JPMorgan Chase & Co. Lowers Albany International (NYSE:AIN) Price Target to $74.00

Albany International (NYSE:AIN) had its target price cut by JPMorgan Chase & Co. from $75.00 to $74.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the textile maker’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 9.08% from the stock’s previous close.

Several other research firms have also weighed in on AIN. Truist Financial lifted their target price on shares of Albany International from $85.00 to $88.00 and gave the company a “buy” rating in a report on Tuesday. TD Cowen upgraded Albany International to a “strong-buy” rating in a research note on Thursday, December 19th. Bank of America lowered their target price on Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a research note on Friday, November 15th. Finally, StockNews.com lowered Albany International from a “buy” rating to a “hold” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $80.75.

Albany International Stock Performance

Shares of NYSE:AIN opened at $81.39 on Wednesday. The business has a 50-day moving average of $81.41 and a two-hundred day moving average of $83.07. The firm has a market capitalization of $2.55 billion, a PE 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 has a 12 month low of $67.39 and a 12 month high of $98.73.

Albany International (NYSE:AIN) last posted its earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share (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 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 company’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 EPS. As a group, research analysts forecast that Albany International will post 3.24 earnings per share for the current year.

Insider Activity

In other news, SVP Robert Alan Hansen purchased 1,050 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was acquired at an average cost of $71.26 per share, for a total transaction of $74,823.00. Following the completion of the purchase, the senior vice president now owns 8,387 shares of the company’s stock, valued at approximately $597,657.62. This trade represents a 14.31 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Joseph M. Gaug bought 1,000 shares of the firm’s stock in a transaction dated 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 transaction, the vice president now owns 6,811 shares in the company, valued at approximately $485,215.64. This represents a 17.21 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 3,450 shares of company stock worth $245,813. 0.92% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Albany International

Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP grew its position 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 purchasing an additional 402 shares during the last quarter. GAMMA Investing LLC grew its holdings in Albany International by 33.4% in the 3rd quarter. GAMMA Investing LLC now owns 899 shares of the textile maker’s stock worth $80,000 after buying an additional 225 shares in the last quarter. KBC Group NV increased its position in Albany International by 28.9% in the 3rd 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 during the period. Central Pacific Bank Trust Division raised its stake in 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 acquiring an additional 570 shares in the last quarter. Finally, Bridges Investment Management Inc. acquired a new position in Albany International during the 3rd quarter worth $206,000. 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.