Zacks Investment Research Upgrades Albany International (NYSE:AIN) to “Buy”

Albany International (NYSE:AIN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The brokerage currently has a $102.00 price objective on the textile maker’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.96% from the stock’s current price.

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 equities analysts also recently commented on AIN. Bank of America restated a “neutral” rating and issued a $90.00 price target on shares of Albany International in a research note on Monday, March 15th. Robert W. Baird cut shares of Albany International from an “outperform” rating to a “neutral” rating and raised their target price for the stock from $70.00 to $79.00 in a report on Monday, January 11th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $80.50.

Shares of NYSE:AIN traded down $1.02 during midday trading on Tuesday, reaching $90.30. 2,729 shares of the company were exchanged, compared to its average volume of 135,564. The company has a quick ratio of 3.17, a current ratio of 3.80 and a debt-to-equity ratio of 0.56. The firm has a market cap of $2.92 billion, a PE ratio of 29.23 and a beta of 1.39. Albany International has a fifty-two week low of $45.93 and a fifty-two week high of $92.42. The stock has a fifty day simple moving average of $85.93 and a two-hundred day simple moving average of $74.79.

Albany International (NYSE:AIN) last posted its quarterly earnings results on Sunday, April 25th. The textile maker reported $0.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.22. Albany International had a net margin of 10.76% and a return on equity of 17.39%. As a group, analysts forecast that Albany International will post 3.45 earnings per share for the current year.

In related news, VP David M. Pawlick sold 2,000 shares of the firm’s stock in a transaction dated Friday, February 19th. The stock was sold at an average price of $79.29, for a total value of $158,580.00. Following the sale, the vice president now directly owns 2,314 shares of the company’s stock, valued at $183,477.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Robert Alan Hansen sold 1,000 shares of Albany International stock in a transaction dated Tuesday, February 23rd. The shares were sold at an average price of $82.64, for a total value of $82,640.00. In the last ninety days, insiders sold 3,600 shares of company stock worth $289,382. Company insiders own 5.73% of the company’s stock.

Large investors have recently modified their holdings of the stock. Integrated Investment Consultants LLC lifted its stake in shares of Albany International by 5.6% in the 1st quarter. Integrated Investment Consultants LLC now owns 4,843 shares of the textile maker’s stock valued at $404,000 after acquiring an additional 256 shares during the last quarter. Cascade Investment Advisors Inc. raised its position in Albany International by 2.0% in the first quarter. Cascade Investment Advisors Inc. now owns 13,630 shares of the textile maker’s stock valued at $1,138,000 after purchasing an additional 265 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Albany International by 4.4% during the first quarter. Victory Capital Management Inc. now owns 6,839 shares of the textile maker’s stock valued at $571,000 after purchasing an additional 286 shares in the last quarter. US Bancorp DE grew its holdings in shares of Albany International by 1.9% during the first quarter. US Bancorp DE now owns 16,894 shares of the textile maker’s stock worth $1,411,000 after purchasing an additional 316 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund increased its position in Albany International by 2.7% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 12,569 shares of the textile maker’s stock valued at $1,049,000 after acquiring an additional 331 shares during the period. 92.30% of the stock is owned by institutional investors and hedge funds.

Albany International Company Profile

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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