Albany International (NYSE:AIN) Upgraded by TD Cowen to Strong-Buy Rating

Albany International (NYSE:AIN) was upgraded by stock analysts at TD Cowen to a “strong-buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Other equities analysts have also issued reports about the company. Bank of America cut their price objective on Albany International from $90.00 to $80.00 and set an “underperform” rating on the stock in a research note on Friday, November 15th. Truist Financial reduced their price target on shares of Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Finally, StockNews.com raised Albany International from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Albany International has an average rating of “Moderate Buy” and an average price target of $85.50.

Albany International Price Performance

Shares of NYSE AIN opened at $79.25 on Thursday. Albany International has a 1-year low of $67.39 and a 1-year high of $99.41. 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 fifty day moving average price of $78.51 and a 200 day moving average price of $83.71. The firm has a market cap of $2.48 billion, a PE ratio of 24.77 and a beta of 1.34.

Albany International (NYSE:AIN) last issued its quarterly earnings data on Wednesday, October 30th. The textile maker reported $0.80 earnings per share (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 the consensus estimate of $304.51 million. During the same period last year, the business posted $1.02 earnings per share. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. Research analysts predict that Albany International will post 3.23 earnings per share for the current fiscal year.

Insider Activity at Albany International

In other news, CEO Gunnar Kleveland acquired 1,400 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was bought at an average price of $71.25 per share, with a total value of $99,750.00. Following the completion of the acquisition, the chief executive officer now directly owns 8,284 shares of the company’s stock, valued at approximately $590,235. The trade was a 20.34 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Robert Alan Hansen purchased 1,050 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were acquired at an average price of $71.26 per share, for a total transaction of $74,823.00. Following the purchase, the senior vice president now directly owns 8,387 shares in the company, valued at approximately $597,657.62. The trade was a 14.31 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 3,450 shares of company stock worth $245,813 in the last three months. 0.76% of the stock is owned by insiders.

Institutional Investors Weigh In On Albany International

Hedge funds have recently made changes to their positions in the company. Quarry LP raised its position in Albany International by 515.4% in the 3rd quarter. Quarry LP now owns 480 shares of the textile maker’s stock worth $43,000 after purchasing an additional 402 shares during the period. GAMMA Investing LLC grew its stake in Albany International by 33.4% in the third quarter. GAMMA Investing LLC now owns 899 shares of the textile maker’s stock valued at $80,000 after purchasing an additional 225 shares during the last quarter. KBC Group NV lifted its position in Albany International by 28.9% during the third quarter. KBC Group NV now owns 1,058 shares of the textile maker’s stock valued at $94,000 after acquiring an additional 237 shares during the last quarter. Central Pacific Bank Trust Division boosted its position in shares of Albany International by 40.3% in the 3rd quarter. Central Pacific Bank Trust Division now owns 1,985 shares of the textile maker’s stock worth $176,000 after purchasing an additional 570 shares in the last quarter. Finally, Bridges Investment Management Inc. purchased a new stake in shares of Albany International during the third quarter worth about $206,000. 97.37% of the stock is currently owned by hedge funds and other institutional investors.

About Albany International

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.