Albany International (NYSE:AIN) Given New $80.00 Price Target at Bank of America

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

Other equities research analysts have also issued reports about the company. TD Cowen cut their price objective 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. StockNews.com cut shares of Albany International from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Truist Financial reduced their target price 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. One 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’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $85.50.

Albany International Stock Performance

Shares of NYSE AIN traded down $0.43 during trading on Friday, reaching $80.09. 262,587 shares of the company traded hands, compared to its average volume of 162,572. Albany International has a 12-month low of $67.39 and a 12-month high of $99.41. The stock has a market cap of $2.51 billion, a P/E ratio of 25.03, a PEG ratio of 2.66 and a beta of 1.29. The firm’s fifty day simple moving average is $79.06 and its 200 day simple moving average is $84.63. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36.

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

Albany International Announces Dividend

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

Insider Activity at Albany International

In other Albany International news, SVP Robert Alan Hansen acquired 1,050 shares of the stock in a transaction dated Tuesday, November 5th. The stock was acquired at an average cost of $71.26 per share, with a total value of $74,823.00. Following the transaction, the senior vice president now owns 8,387 shares in the company, valued at $597,657.62. The trade was a 14.31 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gunnar Kleveland purchased 1,400 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was bought at an average price of $71.25 per share, for a total transaction of $99,750.00. Following the completion of the purchase, the chief executive officer now directly owns 8,284 shares of the company’s stock, valued at $590,235. The trade was a 20.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 3,450 shares of company stock worth $245,813. Company insiders own 0.76% of the company’s stock.

Hedge Funds Weigh In On Albany International

A number of institutional investors have recently modified their holdings of the business. Quarry LP boosted its stake in shares of Albany International by 515.4% during the third quarter. Quarry LP now owns 480 shares of the textile maker’s stock worth $43,000 after buying an additional 402 shares during the period. GAMMA Investing LLC boosted its stake in shares of Albany International by 27.4% during the 2nd quarter. GAMMA Investing LLC now owns 674 shares of the textile maker’s stock worth $57,000 after acquiring an additional 145 shares in the last quarter. Hilltop National Bank increased its position in shares of Albany International by 14.7% in the second quarter. Hilltop National Bank now owns 1,045 shares of the textile maker’s stock valued at $88,000 after buying an additional 134 shares in the last quarter. KBC Group NV lifted its holdings in shares of Albany International by 28.9% in the third 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 Albany International during the 1st quarter valued at $102,000. 97.37% of the stock is 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.