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

StockNews.com cut shares of Albany International (NYSE:AIN) from a buy rating to a hold rating in a report released on Thursday morning.

Several other brokerages have also recently issued reports on AIN. TD Cowen decreased their target price on shares of Albany International from $95.00 to $81.00 and set a “buy” rating for the company in a report on Friday, October 4th. Truist Financial decreased their price target on Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Bank of America reduced their price objective on Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a report on Friday, November 15th. One 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. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $85.50.

Albany International Stock Up 2.7 %

Shares of Albany International stock opened at $84.78 on Thursday. Albany International has a 1 year low of $67.39 and a 1 year high of $99.41. The firm has a market cap of $2.65 billion, a price-to-earnings ratio of 26.49, a PEG ratio of 2.66 and a beta of 1.29. The company has a 50-day moving average of $78.88 and a 200 day moving average of $84.61. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.68 and a quick ratio of 2.94.

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

Insider Activity at Albany International

In other news, SVP Robert Alan Hansen acquired 1,050 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were acquired at an average price of $71.26 per share, with a total value of $74,823.00. Following the purchase, the senior vice president now directly owns 8,387 shares of the company’s stock, valued at $597,657.62. This trade represents a 14.31 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gunnar Kleveland bought 1,400 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was purchased at an average price of $71.25 per share, with a total value of $99,750.00. Following the completion of 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 acquired 3,450 shares of company stock worth $245,813 over the last three months. Company insiders own 0.76% of the company’s stock.

Institutional Investors Weigh In On Albany International

Hedge funds have recently modified their holdings of the company. Hilltop National Bank grew its holdings in Albany International by 14.7% in the second quarter. Hilltop National Bank now owns 1,045 shares of the textile maker’s stock valued at $88,000 after purchasing an additional 134 shares during the period. GAMMA Investing LLC grew its stake in Albany International by 27.4% in the 2nd quarter. GAMMA Investing LLC now owns 674 shares of the textile maker’s stock valued at $57,000 after acquiring an additional 145 shares during the period. Creative Planning increased its holdings in Albany International by 3.0% in the 2nd quarter. Creative Planning now owns 5,018 shares of the textile maker’s stock worth $424,000 after acquiring an additional 147 shares in the last quarter. Arizona State Retirement System raised its position in Albany International by 2.0% during the second quarter. Arizona State Retirement System now owns 8,744 shares of the textile maker’s stock worth $738,000 after acquiring an additional 175 shares during the period. Finally, Dakota Wealth Management lifted its holdings in Albany International by 1.5% during the second quarter. Dakota Wealth Management now owns 13,211 shares of the textile maker’s stock valued at $1,116,000 after purchasing an additional 195 shares in the last quarter. 97.37% of the stock is owned by hedge funds and other institutional investors.

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.