Albany International Corporation (NYSE:AIN) Announces Dividend Increase – $0.28 Per Share

Albany International Corporation (NYSE:AIN) declared a quarterly dividend on Friday, December 5th. Stockholders of record on Tuesday, December 16th will be given a dividend of 0.28 per share by the textile maker on Thursday, January 8th. This represents a c) dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Tuesday, December 16th. This is a 3.7% increase from Albany International’s previous quarterly dividend of $0.27.

Albany International has increased its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 7 consecutive years. Albany International has a dividend payout ratio of 27.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Albany International to earn $3.79 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 28.5%.

Albany International Trading Up 1.9%

Shares of AIN traded up $0.92 during mid-day trading on Friday, hitting $49.55. The company had a trading volume of 335,115 shares, compared to its average volume of 295,188. The business’s 50-day simple moving average is $52.08 and its 200-day simple moving average is $60.68. The company has a quick ratio of 1.84, a current ratio of 2.34 and a debt-to-equity ratio of 0.65. Albany International has a 1-year low of $41.15 and a 1-year high of $84.11. The stock has a market cap of $1.42 billion, a PE ratio of -25.54, a P/E/G ratio of 2.11 and a beta of 1.23.

Albany International (NYSE:AIN) last issued its quarterly earnings results on Wednesday, May 25th. The textile maker reported $0.43 EPS for the quarter. The firm had revenue of $239.92 million during the quarter. Albany International had a negative net margin of 4.66% and a positive return on equity of 8.98%. Sell-side analysts forecast that Albany International will post 3.23 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Truist Financial cut their target price on Albany International from $55.00 to $50.00 and set a “hold” rating on the stock in a research report on Friday, November 7th. JPMorgan Chase & Co. upped their price target on Albany International from $59.00 to $63.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 15th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Albany International in a research note on Monday. Finally, Zacks Research cut Albany International from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 18th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $64.25.

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.