Albany International (NYSE:AIN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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. “
AIN has been the topic of a number of other research reports. Robert W. Baird raised shares of Albany International from a “neutral” rating to an “outperform” rating and set a $70.00 price objective on the stock in a report on Friday, March 27th. TheStreet downgraded shares of Albany International from a “b” rating to a “c+” rating in a report on Tuesday, March 17th. Alembic Global Advisors raised shares of Albany International to a “buy” rating and set a $91.00 price objective on the stock in a report on Tuesday, June 9th. Sidoti downgraded shares of Albany International from a “buy” rating to a “neutral” rating and set a $64.00 price objective on the stock. in a report on Thursday, June 4th. Finally, Bank of America assumed coverage on shares of Albany International in a report on Wednesday, April 15th. They issued a “buy” rating and a $65.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Albany International currently has an average rating of “Hold” and an average price target of $68.00.
Shares of AIN stock traded up $0.11 during trading hours on Tuesday, reaching $58.69. The company had a trading volume of 3,618 shares, compared to its average volume of 208,220. The business has a fifty day moving average price of $58.16 and a 200-day moving average price of $62.02. Albany International has a one year low of $30.46 and a one year high of $92.04. The firm has a market cap of $1.76 billion, a PE ratio of 16.91 and a beta of 1.54. The company has a debt-to-equity ratio of 0.73, a quick ratio of 3.13 and a current ratio of 3.76.
Albany International (NYSE:AIN) last announced its quarterly earnings results on Wednesday, April 29th. The textile maker reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.17. Albany International had a net margin of 10.81% and a return on equity of 19.36%. The firm had revenue of $235.76 million during the quarter, compared to analyst estimates of $224.25 million. Equities research analysts forecast that Albany International will post 2.83 EPS for the current year.
A number of large investors have recently modified their holdings of the business. First Mercantile Trust Co. raised its position in shares of Albany International by 36.8% during the first quarter. First Mercantile Trust Co. now owns 855 shares of the textile maker’s stock valued at $40,000 after buying an additional 230 shares during the last quarter. First Bank & Trust increased its position in Albany International by 136.3% in the first quarter. First Bank & Trust now owns 1,479 shares of the textile maker’s stock worth $70,000 after purchasing an additional 853 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Albany International by 17.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,307 shares of the textile maker’s stock worth $109,000 after purchasing an additional 351 shares during the last quarter. Mutual of America Capital Management LLC increased its position in Albany International by 12.4% in the first quarter. Mutual of America Capital Management LLC now owns 2,518 shares of the textile maker’s stock worth $119,000 after purchasing an additional 278 shares during the last quarter. Finally, Simplex Trading LLC bought a new stake in Albany International in the first quarter worth $165,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.
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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