Albany International (NYSE:AIN) Rating Lowered to Hold at Zacks Investment Research

Albany International (NYSE:AIN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, 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. “

Other equities research analysts also recently issued reports about the company. Cowen began coverage on Albany International in a report on Monday, August 19th. They issued a “market perform” rating and a $85.00 price objective for the company. ValuEngine upgraded Albany International from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Alembic Global Advisors initiated coverage on Albany International in a research report on Friday, June 28th. They issued a “neutral” rating and a $90.00 target price on the stock. Noble Financial reissued a “hold” rating on shares of Albany International in a research report on Sunday, August 4th. Finally, Bank of America initiated coverage on Albany International in a research report on Thursday, September 12th. They issued a “buy” rating and a $99.00 target price on the stock. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $90.33.

Shares of NYSE:AIN traded down $3.74 on Tuesday, hitting $86.42. 153,730 shares of the company traded hands, compared to its average volume of 173,965. Albany International has a 52 week low of $58.06 and a 52 week high of $92.04. The company has a quick ratio of 2.66, a current ratio of 3.19 and a debt-to-equity ratio of 0.74. The stock has a 50 day simple moving average of $84.37 and a 200-day simple moving average of $78.32. The company has a market cap of $2.90 billion, a PE ratio of 33.63, a PEG ratio of 2.50 and a beta of 1.71.

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, beating the consensus estimate of $0.85 by $0.24. Albany International had a return on equity of 17.42% and a net margin of 10.59%. The firm had revenue of $273.95 million during the quarter, compared to the consensus estimate of $267.75 million. As a group, sell-side analysts anticipate that Albany International will post 3.4 earnings per share for the current year.

Hedge funds have recently bought and sold shares of the company. Pearl River Capital LLC purchased a new position in shares of Albany International during the 2nd quarter valued at about $29,000. Huntington National Bank purchased a new position in shares of Albany International during the 2nd quarter valued at about $34,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Albany International during the 2nd quarter valued at about $39,000. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Albany International by 82.3% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 720 shares of the textile maker’s stock valued at $60,000 after buying an additional 325 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC purchased a new position in shares of Albany International during the 2nd quarter valued at about $82,000. 92.68% of the stock is currently owned by hedge funds and other institutional investors.

Albany International Company Profile

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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