Albany International (NYSE:AIN) Price Target Cut to $80.00 by Analysts 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 research report sent to investors on Friday,Benzinga reports. The brokerage currently has an underperform rating on the textile maker’s stock.

Several other equities research analysts also recently weighed in on AIN. TD Cowen cut 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 note on Friday, October 4th. Truist Financial cut their price objective on Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, StockNews.com lowered Albany International from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $85.50.

Albany International Price Performance

Shares of AIN opened at $81.86 on Friday. The firm has a 50-day simple moving average of $79.06 and a two-hundred day simple moving average of $84.68. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.68 and a quick ratio of 2.94. Albany International has a 1-year low of $67.39 and a 1-year high of $99.41. The stock has a market cap of $2.56 billion, a PE ratio of 25.26, a P/E/G ratio of 2.60 and a beta of 1.29.

Albany International (NYSE:AIN) last announced its earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.35. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The company had revenue of $298.40 million for the quarter, compared to analyst estimates of $304.51 million. During the same quarter in the previous year, the company earned $1.02 earnings per share. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. As a group, analysts forecast that Albany International will post 3.2 EPS for the current year.

Albany International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Tuesday, September 3rd were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.04 annualized dividend and a yield of 1.27%. Albany International’s dividend payout ratio is currently 32.50%.

Insiders Place Their Bets

In other news, VP Joseph M. Gaug purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were purchased at an average price of $71.24 per share, for a total transaction of $71,240.00. Following the purchase, the vice president now directly owns 6,811 shares of the company’s stock, valued at $485,215.64. This represents a 17.21 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gunnar Kleveland purchased 1,400 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were purchased at an average cost of $71.25 per share, for a total transaction of $99,750.00. Following the transaction, the chief executive officer now owns 8,284 shares of the company’s stock, valued at $590,235. This trade represents a 20.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 3,450 shares of company stock valued at $245,813. 0.76% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Albany International

A number of institutional investors have recently modified their holdings of AIN. Victory Capital Management Inc. boosted its stake in Albany International by 5,971.5% during the 2nd 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 during the period. Assenagon Asset Management S.A. raised its holdings in shares of Albany International by 60.5% in the third quarter. Assenagon Asset Management S.A. now owns 161,340 shares of the textile maker’s stock valued at $14,335,000 after buying an additional 60,812 shares during the last quarter. Earnest Partners LLC boosted its stake in shares of Albany International by 2.1% during the second quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock worth $218,961,000 after buying an additional 53,743 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Albany International by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock worth $92,192,000 after buying an additional 52,909 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its position in Albany International by 176.9% in 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 during the period. 97.37% of the stock is owned by institutional investors and hedge funds.

About Albany International

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.