Albany International (NYSE:AIN) Raised to “Hold” at Zacks Investment Research

Albany International (NYSE:AIN) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “Albany International Corp. is a global advanced textiles and materials processing company. Albany International has two core businesses, The Machine Clothing segment is the world’s leading producer of custom-designed fabrics and belts essential to production in the paper, nonwovens, and other process industries. Albany Engineered Composites (AEC) is a rapidly growing supplier of highly engineered composite parts for the aerospace industry. Albany International products and technologies help make paper smoother, tissue softer, and aircraft engines and structures lighter. “

Separately, Robert W. Baird cut shares of Albany International from an “outperform” rating to a “neutral” rating and raised their price objective for the company from $70.00 to $79.00 in a research note on Monday, January 11th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $73.00.

NYSE:AIN opened at $87.84 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.80 and a quick ratio of 3.17. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 28.43 and a beta of 1.39. The firm’s fifty day moving average price is $76.67 and its 200 day moving average price is $64.69. Albany International has a 1-year low of $30.46 and a 1-year high of $89.69.

Albany International (NYSE:AIN) last announced its quarterly earnings data on Tuesday, February 9th. The textile maker reported $0.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.23. Albany International had a return on equity of 17.39% and a net margin of 10.76%. As a group, analysts expect that Albany International will post 3.45 earnings per share for the current fiscal year.

In other Albany International news, SVP Robert Alan Hansen sold 1,000 shares of Albany International stock in a transaction that occurred on Tuesday, February 23rd. The shares were sold at an average price of $82.64, for a total value of $82,640.00. Also, VP David M. Pawlick sold 2,000 shares of the business’s stock in a transaction on Friday, February 19th. The shares were sold at an average price of $79.29, for a total value of $158,580.00. Following the completion of the transaction, the vice president now owns 2,314 shares of the company’s stock, valued at $183,477.06. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,600 shares of company stock valued at $289,382. Insiders own 5.73% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Charter Oak Capital Management LLC purchased a new stake in Albany International in the 4th quarter valued at about $41,000. Nisa Investment Advisors LLC purchased a new stake in shares of Albany International during the 3rd quarter valued at $42,000. Veriti Management LLC acquired a new stake in shares of Albany International during the 4th quarter worth $66,000. First Bank & Trust raised its position in shares of Albany International by 42.3% in the 4th quarter. First Bank & Trust now owns 1,498 shares of the textile maker’s stock worth $110,000 after buying an additional 445 shares during the period. Finally, Pathstone Family Office LLC acquired a new position in Albany International in the third quarter valued at $125,000. Hedge funds and other institutional investors own 92.30% of the company’s stock.

About Albany International

Albany International Corp., together with its subsidiaries, engages in the textile and materials processing business. 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 manufacturing papers, paperboards, tissues, and towels.

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