Albany International (NYSE:AIN) Sets New 1-Year Low on Analyst Downgrade

Albany International Corporation (NYSE:AIN) shares reached a new 52-week low during mid-day trading on Wednesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The stock traded as low as $41.15 and last traded at $42.3670, with a volume of 1070905 shares traded. The stock had previously closed at $41.42.

A number of other equities research analysts have also recently weighed in on the company. Weiss Ratings restated a “sell (d)” rating on shares of Albany International in a research note on Thursday, November 13th. Truist Financial reduced their price target on Albany International from $55.00 to $50.00 and set a “hold” rating on the stock in a research report on Friday, November 7th. JPMorgan Chase & Co. increased their price objective on shares of Albany International from $59.00 to $63.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 15th. Baird R W lowered Albany International from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 31st. Finally, Robert W. Baird cut shares of Albany International from an “outperform” rating to a “neutral” rating and set a $79.00 price objective for the company. in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Albany International has an average rating of “Reduce” and a consensus price target of $64.25.

Insiders Place Their Bets

In other news, CEO Gunnar Kleveland bought 2,300 shares of Albany International stock in a transaction dated Monday, November 17th. The stock was bought at an average cost of $42.04 per share, for a total transaction of $96,692.00. Following the purchase, the chief executive officer directly owned 19,895 shares in the company, valued at approximately $836,385.80. This represents a 13.07% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.76% of the company’s stock.

Institutional Investors Weigh In On Albany International

A number of institutional investors and hedge funds have recently made changes to their positions in the business. American Century Companies Inc. lifted its stake in Albany International by 0.7% during the 3rd quarter. American Century Companies Inc. now owns 1,709,230 shares of the textile maker’s stock valued at $91,102,000 after acquiring an additional 11,265 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Albany International by 1.8% during the second quarter. Bank of America Corp DE now owns 1,457,609 shares of the textile maker’s stock valued at $102,222,000 after purchasing an additional 25,283 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Albany International by 1.4% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 961,513 shares of the textile maker’s stock worth $66,383,000 after purchasing an additional 13,251 shares during the last quarter. William Blair Investment Management LLC grew its position in Albany International by 24.8% in the 3rd quarter. William Blair Investment Management LLC now owns 876,455 shares of the textile maker’s stock worth $46,715,000 after purchasing an additional 174,023 shares in the last quarter. Finally, Sei Investments Co. grew its position in Albany International by 0.7% in the 3rd quarter. Sei Investments Co. now owns 802,840 shares of the textile maker’s stock worth $42,791,000 after purchasing an additional 5,426 shares in the last quarter. Institutional investors and hedge funds own 97.37% of the company’s stock.

Albany International Stock Performance

The company’s 50 day simple moving average is $53.94 and its 200 day simple moving average is $62.02. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.78 and a current ratio of 3.51. The stock has a market cap of $1.27 billion, a PE ratio of 22.16, a price-to-earnings-growth ratio of 1.36 and a beta of 1.39.

Albany International (NYSE:AIN) last released its earnings results on Wednesday, May 25th. The textile maker reported $0.43 earnings per share (EPS) for the quarter. The company had revenue of $239.92 million during the quarter. Albany International had a return on equity of 8.87% and a net margin of 5.25%. Analysts expect that Albany International Corporation will post 3.23 earnings per share for the current year.

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.