Stock analysts at Cowen assumed coverage on shares of Albany International (NYSE:AIN) in a research note issued to investors on Monday, MarketBeat reports. The firm set a “market perform” rating and a $85.00 price target on the textile maker’s stock. Cowen’s target price suggests a potential upside of 4.32% from the stock’s previous close.
Several other brokerages also recently commented on AIN. ValuEngine raised shares of Albany International from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Alembic Global Advisors began coverage on shares of Albany International in a research note on Friday, June 28th. They issued a “neutral” rating and a $90.00 price objective for the company. Noble Financial reissued a “hold” rating on shares of Albany International in a research note on Sunday, August 4th. Finally, Zacks Investment Research raised shares of Albany International from a “hold” rating to a “strong-buy” rating and set a $98.00 price objective for the company in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Albany International currently has an average rating of “Buy” and an average target price of $88.60.
Shares of Albany International stock opened at $81.48 on Monday. The company has a 50 day moving average of $81.49 and a 200-day moving average of $76.21. Albany International has a 1-year low of $58.06 and a 1-year high of $86.96. The company has a current ratio of 3.19, a quick ratio of 2.66 and a debt-to-equity ratio of 0.74. The company has a market cap of $2.67 billion, a PE ratio of 31.70 and a beta of 1.70.
In other news, Director Christine L. Standish sold 1,616,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $64.67, for a total transaction of $104,506,720.00. Following the completion of 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 Securities & Exchange Commission, which is available through this hyperlink. 10.99% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in AIN. Pearl River Capital LLC acquired a new stake in shares of Albany International during the second quarter worth $29,000. Huntington National Bank acquired a new stake in shares of Albany International during the second quarter worth $34,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Albany International during the second quarter worth $39,000. Parallel Advisors LLC acquired a new stake in shares of Albany International during the first quarter worth $50,000. Finally, Ladenburg Thalmann Financial Services Inc. increased its position in shares of Albany International by 82.3% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 720 shares of the textile maker’s stock worth $60,000 after buying an additional 325 shares during the period. 90.39% of the stock is 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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