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

Albany International (NYSE:AIN) had its price target reduced by Truist Financial from $121.00 to $104.00 in a report issued on Wednesday, Benzinga reports. They currently have a buy rating on the textile maker’s stock.

Separately, Bank of America reiterated an underperform rating and issued a $95.00 price objective (down from $105.00) on shares of Albany International in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Albany International currently has an average rating of Moderate Buy and a consensus target price of $103.50.

Albany International Trading Up 2.4 %

NYSE:AIN opened at $81.63 on Wednesday. The company has a current ratio of 3.53, a quick ratio of 2.85 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $2.55 billion, a PE ratio of 22.93, a price-to-earnings-growth ratio of 2.28 and a beta of 1.25. The firm’s 50 day moving average is $90.98 and its 200 day moving average is $89.65. Albany International has a 12 month low of $78.20 and a 12 month high of $99.41.

Albany International (NYSE:AIN) last posted its quarterly earnings results on Tuesday, April 30th. The textile maker reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. The company had revenue of $313.33 million for the quarter, compared to analysts’ expectations of $313.41 million. Albany International had a net margin of 9.35% and a return on equity of 13.54%. Albany International’s revenue was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 EPS. Sell-side analysts expect that Albany International will post 3.93 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 dividend on an annualized basis and a dividend yield of 1.27%. Albany International’s dividend payout ratio (DPR) is currently 29.21%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its position in shares of Albany International by 13.7% during the 1st quarter. BNP Paribas Financial Markets now owns 25,779 shares of the textile maker’s stock valued at $2,411,000 after purchasing an additional 3,104 shares in the last quarter. Essex Financial Services Inc. grew its position in shares of Albany International by 11.3% during the 1st quarter. Essex Financial Services Inc. now owns 6,098 shares of the textile maker’s stock valued at $570,000 after purchasing an additional 620 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Albany International by 263.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 77,510 shares of the textile maker’s stock valued at $7,248,000 after purchasing an additional 56,179 shares in the last quarter. Raymond James & Associates grew its position in shares of Albany International by 4.7% during the 1st quarter. Raymond James & Associates now owns 120,109 shares of the textile maker’s stock valued at $11,231,000 after purchasing an additional 5,400 shares in the last quarter. Finally, Diversified Trust Co grew its position in shares of Albany International by 26.8% during the 1st quarter. Diversified Trust Co now owns 8,750 shares of the textile maker’s stock valued at $818,000 after purchasing an additional 1,850 shares in the last quarter. 97.37% of the stock is currently owned by hedge funds and other 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.