Albany International (NYSE:AIN) Raised to Buy at StockNews.com

Albany International (NYSE:AIN - Get Free Report) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating in a research note issued on Friday.

Other analysts have also recently issued research reports about the company. Truist Financial lowered their price target on Albany International from $91.00 to $85.00 and set a "buy" rating for the company in a report on Friday, November 1st. TD Cowen dropped their price target on shares of Albany International from $95.00 to $81.00 and set a "buy" rating for the company in a research report on Friday, October 4th. Finally, Bank of America decreased their price target on shares of Albany International from $90.00 to $80.00 and set an "underperform" rating on the stock in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $85.50.

Albany International Trading Down 0.2 %

Shares of NYSE AIN traded down $0.15 during midday trading on Friday, reaching $81.96. 162,088 shares of the stock were exchanged, compared to its average volume of 170,788. The stock has a 50 day moving average price of $77.92 and a 200-day moving average price of $83.91. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $2.57 billion, a P/E ratio of 25.61 and a beta of 1.34. Albany International has a 52-week low of $67.39 and a 52-week high of $99.41.

Albany International (NYSE:AIN - Get Free Report) last released its earnings results on Wednesday, October 30th. The textile maker reported $0.80 EPS for the quarter, topping 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 analysts' expectations of $304.51 million. During the same period in the previous year, the company earned $1.02 EPS. Albany International's revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts expect that Albany International will post 3.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Gunnar Kleveland acquired 1,400 shares of Albany International stock in a transaction on Tuesday, November 5th. The shares were bought at an average price of $71.25 per share, for a total transaction of $99,750.00. Following the completion of the purchase, the chief executive officer now directly owns 8,284 shares in the company, valued at $590,235. This trade represents a 20.34 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Robert Alan Hansen bought 1,050 shares of the stock in a transaction dated Tuesday, November 5th. The stock was bought 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 owns 8,387 shares of the company's stock, valued at approximately $597,657.62. This represents a 14.31 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 3,450 shares of company stock worth $245,813 over the last ninety days. 0.76% of the stock is owned by company insiders.

Institutional Trading of Albany International

A number of hedge funds have recently made changes to their positions in the company. Quarry LP grew its holdings in Albany International by 515.4% during the 3rd quarter. Quarry LP now owns 480 shares of the textile maker's stock valued at $43,000 after purchasing an additional 402 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Albany International by 33.4% during the third quarter. GAMMA Investing LLC now owns 899 shares of the textile maker's stock valued at $80,000 after acquiring an additional 225 shares in the last quarter. KBC Group NV increased its position in shares of Albany International by 28.9% during the third quarter. KBC Group NV now owns 1,058 shares of the textile maker's stock worth $94,000 after acquiring an additional 237 shares during the last quarter. Central Pacific Bank Trust Division increased its position in shares of Albany International by 40.3% during the third quarter. Central Pacific Bank Trust Division now owns 1,985 shares of the textile maker's stock worth $176,000 after acquiring an additional 570 shares during the last quarter. Finally, Bridges Investment Management Inc. acquired a new position in shares of Albany International in the third quarter worth about $206,000. 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.

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