Zacks Investment Research upgraded shares of Albany International (NYSE:AIN) from a hold rating to a strong-buy rating in a research report sent to investors on Friday morning, Zacks.com reports. They currently have $98.00 target price 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. “
Other equities research analysts have also issued reports about the company. ValuEngine raised Albany International from a hold rating to a buy rating in a research note on Thursday, August 1st. Alembic Global Advisors assumed coverage on Albany International in a research note on Friday, June 28th. They set a neutral rating and a $90.00 price target for the company. Four 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 company has an average rating of Buy and a consensus price target of $89.50.
Albany International (NYSE:AIN) last announced its earnings results on Tuesday, July 30th. The textile maker reported $1.09 EPS for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.24. The firm had revenue of $273.95 million during the quarter, compared to analysts’ expectations of $267.75 million. Albany International had a return on equity of 17.42% and a net margin of 10.59%. Equities analysts expect that Albany International will post 3.4 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 8th. Investors of record on Friday, June 7th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend was Thursday, June 6th. Albany International’s dividend payout ratio is currently 28.02%.
In related news, Director Christine L. Standish sold 1,616,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $64.67, for a total transaction of $104,506,720.00. Following the completion of the sale, the director now directly owns 6,595 shares of the company’s stock, valued at approximately $426,498.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 10.99% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of AIN. Conestoga Capital Advisors LLC bought a new stake in Albany International during the 2nd quarter valued at $30,265,000. Copper Rock Capital Partners LLC bought a new stake in Albany International during the 2nd quarter valued at $27,068,000. Norges Bank bought a new stake in Albany International during the 4th quarter valued at $16,647,000. TimesSquare Capital Management LLC raised its position in 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 valued at $110,623,000 after purchasing an additional 251,685 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in 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 valued at $41,789,000 after purchasing an additional 124,975 shares in the last quarter. 87.81% of the stock is owned by institutional investors and hedge funds.
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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