Cowen assumed coverage on shares of Albany International (NYSE:AIN) in a research note published on Monday morning, BenzingaRatingsTable reports. The firm issued a market perform rating and a $85.00 target price on the textile maker’s stock.
Other equities analysts have also recently issued reports about the company. Alembic Global Advisors started coverage on Albany International in a report on Friday, June 28th. They issued a neutral rating and a $90.00 price objective for the company. ValuEngine upgraded Albany International from a hold rating to a buy rating in a report on Thursday, August 1st. Noble Financial reiterated a hold rating on shares of Albany International in a report on Sunday, August 4th. Finally, Zacks Investment Research upgraded Albany International from a hold rating to a strong-buy rating and set a $98.00 price objective for the company in a report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $88.60.
AIN opened at $81.91 on Monday. The stock has a 50-day moving average price of $81.46 and a 200-day moving average price of $76.34. Albany International has a 12-month low of $58.06 and a 12-month high of $86.96. The company has a current ratio of 3.19, a quick ratio of 2.66 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $2.63 billion, a P/E ratio of 24.32 and a beta of 1.70.
In related news, Director Christine L. Standish sold 1,616,000 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $64.67, for a total transaction of $104,506,720.00. Following the completion of the sale, the director now directly owns 6,595 shares in the company, valued at approximately $426,498.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 10.99% of the company’s stock.
A number of hedge funds have recently modified their holdings of AIN. Invesco Ltd. boosted its holdings in Albany International by 96.2% during the 2nd quarter. Invesco Ltd. now owns 823,610 shares of the textile maker’s stock valued at $68,285,000 after acquiring an additional 403,810 shares during the period. Conestoga Capital Advisors LLC purchased a new stake in Albany International during the 2nd quarter valued at about $30,265,000. BlackRock Inc. boosted its holdings in Albany International by 8.0% during the 2nd quarter. BlackRock Inc. now owns 4,584,183 shares of the textile maker’s stock valued at $380,076,000 after acquiring an additional 340,272 shares during the period. Copper Rock Capital Partners LLC purchased a new stake in Albany International during the 2nd quarter valued at about $27,068,000. Finally, Nuveen Asset Management LLC purchased a new stake in Albany International during the 2nd quarter valued at about $25,927,000. Institutional investors own 90.39% of the company’s stock.
Albany International Company Profile
Albany International Corp. engages in the textile and materials processing 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. This segment offers forming, pressing, and dryer fabrics, as well as process belts.
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