Albany International (NYSE:AIN) Lowered to "Hold" Rating by Truist Financial

Key Points

• Truist Financial downgraded Albany International from a "buy" rating to a "hold" rating, lowering their price target from $70.00 to $55.00.
• The company's quarterly earnings fell short of expectations, with an EPS of $0.57 compared to the consensus estimate of $0.73.
• Institutional investors hold 97.37% of Albany International's stock, indicating strong interest in the company among large financial entities.

Albany International (NYSE:AIN - Get Free Report) was downgraded by stock analysts at Truist Financial from a "buy" rating to a "hold" rating in a note issued to investors on Friday, Marketbeat reports. They currently have a $55.00 price objective on the textile maker's stock, down from their prior price objective of $70.00. Truist Financial's price objective would suggest a potential downside of 1.75% from the stock's previous close.

AIN has been the subject of a number of other reports. JPMorgan Chase & Co. boosted their target price on shares of Albany International from $65.00 to $77.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Wall Street Zen upgraded shares of Albany International from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Baird R W downgraded shares of Albany International from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Bank of America dropped their price target on shares of Albany International from $75.00 to $65.00 and set an "underperform" rating on the stock in a research report on Monday, June 2nd. Finally, Robert W. Baird downgraded shares of Albany International from an "outperform" rating to a "neutral" rating and set a $79.00 price target on the stock. in a research report on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Albany International has an average rating of "Hold" and an average price target of $71.40.

Albany International Stock Performance

Albany International stock traded up $1.79 during midday trading on Friday, reaching $55.98. 821,396 shares of the stock traded hands, compared to its average volume of 264,880. The company has a current ratio of 3.51, a quick ratio of 2.92 and a debt-to-equity ratio of 0.50. The firm has a fifty day moving average price of $68.58 and a two-hundred day moving average price of $70.95. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 27.99, a PEG ratio of 1.26 and a beta of 1.31. Albany International has a fifty-two week low of $50.60 and a fifty-two week high of $94.20.

Albany International (NYSE:AIN - Get Free Report) last posted its earnings results on Wednesday, July 30th. The textile maker reported $0.57 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.73 by ($0.16). The firm had revenue of $311.40 million for the quarter, compared to analyst estimates of $306.06 million. Albany International had a net margin of 5.25% and a return on equity of 8.87%. The company's revenue for the quarter was down 6.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.89 earnings per share. On average, equities research analysts forecast that Albany International will post 3.23 earnings per share for the current year.

Institutional Investors Weigh In On Albany International

Large investors have recently made changes to their positions in the company. Brooklyn Investment Group raised its holdings in shares of Albany International by 2,241.2% during the first quarter. Brooklyn Investment Group now owns 398 shares of the textile maker's stock valued at $27,000 after acquiring an additional 381 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Albany International during the 4th quarter worth $40,000. Sterling Capital Management LLC boosted its holdings in shares of Albany International by 735.6% during the 4th quarter. Sterling Capital Management LLC now owns 752 shares of the textile maker's stock worth $60,000 after buying an additional 662 shares during the period. Covestor Ltd raised its stake in Albany International by 110.4% during the 4th quarter. Covestor Ltd now owns 888 shares of the textile maker's stock valued at $71,000 after purchasing an additional 466 shares during the last quarter. Finally, Hilltop National Bank acquired a new position in shares of Albany International in the 2nd quarter valued at $101,000. 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.