Albany International (NYSE:AIN) Price Target Raised to $88.00

Albany International (NYSE:AIN) had its target price upped by Truist Financial from $85.00 to $88.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the textile maker’s stock.

AIN has been the subject of a number of other research reports. Bank of America reduced their target price on Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a report on Friday, November 15th. StockNews.com raised Albany International from a “hold” rating to a “buy” rating in a research report on Friday, December 13th. Finally, TD Cowen upgraded shares of Albany International to a “strong-buy” rating in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $80.75.

Albany International Stock Performance

Shares of Albany International stock opened at $81.39 on Tuesday. Albany International has a 1 year low of $67.39 and a 1 year high of $98.73. The firm’s 50-day moving average is $81.41 and its 200 day moving average is $83.07. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of 25.43 and a beta of 1.35. 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 issued its 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. The firm had revenue of $298.40 million for the quarter, compared to the consensus estimate of $304.51 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The business’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.02 earnings per share. Sell-side analysts anticipate that Albany International will post 3.24 EPS for the current fiscal year.

Albany International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Tuesday, December 17th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date was Tuesday, December 17th. This is a boost from Albany International’s previous quarterly dividend of $0.26. Albany International’s dividend payout ratio is 33.75%.

Insiders Place Their Bets

In related news, CEO Gunnar Kleveland acquired 1,400 shares of Albany International stock in a transaction dated Tuesday, November 5th. The stock was purchased at an average cost of $71.25 per share, for a total transaction of $99,750.00. Following the purchase, 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 filing with the SEC, which is accessible through this link. Also, VP Joseph M. Gaug bought 1,000 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were bought 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 directly owns 6,811 shares of the company’s stock, valued at $485,215.64. This represents a 17.21 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 3,450 shares of company stock valued at $245,813. Insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Quarry LP increased its holdings in Albany International by 515.4% in the 3rd quarter. Quarry LP now owns 480 shares of the textile maker’s stock worth $43,000 after acquiring an additional 402 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Albany International by 33.4% in the third quarter. GAMMA Investing LLC now owns 899 shares of the textile maker’s stock worth $80,000 after purchasing an additional 225 shares during the period. KBC Group NV increased its stake in shares of Albany International by 28.9% in the third quarter. KBC Group NV now owns 1,058 shares of the textile maker’s stock worth $94,000 after purchasing an additional 237 shares in the last quarter. Central Pacific Bank Trust Division raised its position in shares of Albany International by 40.3% during the 3rd quarter. Central Pacific Bank Trust Division now owns 1,985 shares of the textile maker’s stock valued at $176,000 after purchasing an additional 570 shares during the period. Finally, Bridges Investment Management Inc. purchased a new position in shares of Albany International during the 3rd quarter valued at $206,000. Institutional investors own 97.37% of the company’s stock.

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.