Bank of America Issues Pessimistic Forecast for Albany International (NYSE:AIN) Stock Price

Albany International (NYSE:AIN) had its price objective reduced by equities research analysts at Bank of America from $80.00 to $75.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “underperform” rating on the textile maker’s stock. Bank of America‘s target price would indicate a potential upside of 3.07% from the company’s previous close.

A number of other research analysts have also recently commented on the company. JPMorgan Chase & Co. dropped their price target on Albany International from $75.00 to $74.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 15th. StockNews.com lowered shares of Albany International from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Truist Financial boosted their price target on shares of Albany International from $85.00 to $88.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Robert W. Baird cut their price objective on shares of Albany International from $104.00 to $92.00 and set an “outperform” rating for the company in a report on Friday, February 28th. Finally, TD Cowen raised shares of Albany International to a “strong-buy” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Albany International has an average rating of “Moderate Buy” and a consensus price target of $82.00.

Albany International Stock Performance

NYSE AIN opened at $72.76 on Tuesday. The company has a market capitalization of $2.25 billion, a PE ratio of 22.74 and a beta of 1.37. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.94 and a current ratio of 3.68. Albany International has a 52-week low of $67.39 and a 52-week high of $96.49. The company has a 50-day simple moving average of $78.18 and a 200 day simple moving average of $79.47.

Albany International (NYSE:AIN) last posted its quarterly earnings results on Wednesday, February 26th. The textile maker reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.05). Albany International had a return on equity of 12.20% and a net margin of 7.92%. The company had revenue of $286.91 million during the quarter, compared to the consensus estimate of $299.52 million. On average, research analysts predict that Albany International will post 3.23 EPS for the current year.

Hedge Funds Weigh In On Albany International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its position in shares of Albany International by 3,050.6% during the 4th quarter. Bank of America Corp DE now owns 1,363,946 shares of the textile maker’s stock valued at $109,075,000 after acquiring an additional 1,320,654 shares during the last quarter. American Century Companies Inc. raised its stake in Albany International by 3,380.5% in the fourth quarter. American Century Companies Inc. now owns 849,379 shares of the textile maker’s stock valued at $67,925,000 after purchasing an additional 824,975 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in Albany International during the fourth quarter valued at approximately $62,181,000. Norges Bank purchased a new position in Albany International in the 4th quarter worth approximately $39,044,000. Finally, Raymond James Financial Inc. bought a new position in shares of Albany International in the 4th quarter worth $19,349,000. 97.37% of the stock is currently owned by hedge funds and other institutional investors.

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.