Albany International Corporation (NYSE:AIN) Receives $61.50 Average Price Target from Analysts

Shares of Albany International Corporation (NYSE:AIN) have received an average recommendation of “Reduce” from the six analysts that are covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $61.50.

A number of brokerages recently commented on AIN. Truist Financial set a $55.00 price objective on Albany International in a research note on Friday, January 9th. Zacks Research cut Albany International from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 18th. JPMorgan Chase & Co. boosted their target price on Albany International from $45.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, January 16th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Albany International in a research report on Monday, December 29th.

Insider Activity

In other news, CEO Gunnar Kleveland acquired 2,300 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was acquired at an average price of $42.04 per share, for a total transaction of $96,692.00. Following the transaction, the chief executive officer directly owned 19,895 shares in the company, valued at approximately $836,385.80. This represents a 13.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 0.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AIN. Royal Bank of Canada raised its position in shares of Albany International by 7.5% during the first quarter. Royal Bank of Canada now owns 15,590 shares of the textile maker’s stock worth $1,076,000 after purchasing an additional 1,085 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Albany International by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,569 shares of the textile maker’s stock worth $1,282,000 after purchasing an additional 807 shares in the last quarter. Millennium Management LLC raised its holdings in Albany International by 464.4% during the 1st quarter. Millennium Management LLC now owns 91,934 shares of the textile maker’s stock worth $6,347,000 after buying an additional 75,644 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Albany International by 6.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 59,199 shares of the textile maker’s stock valued at $4,087,000 after buying an additional 3,559 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Albany International in the first quarter valued at approximately $7,468,000. 97.37% of the stock is owned by institutional investors and hedge funds.

Albany International Price Performance

Albany International stock opened at $57.53 on Monday. The business’s 50-day simple moving average is $50.76 and its 200 day simple moving average is $57.07. The company has a quick ratio of 1.84, a current ratio of 2.34 and a debt-to-equity ratio of 0.65. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of -29.65, a P/E/G ratio of 2.27 and a beta of 1.21. Albany International has a 12-month low of $41.15 and a 12-month high of $83.65.

Albany International (NYSE:AIN) last posted its quarterly earnings results on Wednesday, November 5th. The textile maker reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.11). Albany International had a positive return on equity of 8.98% and a negative net margin of 4.66%.The business had revenue of $307.44 million for the quarter, compared to the consensus estimate of $303.41 million. During the same period last year, the firm earned $0.80 earnings per share. The company’s quarterly revenue was down 12.4% on a year-over-year basis. As a group, research analysts anticipate that Albany International will post 3.23 earnings per share for the current year.

Albany International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Tuesday, December 16th were given a dividend of $0.28 per share. This is a positive change from Albany International’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Tuesday, December 16th. Albany International’s payout ratio is -57.73%.

Albany International Company Profile

Albany International Corp. is a global advanced materials company specializing in engineered textiles and composites. Its business is organized into two primary segments: Process Media and Engineered Composites. The Process Media segment designs, manufactures and services press, forming and drying fabrics used in the production of paper and packaging materials, helping paper manufacturers improve efficiency, quality and sustainability. The Engineered Composites segment produces lightweight composite structures and components for aerospace and industrial applications, serving commercial and military aircraft programs as well as industrial markets that require high-performance, durable materials.

In the Process Media segment, Albany’s products include forming fabrics, press felts and dryer fabrics engineered to withstand extreme moisture and temperature conditions.