Albany International (NYSE:AIN) Given New $80.00 Price Target at Bank of America

Albany International (NYSE:AIN) had its price objective decreased by Bank of America from $90.00 to $80.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently 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.

AIN has been the subject of several other research reports. TD Cowen dropped their target price on Albany International from $95.00 to $81.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Truist Financial cut their price objective on shares of Albany International from $91.00 to $85.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, StockNews.com downgraded Albany International from a “buy” rating to a “hold” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $85.50.

Albany International Price Performance

Shares of NYSE:AIN traded down $0.13 during mid-day trading on Friday, reaching $80.39. The stock had a trading volume of 77,472 shares, compared to its average volume of 161,739. The business’s 50 day moving average price is $79.27 and its 200 day moving average price is $84.71. Albany International has a 1 year low of $67.39 and a 1 year high of $99.41. The company has a market cap of $2.52 billion, a P/E ratio of 25.06, a price-to-earnings-growth ratio of 2.66 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 posted its earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.35. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The firm had revenue of $298.40 million for the quarter, compared to the consensus estimate of $304.51 million. During the same period in the previous year, the firm posted $1.02 EPS. The business’s quarterly revenue was up 6.2% on a year-over-year basis. Research analysts expect that Albany International will post 3.2 EPS for the current fiscal year.

Insider Activity at Albany International

In other Albany International news, SVP Robert Alan Hansen bought 1,050 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were purchased at an average price of $71.26 per share, for a total transaction of $74,823.00. Following the transaction, 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Gunnar Kleveland purchased 1,400 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was bought at an average cost of $71.25 per share, with a total value of $99,750.00. Following the acquisition, the chief executive officer now owns 8,284 shares in the company, valued at $590,235. This represents a 20.34 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 3,450 shares of company stock worth $245,813 in the last three months. Company insiders own 0.76% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of AIN. Vanguard Group Inc. boosted 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 worth $330,041,000 after acquiring an additional 11,052 shares during the last quarter. Earnest Partners LLC boosted its holdings in shares of Albany International by 2.1% during the 2nd quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock worth $218,961,000 after purchasing an additional 53,743 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Albany International by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock valued at $92,192,000 after purchasing an additional 52,909 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Albany International by 24.0% in the third quarter. Victory Capital Management Inc. now owns 847,829 shares of the textile maker’s stock valued at $75,330,000 after purchasing an additional 163,934 shares in the last quarter. Finally, William Blair Investment Management LLC increased its holdings in shares of Albany International by 3.5% in the second quarter. William Blair Investment Management LLC now owns 726,287 shares of the textile maker’s stock valued at $61,335,000 after purchasing an additional 24,430 shares during the last quarter. 97.37% of the stock is 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.