Albany International (NYSE:AIN) Given New $65.00 Price Target at Bank of America

Albany International (NYSE:AIN) had its price target dropped by equities researchers at Bank of America from $75.00 to $65.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “underperform” rating on the textile maker’s stock. Bank of America‘s target price would suggest a potential downside of 0.29% from the company’s current price.

Other analysts also recently issued research reports about the stock. Wall Street Zen upgraded shares of Albany International from a “hold” rating to a “buy” rating in a report on Friday, May 16th. 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. Truist Financial dropped their price target on shares of Albany International from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Finally, JPMorgan Chase & Co. raised their price target on shares of Albany International from $65.00 to $77.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.00.

Albany International Price Performance

Shares of AIN traded down $0.88 during mid-day trading on Monday, hitting $65.19. 35,093 shares of the company were exchanged, compared to its average volume of 211,435. Albany International has a 1-year low of $57.71 and a 1-year high of $95.47. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.94 and a current ratio of 3.68. The company has a 50 day moving average of $65.79 and a 200-day moving average of $74.76. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of 20.48 and a beta of 1.37.

Albany International (NYSE:AIN) last released its quarterly earnings data on Wednesday, April 30th. The textile maker reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.15. The company had revenue of $288.77 million during the quarter, compared to the consensus estimate of $300.74 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. Albany International’s quarterly revenue was down 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.90 EPS. Analysts expect that Albany International will post 3.23 EPS for the current fiscal year.

Institutional Trading of Albany International

Institutional investors have recently added to or reduced their stakes in the stock. Advantage Alpha Capital Partners LP boosted its holdings in Albany International by 18.1% during the fourth quarter. Advantage Alpha Capital Partners LP now owns 28,164 shares of the textile maker’s stock worth $2,252,000 after buying an additional 4,307 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Albany International by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 3,493,846 shares of the textile maker’s stock worth $279,403,000 after buying an additional 12,687 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Albany International during the fourth quarter worth about $521,000. Raymond James Financial Inc. purchased a new stake in shares of Albany International in the fourth quarter valued at about $19,349,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Albany International by 3.1% in the fourth quarter. Bank of New York Mellon Corp now owns 304,875 shares of the textile maker’s stock valued at $24,381,000 after purchasing an additional 9,091 shares in the last quarter. Hedge funds and other 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.