Albany International (NYSE:AIN) Downgraded to “Hold” Rating by StockNews.com

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

Several other research analysts have also weighed in on AIN. TD Cowen lowered their price objective on shares of Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. Truist Financial reduced their price objective on Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $88.00.

Albany International Price Performance

Shares of NYSE:AIN traded up $0.83 during midday trading on Wednesday, reaching $82.11. 199,700 shares of the company’s stock were exchanged, compared to its average volume of 161,853. Albany International has a 12 month low of $67.39 and a 12 month high of $99.41. The firm has a market capitalization of $2.57 billion, a PE ratio of 25.66, a price-to-earnings-growth ratio of 2.63 and a beta of 1.29. The company’s 50 day simple moving average is $79.27 and its two-hundred day simple moving average is $84.71. 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 (NYSE:AIN) last released its quarterly earnings results on Wednesday, October 30th. The textile maker reported $0.80 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 business had revenue of $298.40 million for the quarter, compared to analysts’ expectations of $304.51 million. During the same period in the prior year, the firm earned $1.02 earnings per share. Albany International’s revenue was up 6.2% compared to the same quarter last year. Equities research analysts expect that Albany International will post 3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Albany International

In other news, CEO Gunnar Kleveland purchased 1,400 shares of Albany International stock in a transaction dated 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 completion of the acquisition, the chief executive officer now owns 8,284 shares in the company, valued at approximately $590,235. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Albany International news, VP Joseph M. Gaug acquired 1,000 shares of Albany International stock in a transaction dated Tuesday, November 5th. The stock was purchased at an average cost 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 of the company’s stock, valued at $485,215.64. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gunnar Kleveland bought 1,400 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was acquired at an average price of $71.25 per share, for a total transaction of $99,750.00. Following the acquisition, the chief executive officer now directly owns 8,284 shares in the company, valued at $590,235. The trade was a 0.00 % 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 three months. Corporate insiders own 0.76% of the company’s stock.

Institutional Investors Weigh In On Albany International

Institutional investors and hedge funds have recently bought and sold shares of the stock. Hilltop National Bank boosted its holdings in Albany International by 14.7% during 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 raised its stake in shares of Albany International by 27.4% during the 2nd 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 period. Creative Planning grew its position in Albany International by 3.0% during the second quarter. Creative Planning now owns 5,018 shares of the textile maker’s stock valued at $424,000 after buying an additional 147 shares during the period. Arizona State Retirement System increased its holdings 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 buying an additional 175 shares during the last quarter. Finally, Dakota Wealth Management raised 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 acquiring an additional 195 shares during the period. 97.37% of the stock is owned by hedge funds and other institutional investors.

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.