Albany International (NYSE:AIN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $79.00 price target on the textile maker’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 6.25% from the company’s current price.
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 recently issued reports about the stock. Noble Financial restated a “hold” rating on shares of Albany International in a research note on Sunday, December 9th. Sidoti decreased their price target on Albany International from $80.00 to $77.00 and set a “neutral” rating on the stock in a report on Monday, December 17th. Five equities research analysts have rated the stock with a hold rating, Albany International has a consensus rating of “Hold” and an average target price of $73.33.
Several institutional investors and hedge funds have recently added to or reduced their stakes in AIN. Pembroke Management LTD boosted its stake in Albany International by 14.9% in the third 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 in the last quarter. Advisory Research Inc. purchased a new position in Albany International during the 3rd quarter valued at about $2,002,000. TIAA CREF Investment Management LLC grew its holdings in shares of Albany International by 37.5% during the third quarter. TIAA CREF Investment Management LLC now owns 89,014 shares of the textile maker’s stock worth $7,077,000 after buying an additional 24,260 shares in the last quarter. D.A. Davidson & CO. acquired a new position in Albany International during the third quarter valued at approximately $258,000. Finally, Marshall Wace LLP bought a new stake in shares of Albany International in the third quarter worth $8,457,000. 88.97% of the stock is owned by institutional investors and hedge funds.
Albany International Company Profile
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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