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

Albany International (NYSE:AIN - Free Report) had its target price reduced by Bank of America from $90.00 to $80.00 in a report released on Friday morning,Benzinga reports. They currently have an underperform rating on the textile maker's stock.

AIN has been the topic of a number of other reports. StockNews.com downgraded shares of Albany International from a "buy" rating to a "hold" rating in a report on Wednesday. TD Cowen cut their target price on shares of Albany International from $95.00 to $81.00 and set a "buy" rating for the company in a research report on Friday, October 4th. Finally, Truist Financial decreased their price target on shares of Albany International from $91.00 to $85.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. One equities 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's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $85.50.

Albany International Trading Down 0.5 %

Shares of NYSE:AIN traded down $0.43 during mid-day trading on Friday, reaching $80.09. 262,527 shares of the company's stock were exchanged, compared to its average volume of 162,572. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of 25.03, a PEG ratio of 2.66 and a beta of 1.29. 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 twelve month low of $67.39 and a twelve month high of $99.41. The business's fifty day moving average price is $79.06 and its 200-day moving average price is $84.63.

Albany International (NYSE:AIN - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.35. The firm had revenue of $298.40 million for the quarter, compared to analyst estimates of $304.51 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The company's revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.02 earnings per share. On average, research analysts predict that Albany International will post 3.2 EPS for the current fiscal year.

Albany International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Tuesday, September 3rd were paid a $0.26 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 1.30%. Albany International's dividend payout ratio (DPR) is currently 32.50%.

Insider Activity

In other Albany International news, CEO Gunnar Kleveland bought 1,400 shares of Albany International stock in a transaction dated Tuesday, November 5th. The shares were purchased at an average cost of $71.25 per share, with a total value of $99,750.00. Following the completion of the purchase, the chief executive officer now owns 8,284 shares of the company's stock, valued at approximately $590,235. This represents a 20.34 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Robert Alan Hansen purchased 1,050 shares of the company's stock in a transaction that occurred on Tuesday, November 5th. The stock was acquired at an average cost of $71.26 per share, with a total value of $74,823.00. Following the purchase, the senior vice president now directly owns 8,387 shares of the company's stock, valued at $597,657.62. This trade represents a 14.31 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 3,450 shares of company stock valued at $245,813. 0.76% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Quarry LP grew its holdings in Albany International by 515.4% in the third quarter. Quarry LP now owns 480 shares of the textile maker's stock worth $43,000 after purchasing an additional 402 shares during the period. GAMMA Investing LLC boosted its holdings in Albany International by 27.4% in the second quarter. GAMMA Investing LLC now owns 674 shares of the textile maker's stock worth $57,000 after acquiring an additional 145 shares in the last quarter. Hilltop National Bank grew its stake in shares of Albany International by 14.7% in the second quarter. Hilltop National Bank now owns 1,045 shares of the textile maker's stock worth $88,000 after acquiring an additional 134 shares during the last quarter. KBC Group NV increased its holdings in shares of Albany International by 28.9% during the third quarter. KBC Group NV now owns 1,058 shares of the textile maker's stock valued at $94,000 after acquiring an additional 237 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Albany International in the 1st quarter worth about $102,000. 97.37% of the stock is currently owned by 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.