Bank of America Has Lowered Expectations for Albany International (NYSE:AIN) Stock Price

Albany International (NYSE:AIN) had its target price lowered by analysts at Bank of America from $90.00 to $80.00 in a report issued on Friday,Benzinga reports. The firm presently has an “underperform” rating on the textile maker’s stock. Bank of America‘s price objective points to a potential downside of 0.11% from the stock’s previous close.

AIN has been the topic of a number of other research reports. TD Cowen cut their price objective on shares of Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Truist Financial dropped their target price 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 cut shares of Albany International from a “buy” rating to a “hold” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $85.50.

Albany International Stock Performance

Shares of Albany International stock opened at $80.09 on Friday. The business has a 50-day simple moving average of $79.06 and a 200-day simple moving average of $84.66. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.94 and a current ratio of 3.68. Albany International has a one year low of $67.39 and a one year high of $99.41. 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 (NYSE:AIN) last posted its earnings results on Wednesday, October 30th. The textile maker reported $0.80 EPS for the quarter, beating 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 analyst estimates of $304.51 million. During the same quarter in the prior year, the company posted $1.02 earnings per share. Albany International’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities research analysts forecast that Albany International will post 3.2 EPS for the current fiscal year.

Insider Activity at Albany International

In other news, SVP Robert Alan Hansen purchased 1,050 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was purchased at an average cost of $71.26 per share, with a total value of $74,823.00. Following the completion of the acquisition, the senior vice president now directly owns 8,387 shares of the company’s stock, valued at approximately $597,657.62. This trade represents a 14.31 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gunnar Kleveland acquired 1,400 shares of the stock in a transaction on Tuesday, November 5th. The stock was acquired at an average cost of $71.25 per share, for a total transaction of $99,750.00. Following the acquisition, the chief executive officer now directly 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 have purchased 3,450 shares of company stock worth $245,813 in the last quarter. Company insiders own 0.76% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew 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 buying an additional 11,052 shares during the period. Earnest Partners LLC boosted its position in Albany International by 2.1% during the second 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 in the last quarter. State Street Corp grew its holdings in Albany International by 3.1% in the third quarter. State Street Corp now owns 1,218,058 shares of the textile maker’s stock valued at $108,544,000 after purchasing an additional 36,944 shares during the last quarter. Dimensional Fund Advisors LP increased 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 buying an additional 52,909 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Albany International by 24.0% during the 3rd quarter. Victory Capital Management Inc. now owns 847,829 shares of the textile maker’s stock worth $75,330,000 after buying an additional 163,934 shares during 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.