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

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

A number of other research firms also recently issued reports on AIN. TD Cowen decreased their price target 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. StockNews.com cut shares of Albany International from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Truist Financial dropped their price target on Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $85.50.

Albany International Price Performance

AIN traded down $0.43 during trading on Friday, hitting $80.09. 262,587 shares of the company traded hands, compared to its average volume of 162,572. The company has a market cap of $2.51 billion, a PE ratio of 25.03, a P/E/G ratio of 2.66 and a beta of 1.29. Albany International has a 1 year low of $67.39 and a 1 year high of $99.41. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36. The stock’s 50-day simple moving average is $79.06 and its two-hundred day simple moving average is $84.63.

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 the consensus estimate of $0.45 by $0.35. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The firm had revenue of $298.40 million for the quarter, compared to analysts’ expectations of $304.51 million. During the same period in the previous year, the firm posted $1.02 earnings per share. The business’s revenue was up 6.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Albany International will post 3.2 earnings per share for the current fiscal year.

Albany International Announces Dividend

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

Insider Activity at Albany International

In related news, VP Joseph M. Gaug bought 1,000 shares of Albany International stock in a transaction dated Tuesday, November 5th. The shares were acquired at an average cost of $71.24 per share, with a total value of $71,240.00. Following the completion of the transaction, the vice president now owns 6,811 shares in the company, valued at $485,215.64. The trade was a 17.21 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Robert Alan Hansen purchased 1,050 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were bought at an average cost of $71.26 per share, with a total value of $74,823.00. Following the purchase, the senior vice president now directly owns 8,387 shares of the company’s stock, valued at approximately $597,657.62. This represents a 14.31 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 3,450 shares of company stock worth $245,813. Insiders own 0.76% of the company’s stock.

Hedge Funds Weigh In On Albany International

A number of large investors have recently bought and sold shares of AIN. Hilltop National Bank lifted its position in shares of Albany International by 14.7% during 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 during the last quarter. GAMMA Investing LLC boosted its stake in Albany International by 27.4% in the second quarter. GAMMA Investing LLC now owns 674 shares of the textile maker’s stock valued at $57,000 after acquiring an additional 145 shares in the last quarter. Creative Planning grew its holdings in Albany International by 3.0% in the second quarter. Creative Planning now owns 5,018 shares of the textile maker’s stock worth $424,000 after purchasing an additional 147 shares during the last quarter. Arizona State Retirement System increased its position in shares of Albany International by 2.0% during the second quarter. Arizona State Retirement System now owns 8,744 shares of the textile maker’s stock worth $738,000 after purchasing an additional 175 shares in the last quarter. Finally, Dakota Wealth Management lifted its holdings in shares of Albany International by 1.5% during the 2nd quarter. Dakota Wealth Management now owns 13,211 shares of the textile maker’s stock valued at $1,116,000 after purchasing an additional 195 shares during the last quarter. Institutional investors own 97.37% of the company’s stock.

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.