Albany International (NYSE:AIN) Rating Lowered to "Neutral" at 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 issued on Thursday, MarketBeat.com reports. They currently have $79.00 target price on the textile maker's stock.

Several other research firms have also recently issued reports on AIN. Bank of America cut their target price on Albany International from $75.00 to $65.00 and set an "underperform" rating for the company in a research report on Monday, June 2nd. Truist Financial lowered their target price on shares of Albany International from $88.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Wall Street Zen raised shares of Albany International from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Albany International from $65.00 to $77.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $71.40.

Albany International Stock Up 4.4%

NYSE AIN traded up $2.48 during mid-day trading on Thursday, reaching $58.36. The stock had a trading volume of 270,136 shares, compared to its average volume of 259,934. Albany International has a 1 year low of $50.60 and a 1 year high of $94.20. The company has a fifty day moving average price of $68.58 and a 200 day moving average price of $70.81. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.51 and a quick ratio of 2.78. The stock has a market cap of $1.76 billion, a PE ratio of 29.16, a price-to-earnings-growth ratio of 1.31 and a beta of 1.38.

Albany International (NYSE:AIN - Get Free Report) last released its quarterly earnings data 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). The company had revenue of $311.40 million for the quarter, compared to analysts' expectations of $306.06 million. Albany International had a net margin of 5.25% and a return on equity of 8.87%. The firm'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, research analysts expect that Albany International will post 3.23 earnings per share for the current year.

Albany International Dividend Announcement

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

Institutional Investors Weigh In On Albany International

Several institutional investors have recently added to or reduced their stakes in AIN. Brooklyn Investment Group raised its holdings in Albany International by 2,241.2% during the first quarter. Brooklyn Investment Group now owns 398 shares of the textile maker's stock worth $27,000 after purchasing an additional 381 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Albany International in the fourth quarter worth $40,000. Sterling Capital Management LLC raised its position in Albany International by 735.6% in the fourth quarter. Sterling Capital Management LLC now owns 752 shares of the textile maker's stock worth $60,000 after acquiring an additional 662 shares in the last quarter. Covestor Ltd raised its position in Albany International by 110.4% in the fourth quarter. Covestor Ltd now owns 888 shares of the textile maker's stock worth $71,000 after acquiring an additional 466 shares in the last quarter. Finally, Hilltop National Bank purchased a new position in Albany International in the second quarter worth $101,000. Hedge funds and other 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.