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

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

Other equities analysts also recently issued research reports about the stock. TD Cowen reduced their price objective on shares of Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. StockNews.com downgraded Albany International from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Truist Financial decreased their price target on 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 investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $85.50.

Albany International Stock Performance

NYSE AIN opened at $80.09 on Friday. The company has a quick ratio of 2.94, a current ratio of 3.68 and a debt-to-equity ratio of 0.36. Albany International has a fifty-two week low of $67.39 and a fifty-two week high of $99.41. The business has a fifty day moving average of $79.06 and a 200-day moving average of $84.66. The stock has a market cap of $2.51 billion, a price-to-earnings ratio of 25.03, a price-to-earnings-growth ratio of 2.66 and a beta of 1.29.

Albany International (NYSE:AIN) last posted its quarterly earnings data on Wednesday, October 30th. The textile maker reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.35. The firm had revenue of $298.40 million during the quarter, compared to analysts’ expectations of $304.51 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.02 EPS. As a group, analysts predict that Albany International will post 3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP Joseph M. Gaug acquired 1,000 shares of Albany International stock in a transaction 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 purchase, the vice president now directly owns 6,811 shares in the company, valued at $485,215.64. This trade represents a 17.21 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Gunnar Kleveland bought 1,400 shares of the stock in a transaction dated Tuesday, November 5th. The stock was bought at an average price of $71.25 per share, with a total value of $99,750.00. Following 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 position. The disclosure for this purchase can be found here. Insiders bought 3,450 shares of company stock worth $245,813 over the last three months. 0.76% of the stock is owned by insiders.

Hedge Funds Weigh In On Albany International

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of 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 purchasing an additional 11,052 shares in the last quarter. Earnest Partners LLC increased its stake in 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 buying an additional 53,743 shares during the period. State Street Corp lifted its holdings in Albany International by 3.1% in the 3rd 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. Dimensional Fund Advisors LP boosted its position in Albany International by 5.1% in the 2nd 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 during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Albany International by 24.0% during the third quarter. Victory Capital Management Inc. now owns 847,829 shares of the textile maker’s stock valued at $75,330,000 after acquiring an additional 163,934 shares in the last quarter. Hedge funds and other 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.