Bank of America Lowers Albany International (NYSE:AIN) Price Target to $80.00

Albany International (NYSE:AIN) had its price target decreased by Bank of America from $90.00 to $80.00 in a research note issued to investors on Friday morning,Benzinga reports. Bank of America currently has an underperform rating on the textile maker’s stock.

A number of other equities research analysts also recently commented on AIN. StockNews.com downgraded Albany International from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. Truist Financial reduced their price objective on shares of Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, TD Cowen lowered their target price on shares of Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Albany International presently has a consensus rating of “Hold” and an average price target of $85.50.

Albany International Trading Up 2.2 %

NYSE AIN opened at $81.86 on Friday. The company has a quick ratio of 2.94, a current ratio of 3.68 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $2.56 billion, a P/E ratio of 25.26, a P/E/G ratio of 2.60 and a beta of 1.29. Albany International has a 52-week low of $67.39 and a 52-week high of $99.41. The firm has a 50-day moving average price of $79.06 and a 200 day moving average price of $84.68.

Albany International (NYSE:AIN) last issued its earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.35. The business had revenue of $298.40 million during the quarter, compared to the consensus estimate of $304.51 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 EPS. Equities research analysts expect that Albany International will post 3.2 EPS for the current year.

Albany International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Tuesday, September 3rd were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date was Tuesday, September 3rd. Albany International’s dividend payout ratio is presently 32.50%.

Insiders Place Their Bets

In related news, CEO Gunnar Kleveland purchased 1,400 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was purchased at an average price of $71.25 per share, with a total value of $99,750.00. Following the completion of the transaction, the chief executive officer now owns 8,284 shares of the company’s stock, valued at approximately $590,235. This trade represents a 20.34 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Joseph M. Gaug purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was bought at an average price of $71.24 per share, for a total transaction of $71,240.00. Following the acquisition, the vice president now owns 6,811 shares in the company, valued at $485,215.64. The trade was a 17.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 3,450 shares of company stock valued at $245,813. Company insiders own 0.76% of the company’s stock.

Institutional Investors Weigh In On Albany International

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP lifted its stake in shares of Albany International by 515.4% in the 3rd quarter. Quarry LP now owns 480 shares of the textile maker’s stock valued at $43,000 after purchasing an additional 402 shares in the last quarter. GAMMA Investing LLC lifted its position in Albany International by 27.4% during the second quarter. GAMMA Investing LLC now owns 674 shares of the textile maker’s stock valued at $57,000 after buying an additional 145 shares in the last quarter. Hilltop National Bank grew its stake in Albany International by 14.7% during the second quarter. Hilltop National Bank now owns 1,045 shares of the textile maker’s stock worth $88,000 after buying an additional 134 shares during the period. KBC Group NV increased its holdings in Albany International by 28.9% in the 3rd quarter. KBC Group NV now owns 1,058 shares of the textile maker’s stock valued at $94,000 after purchasing an additional 237 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Albany International in the first quarter valued at about $102,000. 97.37% of the stock is currently owned by institutional investors and hedge funds.

Albany International Company Profile

Albany International Corp., together with its subsidiaries, engages in the machine clothing and engineered composites 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 for use in the manufacturing of papers, paperboards, tissues, towels, pulps, nonwovens, building products, tannery, and textiles, as well as fiber cement and several other industrial applications.