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

Albany International (NYSE:AIN) had its price target upped by Truist Financial from $85.00 to $88.00 in a report issued on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the textile maker’s stock.

Several other analysts also recently weighed in on AIN. StockNews.com upgraded Albany International from a “hold” rating to a “buy” rating in a report on Friday, December 13th. Bank of America reduced their price target on shares of Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a report on Friday, November 15th. Finally, TD Cowen upgraded shares of Albany International to a “strong-buy” rating in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $86.25.

Albany International Price Performance

Shares of AIN stock opened at $80.94 on Tuesday. The company has a market capitalization of $2.53 billion, a P/E ratio of 25.29 and a beta of 1.35. The company’s 50-day simple moving average is $81.41 and its two-hundred day simple moving average is $83.10. Albany International has a one year low of $67.39 and a one year high of $98.73. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.68 and a quick ratio of 2.94.

Albany International (NYSE:AIN) last announced its quarterly earnings data on Wednesday, October 30th. The textile maker reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.35. The company had revenue of $298.40 million for the quarter, compared to analysts’ expectations of $304.51 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. Albany International’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.02 earnings per share. As a group, equities 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 was paid on Wednesday, January 8th. Shareholders of record on Tuesday, December 17th were given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.33%. This is a positive change from Albany International’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, December 17th. Albany International’s dividend payout ratio is presently 33.75%.

Insider Activity

In other news, SVP Robert Alan Hansen bought 1,050 shares of the stock in a transaction on Tuesday, November 5th. The stock was bought at an average cost of $71.26 per share, for a total transaction of $74,823.00. Following the completion of the purchase, the senior vice president now directly owns 8,387 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gunnar Kleveland purchased 1,400 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was purchased at an average cost of $71.25 per share, for a total transaction of $99,750.00. Following the completion of the acquisition, the chief executive officer now directly owns 8,284 shares of the company’s stock, valued at approximately $590,235. The trade was a 20.34 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 3,450 shares of company stock worth $245,813. Corporate insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. State Street Corp grew its stake in shares of Albany International by 3.1% during the third quarter. State Street Corp now owns 1,218,058 shares of the textile maker’s stock worth $108,544,000 after acquiring an additional 36,944 shares during the last quarter. MQS Management LLC acquired a new stake in Albany International in the 3rd quarter worth approximately $800,000. Natixis Advisors LLC boosted its stake in Albany International by 5.4% in the 3rd quarter. Natixis Advisors LLC now owns 239,697 shares of the textile maker’s stock worth $21,297,000 after purchasing an additional 12,262 shares in the last quarter. Principal Financial Group Inc. grew its position in Albany International by 6.6% during the 3rd quarter. Principal Financial Group Inc. now owns 586,268 shares of the textile maker’s stock worth $52,071,000 after purchasing an additional 36,274 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Albany International by 14.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 80,618 shares of the textile maker’s stock valued at $7,163,000 after purchasing an additional 9,931 shares in the last quarter. 97.37% of the stock is owned by institutional investors and hedge funds.

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.