Zacks Investment Research upgraded shares of Albany International (NYSE:AIN) from a hold rating to a buy rating in a research report released on Tuesday morning. The brokerage currently has $79.00 price objective on the textile maker’s stock.
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. “
A number of other analysts have also weighed in on AIN. Sidoti reduced their target price on Albany International from $80.00 to $77.00 and set a neutral rating on the stock in a research note on Monday, December 17th. Noble Financial reiterated a hold rating on shares of Albany International in a research note on Sunday, December 9th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Albany International has a consensus rating of Hold and a consensus price target of $73.33.
Hedge funds have recently added to or reduced their stakes in the business. Northern Trust Corp grew its position in shares of Albany International by 3.6% during the 2nd quarter. Northern Trust Corp now owns 407,740 shares of the textile maker’s stock worth $24,527,000 after buying an additional 14,207 shares in the last quarter. Bank of Montreal Can grew its position in shares of Albany International by 40.2% during the 3rd quarter. Bank of Montreal Can now owns 3,422 shares of the textile maker’s stock worth $273,000 after buying an additional 982 shares in the last quarter. Scout Investments Inc. grew its position in shares of Albany International by 2.1% during the 3rd quarter. Scout Investments Inc. now owns 72,915 shares of the textile maker’s stock worth $5,797,000 after buying an additional 1,521 shares in the last quarter. Aperio Group LLC grew its position in shares of Albany International by 7.1% during the 3rd quarter. Aperio Group LLC now owns 17,919 shares of the textile maker’s stock worth $1,425,000 after buying an additional 1,188 shares in the last quarter. Finally, James Investment Research Inc. bought a new position in shares of Albany International during the 3rd quarter worth $2,120,000. Institutional investors and hedge funds own 88.97% of the company’s stock.
Albany International Company Profile
Albany International Corp. engages in textile and materials processing businesses worldwide. The company operates through 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, dryer fabrics, and process belts.
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