Albany International (NYSE:AIN) Price Target Cut to $96.00

Albany International (NYSE:AIN) had its price objective reduced by stock analysts at JPMorgan Chase & Co. from $98.00 to $96.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the textile maker’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 13.38% from the company’s previous close.

Several other analysts have also commented on AIN. TD Cowen dropped their price objective on Albany International from $106.00 to $95.00 and set a “buy” rating on the stock in a report on Wednesday. Bank of America reissued an “underperform” rating and issued a $95.00 price target (down previously from $105.00) on shares of Albany International in a report on Thursday, March 28th. Finally, Truist Financial decreased their price objective on shares of Albany International from $121.00 to $104.00 and set a “buy” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $102.00.

Albany International Price Performance

NYSE:AIN opened at $84.67 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.99 and a quick ratio of 2.85. The company has a 50 day moving average price of $90.68 and a 200-day moving average price of $89.63. Albany International has a 1-year low of $78.20 and a 1-year high of $99.41. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of 23.78, a price-to-earnings-growth ratio of 2.18 and a beta of 1.28.

Albany International (NYSE:AIN) last released its quarterly earnings data on Tuesday, April 30th. The textile maker reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. Albany International had a net margin of 9.35% and a return on equity of 13.40%. The company had revenue of $313.33 million during the quarter, compared to analysts’ expectations of $313.41 million. During the same quarter in the previous year, the company earned $0.91 earnings per share. The firm’s revenue for the quarter was up 16.4% on a year-over-year basis. Equities research analysts forecast that Albany International will post 3.89 EPS for the current year.

Insider Transactions at Albany International

In other Albany International news, CFO Robert D. Starr purchased 1,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were purchased at an average cost of $84.44 per share, with a total value of $84,440.00. Following the completion of the purchase, the chief financial officer now owns 2,610 shares in the company, valued at approximately $220,388.40. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.76% of the company’s stock.

Hedge Funds Weigh In On Albany International

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Albany International in the 4th quarter valued at $33,273,000. Sei Investments Co. increased its position in Albany International by 37.2% during the fourth quarter. Sei Investments Co. now owns 670,072 shares of the textile maker’s stock worth $65,814,000 after purchasing an additional 181,814 shares during the last quarter. Fort Washington Investment Advisors Inc. OH acquired a new stake in Albany International during the fourth quarter worth about $12,803,000. Envestnet Asset Management Inc. boosted its holdings in Albany International by 81.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 284,006 shares of the textile maker’s stock valued at $24,504,000 after purchasing an additional 127,295 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Albany International by 206.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 104,601 shares of the textile maker’s stock valued at $9,025,000 after buying an additional 70,459 shares during the period. Hedge funds and other institutional investors own 97.37% of the company’s stock.

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.