Albany International (NYSE:AIN) Rating Increased to Strong-Buy at TD Cowen

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

AIN has been the subject of a number of other research reports. StockNews.com upgraded Albany International from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. Bank of America dropped their price objective on shares of Albany International from $90.00 to $80.00 and set an “underperform” rating on the stock in a research note on Friday, November 15th. Finally, Truist Financial decreased 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. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Albany International has an average rating of “Moderate Buy” and a consensus target price of $85.50.

Albany International Price Performance

Albany International stock opened at $79.25 on Thursday. Albany International has a 52-week low of $67.39 and a 52-week high of $99.41. The company has a quick ratio of 2.94, a current ratio of 3.68 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 24.77 and a beta of 1.34. The company has a fifty day simple moving average of $78.51 and a 200-day simple moving average of $83.71.

Albany International (NYSE:AIN) last posted its quarterly earnings data on Wednesday, October 30th. The textile maker reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.35. The firm had revenue of $298.40 million during the quarter, compared to analysts’ expectations of $304.51 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the company posted $1.02 EPS. On average, equities analysts anticipate that Albany International will post 3.23 EPS for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On Albany International

A number of hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. increased its position in shares of Albany International by 5,971.5% during the 2nd quarter. Victory Capital Management Inc. now owns 683,895 shares of the textile maker’s stock worth $57,755,000 after purchasing an additional 672,631 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Albany International by 60.5% in the third quarter. Assenagon Asset Management S.A. now owns 161,340 shares of the textile maker’s stock valued at $14,335,000 after buying an additional 60,812 shares during the period. Earnest Partners LLC grew its stake in shares of Albany International by 2.1% during the 2nd quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock worth $218,961,000 after acquiring an additional 53,743 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Albany International by 5.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock worth $92,192,000 after buying an additional 52,909 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its holdings in shares of Albany International by 176.9% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 66,900 shares of the textile maker’s stock valued at $5,650,000 after buying an additional 42,740 shares during the last quarter. 97.37% of the stock is currently owned by 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.