Albany International (NYSE:AIN) Stock Rating Lowered by Zacks Investment Research

Albany International (NYSE:AIN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday, 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. “

Several other research firms have also commented on AIN. Noble Financial reissued a “hold” rating on shares of Albany International in a research note on Sunday, August 4th. Bank of America assumed coverage on shares of Albany International in a research note on Thursday, September 12th. They set a “buy” rating and a $99.00 target price for the company. ValuEngine raised shares of Albany International from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Alembic Global Advisors assumed coverage on shares of Albany International in a research note on Friday, June 28th. They set a “neutral” rating and a $90.00 target price for the company. Finally, Cowen assumed coverage on shares of Albany International in a research note on Monday, August 19th. They set a “market perform” rating and a $85.00 target price for the company. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Albany International currently has a consensus rating of “Hold” and a consensus target price of $90.50.

Shares of NYSE:AIN opened at $87.64 on Friday. The company has a 50 day moving average of $86.23 and a 200-day moving average of $79.62. The firm has a market cap of $2.83 billion, a P/E ratio of 34.10, a P/E/G ratio of 2.51 and a beta of 1.70. Albany International has a twelve month low of $58.06 and a twelve month high of $92.04. The company has a current ratio of 3.19, a quick ratio of 2.66 and a debt-to-equity ratio of 0.74.

Albany International (NYSE:AIN) last issued its quarterly earnings results on Tuesday, July 30th. The textile maker reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.24. The company had revenue of $273.95 million during the quarter, compared to analyst estimates of $267.75 million. Albany International had a net margin of 10.59% and a return on equity of 17.42%. Equities research analysts forecast that Albany International will post 3.4 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund lifted its stake in Albany International by 1.8% during the second quarter. Oregon Public Employees Retirement Fund now owns 11,431 shares of the textile maker’s stock valued at $948,000 after purchasing an additional 200 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its stake in Albany International by 82.3% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 720 shares of the textile maker’s stock valued at $60,000 after purchasing an additional 325 shares during the last quarter. Pearl River Capital LLC acquired a new stake in Albany International during the second quarter valued at approximately $29,000. Parallel Advisors LLC lifted its stake in Albany International by 53.8% during the second quarter. Parallel Advisors LLC now owns 1,072 shares of the textile maker’s stock valued at $89,000 after purchasing an additional 375 shares during the last quarter. Finally, US Bancorp DE lifted its position in shares of Albany International by 29.0% in the 2nd quarter. US Bancorp DE now owns 1,719 shares of the textile maker’s stock valued at $142,000 after acquiring an additional 386 shares in the last quarter. 92.72% of the stock is owned by institutional investors and hedge funds.

About Albany International

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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