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

Albany International (NYSE:AIN) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

Several other brokerages have also recently issued reports on AIN. TD Cowen upgraded Albany International to a “strong-buy” rating in a research report on Thursday, December 19th. Truist Financial boosted their target price on Albany International from $85.00 to $88.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Bank of America decreased their price target on Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a report on Friday, November 15th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Albany International from $75.00 to $74.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. One analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $80.75.

Albany International Trading Up 0.1 %

NYSE:AIN opened at $80.90 on Thursday. The company has a market capitalization of $2.53 billion, a PE ratio of 25.28 and a beta of 1.35. Albany International has a 52-week low of $67.39 and a 52-week high of $98.73. The stock’s 50 day moving average price is $81.39 and its 200 day moving average price is $83.02. The company has a quick ratio of 2.94, a current ratio of 3.68 and a debt-to-equity ratio of 0.36.

Albany International (NYSE:AIN) last announced its earnings results on Wednesday, October 30th. The textile maker reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.35. The business had revenue of $298.40 million for the quarter, compared to analysts’ expectations of $304.51 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The company’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 EPS. On average, research analysts anticipate that Albany International will post 3.24 EPS for the current year.

Insider Transactions at Albany International

In related news, CEO Gunnar Kleveland bought 1,400 shares of Albany International stock in a transaction that occurred on Tuesday, November 5th. The shares were purchased at an average price of $71.25 per share, with a total value of $99,750.00. Following the purchase, the chief executive officer now owns 8,284 shares in the company, valued at $590,235. This represents a 20.34 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Robert Alan Hansen acquired 1,050 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were bought at an average cost of $71.26 per share, for a total transaction of $74,823.00. Following the purchase, the senior vice president now owns 8,387 shares of the company’s stock, valued at approximately $597,657.62. The trade was a 14.31 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 3,450 shares of company stock valued at $245,813 in the last ninety days. 0.76% of the stock is currently owned by company insiders.

Institutional Trading of Albany International

Hedge funds have recently bought and sold shares of the company. State Street Corp grew its stake in shares of Albany International by 3.1% during the 3rd quarter. State Street Corp now owns 1,218,058 shares of the textile maker’s stock valued at $108,544,000 after buying an additional 36,944 shares during the period. MQS Management LLC acquired a new position in Albany International in the third quarter valued at $800,000. JPMorgan Chase & Co. grew its position in Albany International by 14.0% during the third quarter. JPMorgan Chase & Co. now owns 80,618 shares of the textile maker’s stock valued at $7,163,000 after acquiring an additional 9,931 shares during the period. Natixis Advisors LLC increased 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 acquiring an additional 12,262 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Albany International by 6.6% in the 3rd quarter. Principal Financial Group Inc. now owns 586,268 shares of the textile maker’s stock worth $52,071,000 after purchasing an additional 36,274 shares during the period. 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.