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

Albany International (NYSE:AIN) had its price target decreased by analysts at Bank of America from $90.00 to $80.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “underperform” rating on the textile maker’s stock. Bank of America‘s target price would indicate a potential downside of 0.49% from the stock’s previous close.

Several other research firms have also weighed in on AIN. Truist Financial lowered their price objective on shares of Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, November 1st. StockNews.com downgraded Albany International from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, TD Cowen decreased their price objective on shares of Albany International from $95.00 to $81.00 and set a “buy” rating for the company in a research note on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Albany International currently has a consensus rating of “Hold” and a consensus price target of $85.50.

Albany International Price Performance

AIN traded down $0.13 during trading on Friday, hitting $80.39. 77,472 shares of the stock traded hands, compared to its average volume of 161,739. The business has a 50 day moving average price of $79.27 and a 200 day moving average price of $84.71. The company has a market cap of $2.52 billion, a price-to-earnings ratio of 25.06, a PEG ratio of 2.66 and a beta of 1.29. Albany International has a twelve month low of $67.39 and a twelve month high of $99.41. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.68 and a quick ratio of 2.94.

Albany International (NYSE:AIN) last announced its quarterly 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 company 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 earned $1.02 earnings per share. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. Equities research analysts forecast that Albany International will post 3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Albany International news, CEO Gunnar Kleveland purchased 1,400 shares of the stock in a transaction on Tuesday, November 5th. The stock was acquired at an average price of $71.25 per share, with a total value of $99,750.00. Following the transaction, the chief executive officer now directly owns 8,284 shares of the company’s stock, valued at approximately $590,235. This trade represents a 20.34 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Joseph M. Gaug acquired 1,000 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was acquired at an average price of $71.24 per share, for a total transaction of $71,240.00. Following the completion of the transaction, the vice president now owns 6,811 shares in the company, valued at approximately $485,215.64. The trade was a 17.21 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 3,450 shares of company stock valued at $245,813 over the last quarter. 0.76% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Albany International

A number of institutional investors have recently bought and sold shares of the stock. UniSuper Management Pty Ltd purchased a new position in shares of Albany International during the first quarter valued at approximately $679,000. MQS Management LLC bought a new position in Albany International during the 3rd quarter valued at about $800,000. Assenagon Asset Management S.A. grew its stake in shares of Albany International by 29.7% in the second quarter. Assenagon Asset Management S.A. now owns 100,528 shares of the textile maker’s stock worth $8,490,000 after acquiring an additional 23,018 shares during the period. Vanguard Group Inc. lifted its position in Albany International by 0.3% during the first quarter. Vanguard Group Inc. now owns 3,529,478 shares of the textile maker’s stock valued at $330,041,000 after purchasing an additional 11,052 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in shares of Albany International by 9.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 28,687 shares of the textile maker’s stock valued at $2,677,000 after buying an additional 2,367 shares during the period. 97.37% of the stock is owned by institutional investors.

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.