Zacks Investment Research upgraded shares of Albany International (NYSE:AIN) from a hold rating to a strong-buy rating in a research note issued to investors on Friday, Zacks.com reports. The firm currently has $98.00 price target 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. “
Several other equities research analysts have also commented on AIN. ValuEngine upgraded shares of Albany International from a hold rating to a buy rating in a research note on Thursday. Alembic Global Advisors started coverage on shares of Albany International in a research note on Friday, June 28th. They issued a neutral rating and a $90.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $89.50.
Shares of AIN traded down $0.70 on Friday, reaching $84.23. The company’s stock had a trading volume of 166,762 shares, compared to its average volume of 187,128. The company has a quick ratio of 2.49, a current ratio of 3.19 and a debt-to-equity ratio of 0.74. Albany International has a twelve month low of $58.06 and a twelve month high of $86.96. The firm has a market cap of $2.78 billion, a PE ratio of 32.77 and a beta of 1.70. The company has a fifty day moving average of $80.35.
Albany International (NYSE:AIN) last posted its earnings results on Tuesday, July 30th. The textile maker reported $1.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.24. Albany International had a net margin of 10.59% and a return on equity of 17.42%. The company had revenue of $273.95 million for the quarter, compared to analyst estimates of $267.75 million. Equities research analysts forecast that Albany International will post 3.41 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Friday, June 7th were paid a $0.18 dividend. The ex-dividend date was Thursday, June 6th. This represents a $0.72 annualized dividend and a yield of 0.85%. Albany International’s dividend payout ratio (DPR) is 28.02%.
In other Albany International news, Director Christine L. Standish sold 1,616,000 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $64.67, for a total value of $104,506,720.00. Following the completion of the sale, the director now owns 6,595 shares in the company, valued at approximately $426,498.65. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 10.99% of the company’s stock.
Several hedge funds have recently modified their holdings of AIN. Conestoga Capital Advisors LLC purchased a new stake in shares of Albany International during the 2nd quarter worth approximately $30,265,000. Copper Rock Capital Partners LLC purchased a new stake in shares of Albany International during the 2nd quarter worth approximately $27,068,000. Norges Bank purchased a new stake in shares of Albany International during the 4th quarter worth approximately $16,647,000. TimesSquare Capital Management LLC increased its stake in shares of Albany International by 23.2% during the 2nd quarter. TimesSquare Capital Management LLC now owns 1,334,260 shares of the textile maker’s stock worth $110,623,000 after purchasing an additional 251,685 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its stake in shares of Albany International by 27.2% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 583,727 shares of the textile maker’s stock worth $41,789,000 after purchasing an additional 124,975 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.
About Albany International
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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