Bank of America Cuts Albany International (NYSE:AIN) Price Target to $80.00

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

AIN has been the subject of a number of other reports. Truist Financial reduced their target price on shares of Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, November 1st. StockNews.com cut shares of Albany International from a “buy” rating to a “hold” rating in a research note on Wednesday, November 13th. Finally, TD Cowen decreased 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Albany International has an average rating of “Hold” and an average price target of $85.50.

Albany International Price Performance

NYSE:AIN opened at $80.09 on Friday. The stock has a 50 day moving average of $79.06 and a two-hundred day moving average of $84.66. Albany International has a 12 month low of $67.39 and a 12 month high of $99.41. The firm has a market cap of $2.51 billion, a P/E ratio of 25.03, a price-to-earnings-growth ratio of 2.60 and a beta of 1.29. 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 issued its quarterly 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 firm had revenue of $298.40 million for the quarter, compared to analyst estimates of $304.51 million. During the same period in the previous year, the company posted $1.02 earnings per share. The business’s revenue was up 6.2% on a year-over-year basis. On average, analysts expect that Albany International will post 3.2 earnings per share for the current fiscal year.

Albany International Announces Dividend

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

Insider Buying and Selling

In other Albany International news, SVP Robert Alan Hansen purchased 1,050 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were acquired at an average price 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 in the company, valued at approximately $597,657.62. This trade represents a 14.31 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Gunnar Kleveland acquired 1,400 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were acquired at an average cost of $71.25 per share, with a total value of $99,750.00. Following the completion of the transaction, the chief executive officer now directly owns 8,284 shares in the company, valued at approximately $590,235. The trade was a 20.34 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 3,450 shares of company stock worth $245,813. Insiders own 0.76% of the company’s stock.

Institutional Trading of Albany International

Institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its position in shares of Albany International by 5,971.5% during the second quarter. Victory Capital Management Inc. now owns 683,895 shares of the textile maker’s stock worth $57,755,000 after buying an additional 672,631 shares during the period. Assenagon Asset Management S.A. lifted its stake in Albany International by 60.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 161,340 shares of the textile maker’s stock worth $14,335,000 after acquiring an additional 60,812 shares in the last quarter. Earnest Partners LLC boosted its holdings 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 acquiring an additional 53,743 shares during the period. Dimensional Fund Advisors LP grew its position 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 valued at $92,192,000 after acquiring an additional 52,909 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its stake in Albany International by 176.9% during the second quarter. Cubist Systematic Strategies LLC now owns 66,900 shares of the textile maker’s stock worth $5,650,000 after purchasing an additional 42,740 shares during the period. Institutional investors and hedge funds 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.