Albany International (NYSE:AIN) Cut to Hold at StockNews.com

Albany International (NYSE:AIN) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Thursday.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. lowered their target price on Albany International from $75.00 to $74.00 and set a “neutral” rating for the company in a research report on Wednesday, January 15th. Robert W. Baird lowered their price objective on shares of Albany International from $104.00 to $92.00 and set an “outperform” rating for the company in a research report on Friday, February 28th. Truist Financial reduced their target price on shares of Albany International from $88.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. Finally, Bank of America lowered their price target on shares of Albany International from $80.00 to $75.00 and set an “underperform” rating for the company in a report on Tuesday, March 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $80.40.

Albany International Stock Up 0.6 %

NYSE AIN opened at $65.62 on Thursday. Albany International has a 12 month low of $57.71 and a 12 month high of $95.47. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36. The stock has a market cap of $2.03 billion, a PE ratio of 20.51 and a beta of 1.37. The stock’s 50 day moving average is $67.62 and its 200 day moving average is $75.62.

Albany International (NYSE:AIN) last released its earnings results on Wednesday, April 30th. The textile maker reported $0.73 EPS for the quarter, topping the consensus estimate of $0.58 by $0.15. The firm had revenue of $288.77 million for the quarter, compared to the consensus estimate of $300.74 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The company’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 earnings per share. Research analysts predict that Albany International will post 3.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Albany International

A number of large investors have recently bought and sold shares of the business. Bank of America Corp DE grew its holdings 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 worth $109,075,000 after purchasing an additional 1,320,654 shares during the last quarter. American Century Companies Inc. boosted its position in Albany International by 3,380.5% in the 4th quarter. American Century Companies Inc. now owns 849,379 shares of the textile maker’s stock valued at $67,925,000 after buying an additional 824,975 shares during the period. Massachusetts Financial Services Co. MA bought a new position in Albany International in the 4th quarter worth about $62,181,000. Norges Bank purchased a new position in shares of Albany International during the fourth quarter worth approximately $39,044,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Albany International during the fourth quarter valued at approximately $19,349,000. 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.