Albany International (NYSE:AIN) Price Target Cut to $104.00 by Analysts at Truist Financial

Albany International (NYSE:AIN) had its price target trimmed by Truist Financial from $121.00 to $104.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a buy rating on the textile maker’s stock.

Separately, Bank of America reissued an underperform rating and set a $95.00 target price (down previously from $105.00) on shares of Albany International in a research note on Thursday, March 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Albany International presently has a consensus rating of Moderate Buy and an average price target of $102.00.

Albany International Stock Up 1.2 %

NYSE AIN opened at $84.67 on Wednesday. The company has a quick ratio of 2.85, a current ratio of 3.99 and a debt-to-equity ratio of 0.45. Albany International has a 52 week low of $78.20 and a 52 week high of $99.41. The business’s fifty day simple moving average is $90.68 and its 200-day simple moving average is $89.63. The firm has a market cap of $2.64 billion, a PE ratio of 23.78, a P/E/G ratio of 2.18 and a beta of 1.28.

Albany International (NYSE:AIN) last posted its earnings results on Tuesday, April 30th. The textile maker reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. The company had revenue of $313.33 million for the quarter, compared to analyst estimates of $313.41 million. Albany International had a net margin of 9.35% and a return on equity of 13.40%. Albany International’s revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.91 EPS. As a group, equities analysts anticipate that Albany International will post 3.89 earnings per share for the current year.

Albany International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a dividend of $0.26 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.04 annualized dividend and a dividend yield of 1.23%. Albany International’s dividend payout ratio is currently 29.21%.

Insider Activity

In other news, CFO Robert D. Starr bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were purchased at an average price of $84.44 per share, with a total value of $84,440.00. Following the purchase, the chief financial officer now owns 2,610 shares in the company, valued at $220,388.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.76% of the company’s stock.

Institutional Investors Weigh In On Albany International

Several large investors have recently added to or reduced their stakes in AIN. Raymond James & Associates grew its stake in Albany International by 4.7% during the 3rd quarter. Raymond James & Associates now owns 118,751 shares of the textile maker’s stock worth $10,246,000 after purchasing an additional 5,362 shares in the last quarter. Brown Advisory Inc. grew its position in shares of Albany International by 2.7% during the third quarter. Brown Advisory Inc. now owns 369,061 shares of the textile maker’s stock worth $31,843,000 after buying an additional 9,753 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Albany International by 12.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,260 shares of the textile maker’s stock worth $540,000 after buying an additional 715 shares during the period. Mackenzie Financial Corp raised its holdings in Albany International by 9.1% in the third quarter. Mackenzie Financial Corp now owns 4,166 shares of the textile maker’s stock valued at $354,000 after acquiring an additional 347 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Albany International by 2.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,940 shares of the textile maker’s stock worth $1,203,000 after acquiring an additional 379 shares during 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.