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

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

A number of other analysts have also commented on the company. Bank of America cut their price target on Albany International from $90.00 to $80.00 and set an “underperform” rating on the stock in a research note on Friday, November 15th. TD Cowen cut their price target on Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. Finally, Truist Financial cut their price target on Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $85.50.

Albany International Price Performance

Shares of NYSE AIN traded down $0.97 during mid-day trading on Thursday, reaching $82.59. The company had a trading volume of 162,781 shares, compared to its average volume of 166,210. The business’s 50-day simple moving average is $78.94 and its 200 day simple moving average is $84.65. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of 25.81, a PEG ratio of 2.69 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. Albany International has a one year low of $67.39 and a one year high of $99.41.

Albany International (NYSE:AIN) last released its quarterly earnings data on Wednesday, October 30th. The textile maker reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.35. The business had revenue of $298.40 million for the quarter, compared to analyst estimates of $304.51 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. Albany International’s revenue was up 6.2% compared to the same quarter last year. During the same period last year, the firm posted $1.02 earnings per share. On average, research analysts predict that Albany International will post 3.23 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Joseph M. Gaug acquired 1,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was purchased at an average price of $71.24 per share, for a total transaction of $71,240.00. Following the completion of the acquisition, the vice president now directly owns 6,811 shares in the company, valued at $485,215.64. The trade was a 17.21 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Gunnar Kleveland bought 1,400 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were bought at an average cost of $71.25 per share, for a total transaction of $99,750.00. Following the transaction, the chief executive officer now owns 8,284 shares of the company’s stock, valued at $590,235. The trade was a 20.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 3,450 shares of company stock worth $245,813 over the last quarter. 0.76% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of AIN. Hilltop National Bank boosted its position in Albany International by 14.7% in the second quarter. Hilltop National Bank now owns 1,045 shares of the textile maker’s stock worth $88,000 after purchasing an additional 134 shares during the last quarter. GAMMA Investing LLC boosted its position in Albany International by 27.4% in the second quarter. GAMMA Investing LLC now owns 674 shares of the textile maker’s stock worth $57,000 after purchasing an additional 145 shares during the last quarter. Creative Planning boosted its position in Albany International by 3.0% in the second quarter. Creative Planning now owns 5,018 shares of the textile maker’s stock worth $424,000 after purchasing an additional 147 shares during the last quarter. Arizona State Retirement System boosted its position in Albany International by 2.0% in the second quarter. Arizona State Retirement System now owns 8,744 shares of the textile maker’s stock worth $738,000 after purchasing an additional 175 shares during the last quarter. Finally, Dakota Wealth Management boosted its position in Albany International by 1.5% in the second quarter. Dakota Wealth Management now owns 13,211 shares of the textile maker’s stock worth $1,116,000 after purchasing an additional 195 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.