Brokerages Set Albany International Corporation (NYSE:AIN) Price Target at $64.25

Albany International Corporation (NYSE:AIN) has earned an average recommendation of “Reduce” from the eight analysts that are covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $64.25.

A number of research analysts have commented on the company. JPMorgan Chase & Co. boosted their price objective on Albany International from $59.00 to $63.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 15th. Weiss Ratings reissued a “sell (d)” rating on shares of Albany International in a research report on Monday, December 1st. Truist Financial decreased their price target on Albany International from $55.00 to $50.00 and set a “hold” rating for the company in a report on Friday, November 7th. Finally, Zacks Research lowered shares of Albany International from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 18th.

Albany International Trading Up 1.9%

Shares of AIN stock opened at $49.55 on Friday. The company has a quick ratio of 1.84, a current ratio of 2.34 and a debt-to-equity ratio of 0.65. Albany International has a fifty-two week low of $41.15 and a fifty-two week high of $84.11. The firm’s 50 day moving average price is $52.00 and its two-hundred day moving average price is $60.49. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -25.54, a price-to-earnings-growth ratio of 2.18 and a beta of 1.23.

Albany International (NYSE:AIN) last released its quarterly earnings data on Wednesday, May 25th. The textile maker reported $0.43 earnings per share (EPS) for the quarter. The company had revenue of $239.92 million during the quarter. Albany International had a negative net margin of 4.66% and a positive return on equity of 8.98%. On average, analysts anticipate that Albany International will post 3.23 EPS for the current year.

Albany International Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Tuesday, December 16th will be paid a dividend of $0.28 per share. This is a positive change from Albany International’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Tuesday, December 16th. This represents a $1.12 annualized dividend and a yield of 2.3%. Albany International’s payout ratio is presently -55.67%.

Insider Buying and Selling

In other news, CEO Gunnar Kleveland acquired 2,300 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was bought at an average cost of $42.04 per share, with a total value 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 position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Caxton Associates LLP purchased a new position in Albany International in the third quarter valued at about $1,072,000. Voloridge Investment Management LLC raised its position in shares of Albany International by 173.0% in the 3rd quarter. Voloridge Investment Management LLC now owns 162,908 shares of the textile maker’s stock valued at $8,683,000 after purchasing an additional 103,231 shares in the last quarter. Verition Fund Management LLC boosted its stake in shares of Albany International by 341.8% during the 3rd quarter. Verition Fund Management LLC now owns 60,025 shares of the textile maker’s stock valued at $3,199,000 after buying an additional 46,438 shares during the last quarter. Numerai GP LLC acquired a new stake in shares of Albany International during the third quarter worth approximately $2,658,000. Finally, Millennium Management LLC increased its stake in shares of Albany International by 1,078.5% in the third quarter. Millennium Management LLC now owns 313,830 shares of the textile maker’s stock worth $16,727,000 after buying an additional 287,200 shares during the last quarter. Institutional investors and hedge funds 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.