Cowen Initiates Coverage on Albany International (NYSE:AIN)

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Cowen began coverage on shares of Albany International (NYSE:AIN) in a research report sent to investors on Monday, BenzingaRatingsTable reports. The brokerage issued a market perform rating and a $85.00 price target on the textile maker’s stock.

AIN has been the topic of several other research reports. Zacks Investment Research raised Albany International from a hold rating to a strong-buy rating and set a $98.00 price objective on the stock in a research report on Friday, August 2nd. ValuEngine raised Albany International from a hold rating to a buy rating in a research report on Thursday, August 1st. Alembic Global Advisors began coverage on Albany International in a research report on Friday, June 28th. They issued a neutral rating and a $90.00 price objective on the stock. Finally, Noble Financial reissued a hold rating on shares of Albany International in a research report on Sunday, August 4th. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $88.60.

Shares of NYSE:AIN opened at $81.91 on Monday. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of 24.32 and a beta of 1.70. The company has a quick ratio of 2.66, a current ratio of 3.19 and a debt-to-equity ratio of 0.74. Albany International has a 12-month low of $58.06 and a 12-month high of $86.96. The business’s 50 day moving average is $81.46 and its 200 day moving average is $76.34.

Albany International (NYSE:AIN) last posted its quarterly earnings data on Tuesday, July 30th. The textile maker reported $1.09 earnings per share for the quarter, topping the Thomson Reuters’ 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 business had revenue of $273.95 million for the quarter, compared to analysts’ expectations of $267.75 million. As a group, equities research analysts expect that Albany International will post 3.44 earnings per share for the current year.

In other Albany International news, Director Christine L. Standish sold 1,616,000 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $64.67, for a total value of $104,506,720.00. Following the transaction, the director now owns 6,595 shares of the company’s stock, valued at $426,498.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 10.99% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of AIN. Invesco Ltd. lifted its position in shares of Albany International by 96.2% during the 2nd quarter. Invesco Ltd. now owns 823,610 shares of the textile maker’s stock valued at $68,285,000 after buying an additional 403,810 shares during the last quarter. Conestoga Capital Advisors LLC purchased a new position in shares of Albany International during the 2nd quarter valued at $30,265,000. BlackRock Inc. lifted its position in shares of Albany International by 8.0% during the 2nd quarter. BlackRock Inc. now owns 4,584,183 shares of the textile maker’s stock valued at $380,076,000 after buying an additional 340,272 shares during the last quarter. Copper Rock Capital Partners LLC purchased a new position in shares of Albany International during the 2nd quarter valued at $27,068,000. Finally, Nuveen Asset Management LLC purchased a new position in shares of Albany International during the 2nd quarter valued at $25,927,000. 90.39% of the stock is currently owned by hedge funds and other institutional investors.

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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