Albany International (NYSE:AIN) Lowered to "Neutral" Rating by Robert W. Baird

Key Points

• Albany International was downgraded from an "outperform" to a "neutral" rating by Robert W. Baird, with a new price target of $79.00, indicating a potential upside of 11.33% from its last close.
• Despite the downgrade, analysts maintain a "Moderate Buy" rating for Albany International, with a consensus target price of $76.40.
• In its last earnings report, Albany International missed estimates, reporting earnings of $0.57 per share against a consensus of $0.73, along with a revenue decline of 6.2% year-over-year.

Robert W. Baird cut shares of Albany International (NYSE:AIN - Free Report) from an outperform rating to a neutral rating in a report published on Thursday, Marketbeat Ratings reports. They currently have $79.00 target price on the textile maker's stock.

Other research analysts have also issued reports about the company. Wall Street Zen raised Albany International from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Bank of America decreased their price target on Albany International from $75.00 to $65.00 and set an "underperform" rating for the company in a research note on Monday, June 2nd. JPMorgan Chase & Co. upped their price target on Albany International from $65.00 to $77.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Finally, Truist Financial decreased their price target on Albany International from $88.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Albany International currently has an average rating of "Hold" and a consensus price target of $71.40.

Albany International Stock Up 3.3%

NYSE:AIN traded up $1.79 during trading hours on Thursday, hitting $55.98. 821,396 shares of the company's stock traded hands, compared to its average volume of 264,880. The firm has a market cap of $1.69 billion, a P/E ratio of 27.99, a P/E/G ratio of 1.30 and a beta of 1.38. Albany International has a twelve month low of $50.60 and a twelve month high of $94.20. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.92 and a current ratio of 3.51. The stock's fifty day moving average price is $68.58 and its two-hundred day moving average price is $70.88.

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

Albany International Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Friday, June 6th were issued a dividend of $0.27 per share. The ex-dividend date was Friday, June 6th. This represents a $1.08 annualized dividend and a yield of 1.9%. Albany International's payout ratio is currently 54.00%.

Institutional Trading of Albany International

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Albany International by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 3,493,846 shares of the textile maker's stock valued at $279,403,000 after purchasing an additional 12,687 shares during the period. Earnest Partners LLC increased its position in shares of Albany International by 3.9% in the fourth quarter. Earnest Partners LLC now owns 2,641,108 shares of the textile maker's stock valued at $211,209,000 after acquiring an additional 99,149 shares during the last quarter. Bank of America Corp DE increased its position in shares of Albany International by 3,050.6% in the fourth quarter. Bank of America Corp DE now owns 1,363,946 shares of the textile maker's stock valued at $109,075,000 after acquiring an additional 1,320,654 shares during the last quarter. American Century Companies Inc. increased its position in shares of Albany International by 45.3% in the first quarter. American Century Companies Inc. now owns 1,233,925 shares of the textile maker's stock valued at $85,190,000 after acquiring an additional 384,546 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Albany International by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,103,121 shares of the textile maker's stock valued at $88,217,000 after acquiring an additional 9,226 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.