Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Albany International presently has an average rating of “Hold” and a consensus target price of $88.00.

Albany International Stock Performance

Shares of AIN opened at $80.52 on Wednesday. The company has a market capitalization of $2.52 billion, a PE ratio of 25.11, a PEG ratio of 2.63 and a beta of 1.29. 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 company’s 50 day moving average price is $79.27 and its 200 day moving average price is $84.71. Albany International has a 52 week low of $67.39 and a 52 week high of $99.41.

Albany International (NYSE:AIN) last released 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. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The business had revenue of $298.40 million for the quarter, compared to the consensus estimate of $304.51 million. During the same quarter last year, the firm earned $1.02 EPS. Albany International’s revenue for the quarter was up 6.2% on a year-over-year basis. Research analysts expect that Albany International will post 3.2 EPS for the current fiscal year.

Insider Activity at Albany International

In other news, SVP Robert Alan Hansen acquired 1,050 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was purchased at an average price of $71.26 per share, for a total transaction of $74,823.00. Following the completion of the acquisition, the senior vice president now 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 legal filing with the SEC, which is available at the SEC website. Also, CEO Gunnar Kleveland bought 1,400 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was purchased at an average price of $71.25 per share, for a total transaction 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 position. The disclosure for this purchase can be found here. Insiders have acquired 3,450 shares of company stock worth $245,813 over the last ninety days. Company insiders own 0.76% of the company’s stock.

Hedge Funds Weigh In On Albany International

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Albany International by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 3,529,478 shares of the textile maker’s stock worth $330,041,000 after buying an additional 11,052 shares during the last quarter. Earnest Partners LLC lifted its position in Albany International by 2.1% during the second quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock worth $218,961,000 after acquiring an additional 53,743 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Albany International by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock worth $92,192,000 after acquiring an additional 52,909 shares during the period. Victory Capital Management Inc. grew its position in shares of Albany International by 24.0% in the third quarter. Victory Capital Management Inc. now owns 847,829 shares of the textile maker’s stock valued at $75,330,000 after purchasing an additional 163,934 shares during the last quarter. Finally, William Blair Investment Management LLC increased its stake in shares of Albany International by 3.5% during the second quarter. William Blair Investment Management LLC now owns 726,287 shares of the textile maker’s stock worth $61,335,000 after purchasing an additional 24,430 shares during the period. 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.