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

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

AIN has been the topic of several other research reports. StockNews.com lowered Albany International from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. Truist Financial dropped their price objective on Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, TD Cowen decreased their target price on Albany International from $95.00 to $81.00 and set a “buy” rating for the company in a research note on Friday, October 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Albany International presently has a consensus rating of “Hold” and an average price target of $85.50.

Albany International Stock Performance

Shares of AIN opened at $80.09 on Friday. Albany International has a 1 year low of $67.39 and a 1 year high of $99.41. The stock has a market capitalization of $2.51 billion, a PE ratio of 25.03, a PEG ratio of 2.60 and a beta of 1.29. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.94 and a current ratio of 3.68. The stock has a 50-day simple moving average of $79.06 and a 200-day simple moving average of $84.66.

Albany International (NYSE:AIN) last issued its quarterly 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. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The company had revenue of $298.40 million during the quarter, compared to the consensus estimate of $304.51 million. During the same quarter in the previous year, the firm earned $1.02 earnings per share. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. On average, analysts predict that Albany International will post 3.2 earnings per share for the current fiscal year.

Albany International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Tuesday, September 3rd were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.30%. The ex-dividend date was Tuesday, September 3rd. Albany International’s payout ratio is currently 32.50%.

Insider Buying and Selling

In related news, SVP Robert Alan Hansen bought 1,050 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were bought at an average cost of $71.26 per share, for a total transaction of $74,823.00. Following the transaction, the senior vice president now owns 8,387 shares of the company’s stock, valued at approximately $597,657.62. This trade represents a 14.31 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gunnar Kleveland purchased 1,400 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 8,284 shares of the company’s stock, valued at approximately $590,235. This represents a 20.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 3,450 shares of company stock worth $245,813 in the last quarter. 0.76% of the stock is owned by insiders.

Institutional Trading of Albany International

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. grew its stake in Albany International by 5,971.5% in the second quarter. Victory Capital Management Inc. now owns 683,895 shares of the textile maker’s stock worth $57,755,000 after purchasing an additional 672,631 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Albany International by 60.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 161,340 shares of the textile maker’s stock worth $14,335,000 after acquiring an additional 60,812 shares in the last quarter. Earnest Partners LLC grew its position in shares of Albany International by 2.1% in the 2nd quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock worth $218,961,000 after acquiring an additional 53,743 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Albany International by 5.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock valued at $92,192,000 after acquiring an additional 52,909 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its position in shares of Albany International by 176.9% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 66,900 shares of the textile maker’s stock valued at $5,650,000 after acquiring an additional 42,740 shares in the last quarter. Institutional investors own 97.37% of the company’s stock.

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.