Truist Financial Issues Positive Forecast for Albany International (NYSE:AIN) Stock Price

Albany International (NYSE:AIN) had its price objective upped by equities researchers at Truist Financial from $85.00 to $88.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the textile maker’s stock. Truist Financial’s price objective indicates a potential upside of 10.15% from the company’s previous close.

Other analysts have also issued reports about the stock. Bank of America reduced their price objective on shares of Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a research note on Friday, November 15th. StockNews.com raised shares of Albany International from a “hold” rating to a “buy” rating in a research report on Friday, December 13th. Finally, TD Cowen raised shares of Albany International to a “strong-buy” rating in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $86.25.

Albany International Price Performance

Shares of Albany International stock opened at $79.89 on Tuesday. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36. The company’s 50-day moving average price is $81.26 and its two-hundred day moving average price is $83.13. Albany International has a 52 week low of $67.39 and a 52 week high of $98.73. The stock has a market cap of $2.50 billion, a PE ratio of 24.97 and a beta of 1.35.

Albany International (NYSE:AIN) last posted its quarterly earnings data on Wednesday, October 30th. The textile maker reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.35. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The company had revenue of $298.40 million during the quarter, compared to analyst estimates of $304.51 million. During the same period in the prior year, the firm earned $1.02 earnings per share. The business’s quarterly revenue was up 6.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Albany International will post 3.23 EPS for the current fiscal year.

Insider Activity at Albany International

In other Albany International news, SVP Robert Alan Hansen acquired 1,050 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were purchased at an average price of $71.26 per share, with a total value of $74,823.00. Following the completion of the transaction, the senior vice president now owns 8,387 shares in the company, valued at $597,657.62. The trade was a 14.31 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Gunnar Kleveland acquired 1,400 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were acquired at an average cost of $71.25 per share, for a total transaction of $99,750.00. Following the transaction, the chief executive officer now owns 8,284 shares of the company’s stock, valued at approximately $590,235. This represents a 20.34 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 3,450 shares of company stock valued at $245,813. 0.76% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Albany International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. grew its holdings in Albany International by 24.0% during the third quarter. Victory Capital Management Inc. now owns 847,829 shares of the textile maker’s stock valued at $75,330,000 after purchasing an additional 163,934 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Albany International by 60.5% during the third quarter. Assenagon Asset Management S.A. now owns 161,340 shares of the textile maker’s stock valued at $14,335,000 after purchasing an additional 60,812 shares during the last quarter. Earnest Partners LLC grew its holdings in Albany International by 2.1% during the second quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock valued at $218,961,000 after purchasing an additional 53,743 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Albany International by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock valued at $92,192,000 after purchasing an additional 52,909 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in Albany International by 176.9% during the second quarter. Cubist Systematic Strategies LLC now owns 66,900 shares of the textile maker’s stock valued at $5,650,000 after purchasing an additional 42,740 shares during the last quarter. 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.