JPMorgan Chase & Co. Lowers Albany International (NYSE:AIN) Price Target to $74.00

Albany International (NYSE:AIN) had its price objective decreased by research analysts at JPMorgan Chase & Co. from $75.00 to $74.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the textile maker’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 8.57% from the company’s previous close.

AIN has been the subject of a number of other research reports. Truist Financial lifted their price objective on Albany International from $85.00 to $88.00 and gave the company a “buy” rating in a research report on Tuesday. StockNews.com lowered Albany International from a “buy” rating to a “hold” rating in a research report on Tuesday. TD Cowen upgraded Albany International to a “strong-buy” rating in a report on Thursday, December 19th. Finally, Bank of America dropped their target price on shares of Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $80.75.

Albany International Trading Up 1.5 %

NYSE AIN opened at $80.94 on Wednesday. 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 $2.53 billion, a P/E ratio of 25.29 and a beta of 1.35. Albany International has a 52-week low of $67.39 and a 52-week high of $98.73. The firm has a 50-day moving average price of $81.41 and a 200 day moving average price of $83.10.

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. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The business had revenue of $298.40 million during the quarter, compared to the consensus estimate of $304.51 million. During the same period in the prior year, the business posted $1.02 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts expect that Albany International will post 3.23 EPS for the current year.

Insider Activity at Albany International

In other Albany International news, VP Joseph M. Gaug acquired 1,000 shares of the stock in a transaction on Tuesday, November 5th. The stock was 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 in the company, valued at $485,215.64. This trade represents a 17.21 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Robert Alan Hansen acquired 1,050 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were 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 approximately $597,657.62. The trade was a 14.31 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 3,450 shares of company stock worth $245,813. 0.92% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Earnest Partners LLC boosted its stake in Albany International by 2.1% during the 2nd quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock valued at $218,961,000 after purchasing an additional 53,743 shares during the period. State Street Corp boosted its position in shares of Albany International by 3.1% during the third quarter. State Street Corp now owns 1,218,058 shares of the textile maker’s stock worth $108,544,000 after buying an additional 36,944 shares during the period. Dimensional Fund Advisors LP grew its holdings in 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 worth $92,192,000 after buying an additional 52,909 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Albany International by 24.0% in the 3rd quarter. Victory Capital Management Inc. now owns 847,829 shares of the textile maker’s stock worth $75,330,000 after buying an additional 163,934 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Albany International by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 715,779 shares of the textile maker’s stock valued at $63,609,000 after acquiring an additional 8,356 shares during the period. Institutional investors and hedge funds 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.