Zacks Investment Research Lowers Albany International (AIN) to Hold

Zacks Investment Research downgraded shares of Albany International (NYSE:AIN) from a buy rating to a hold rating in a report released on Wednesday morning.

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. “

A number of other equities research analysts also recently weighed in on the company. ValuEngine downgraded Albany International from a buy rating to a hold rating in a research report on Tuesday, October 2nd. Stephens restated a hold rating on shares of Albany International in a research report on Thursday, August 16th. Finally, Noble Financial restated a hold rating on shares of Albany International in a research report on Wednesday, August 8th.

AIN traded down $0.68 during trading on Wednesday, reaching $73.47. The stock had a trading volume of 113,848 shares, compared to its average volume of 133,077. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 45.63 and a beta of 1.72. 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.

Albany International (NYSE:AIN) last released its earnings results on Tuesday, October 30th. The textile maker reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.15. The firm had revenue of $253.25 million during the quarter, compared to the consensus estimate of $248.50 million. Albany International had a return on equity of 14.33% and a net margin of 7.51%. Equities analysts expect that Albany International will post 2.54 EPS for the current fiscal year.

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

Large investors have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. lifted its position in shares of Albany International by 5.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 200,513 shares of the textile maker’s stock valued at $12,061,000 after acquiring an additional 11,257 shares during the last quarter. Earnest Partners LLC lifted its position in shares of Albany International by 0.4% during the 2nd quarter. Earnest Partners LLC now owns 1,451,418 shares of the textile maker’s stock valued at $87,303,000 after acquiring an additional 6,038 shares during the last quarter. Carillon Tower Advisers Inc. lifted its position in shares of Albany International by 6.5% during the 2nd quarter. Carillon Tower Advisers Inc. now owns 67,522 shares of the textile maker’s stock valued at $4,061,000 after acquiring an additional 4,147 shares during the last quarter. BlackRock Inc. lifted its position in shares of Albany International by 8.5% during the 2nd quarter. BlackRock Inc. now owns 3,986,614 shares of the textile maker’s stock valued at $239,795,000 after acquiring an additional 311,334 shares during the last quarter. Finally, Pembroke Management LTD lifted its position in shares of Albany International by 14.9% during the 3rd quarter. Pembroke Management LTD now owns 350,358 shares of the textile maker’s stock valued at $27,853,000 after acquiring an additional 45,369 shares during the last quarter. 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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