Albany International (AIN) Downgraded by Zacks Investment Research

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

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 brokerages also recently weighed in on AIN. ValuEngine raised shares of Albany International from a “hold” rating to a “buy” rating in a report on Tuesday, September 4th. Noble Financial reaffirmed a “hold” rating on shares of Albany International in a report on Wednesday, August 8th. Finally, Stephens reaffirmed a “hold” rating on shares of Albany International in a report on Thursday, August 16th.

NYSE:AIN traded up $2.41 during trading hours on Wednesday, hitting $73.54. 6,740 shares of the stock traded hands, compared to its average volume of 132,668. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.90 and a quick ratio of 2.41. Albany International has a 1 year low of $57.95 and a 1 year high of $82.20. The company has a market capitalization of $2.28 billion, a P/E ratio of 45.82 and a beta of 1.72.

Albany International (NYSE:AIN) last issued its quarterly earnings results on Tuesday, October 30th. The textile maker reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.15. Albany International had a net margin of 7.51% and a return on equity of 14.33%. The business had revenue of $253.25 million for the quarter, compared to the consensus estimate of $248.50 million. On average, sell-side analysts anticipate that Albany International will post 2.54 earnings per share for the current fiscal year.

In other Albany International news, VP Dawne H. Wimbrow sold 900 shares of Albany International stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $75.90, for a total transaction of $68,310.00. Following the transaction, the vice president now owns 300 shares of the company’s stock, valued at $22,770. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.75% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. FDx Advisors Inc. raised its position in shares of Albany International by 20.6% during the second quarter. FDx Advisors Inc. now owns 4,466 shares of the textile maker’s stock valued at $269,000 after buying an additional 764 shares during the last quarter. Bank of Montreal Can raised its position in shares of Albany International by 40.2% during the third quarter. Bank of Montreal Can now owns 3,422 shares of the textile maker’s stock valued at $273,000 after buying an additional 982 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in shares of Albany International during the second quarter valued at approximately $280,000. Ramsey Quantitative Systems bought a new stake in shares of Albany International during the second quarter valued at approximately $295,000. Finally, Dynamic Technology Lab Private Ltd raised its position in shares of Albany International by 32.7% during the second quarter. Dynamic Technology Lab Private Ltd now owns 5,065 shares of the textile maker’s stock valued at $305,000 after buying an additional 1,247 shares during the last quarter. Hedge funds and other institutional investors own 88.68% of the company’s stock.

About Albany International

Albany International Corp. engages in textile and materials processing businesses worldwide. The company operates through 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, dryer fabrics, and process belts.

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