Albany International (NYSE:AIN) Given New $74.00 Price Target at JPMorgan Chase & Co.

Albany International (NYSE:AIN - Get Free Report) had its price target cut by stock analysts at JPMorgan Chase & Co. from $75.00 to $74.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the textile maker's stock. JPMorgan Chase & Co.'s price objective would suggest a potential downside of 7.90% from the company's current price.

A number of other equities analysts have also recently commented on AIN. Bank of America dropped their price objective on shares of Albany International from $90.00 to $80.00 and set an "underperform" rating for the company in a research note on Friday, November 15th. TD Cowen raised Albany International to a "strong-buy" rating in a research note on Thursday, December 19th. Truist Financial raised their price objective on Albany International from $85.00 to $88.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, StockNews.com cut Albany International from a "buy" rating to a "hold" rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $80.75.

Albany International Price Performance

Shares of NYSE:AIN traded down $0.55 during mid-day trading on Wednesday, reaching $80.35. The stock had a trading volume of 88,217 shares, compared to its average volume of 197,542. The business's 50 day moving average price is $81.41 and its 200 day moving average price is $83.10. Albany International has a 1 year low of $67.39 and a 1 year high of $98.73. The company has a market cap of $2.51 billion, a P/E ratio of 25.11 and a beta of 1.35. 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 - Get Free Report) last issued its quarterly earnings data 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. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The business had revenue of $298.40 million for the quarter, compared to analysts' expectations of $304.51 million. During the same period in the prior year, the firm earned $1.02 EPS. The company's revenue for the quarter was up 6.2% on a year-over-year basis. Research analysts expect that Albany International will post 3.23 EPS for the current fiscal year.

Insider Activity at Albany International

In other news, CEO Gunnar Kleveland acquired 1,400 shares of the company's stock in a transaction that occurred on Tuesday, November 5th. The shares were bought at an average price of $71.25 per share, with a total value of $99,750.00. Following the completion of the purchase, the chief executive officer now directly owns 8,284 shares in the company, valued at $590,235. This trade represents a 20.34 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Joseph M. Gaug bought 1,000 shares of the stock in a transaction on Tuesday, November 5th. The stock was purchased at an average price of $71.24 per share, with a total value of $71,240.00. Following the completion of the acquisition, the vice president now directly owns 6,811 shares in the company, valued at approximately $485,215.64. This trade represents a 17.21 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 3,450 shares of company stock worth $245,813 in the last quarter. 0.92% of the stock is owned by company insiders.

Institutional Trading of Albany International

A number of hedge funds have recently added to or reduced their stakes in AIN. State Street Corp raised its stake 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 worth $108,544,000 after buying an additional 36,944 shares in the last quarter. MQS Management LLC purchased a new stake in shares of Albany International during the 3rd quarter worth $800,000. Natixis Advisors LLC boosted its position in Albany International by 5.4% during the third quarter. Natixis Advisors LLC now owns 239,697 shares of the textile maker's stock valued at $21,297,000 after purchasing an additional 12,262 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Albany International by 14.0% in the third quarter. JPMorgan Chase & Co. now owns 80,618 shares of the textile maker's stock valued at $7,163,000 after purchasing an additional 9,931 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Albany International by 6.6% in the third quarter. Principal Financial Group Inc. now owns 586,268 shares of the textile maker's stock worth $52,071,000 after purchasing an additional 36,274 shares in the last quarter. 97.37% of the stock is owned by hedge funds and other institutional investors.

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.