Albany International Corporation (NYSE:AIN) Given Average Rating of “Reduce” by Analysts

Shares of Albany International Corporation (NYSE:AIN) have received an average rating of “Reduce” from the seven ratings firms that are currently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a sell rating and four have given a hold rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $61.50.

A number of equities analysts have weighed in on the company. Zacks Research lowered Albany International from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 18th. Truist Financial set a $55.00 price objective on shares of Albany International in a research report on Friday, January 9th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Albany International in a research note on Monday, December 29th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Albany International from $45.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday.

Insider Transactions at Albany International

In other news, CEO Gunnar Kleveland acquired 2,300 shares of the business’s stock in a transaction dated Monday, November 17th. The stock was purchased at an average cost of $42.04 per share, for a total transaction of $96,692.00. Following the acquisition, the chief executive officer owned 19,895 shares of the company’s stock, valued at $836,385.80. This trade represents a 13.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.76% of the stock is currently owned by company insiders.

Institutional Trading of Albany International

Hedge funds have recently bought and sold shares of the company. Royal Bank of Canada grew its position in Albany International by 7.5% during the first quarter. Royal Bank of Canada now owns 15,590 shares of the textile maker’s stock valued at $1,076,000 after acquiring an additional 1,085 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Albany International by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,569 shares of the textile maker’s stock valued at $1,282,000 after purchasing an additional 807 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Albany International by 464.4% during the 1st quarter. Millennium Management LLC now owns 91,934 shares of the textile maker’s stock valued at $6,347,000 after purchasing an additional 75,644 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Albany International by 6.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 59,199 shares of the textile maker’s stock worth $4,087,000 after purchasing an additional 3,559 shares during the period. Finally, Jane Street Group LLC bought a new stake in Albany International in the first quarter worth $7,468,000. Institutional investors own 97.37% of the company’s stock.

Albany International Stock Performance

NYSE AIN opened at $57.86 on Monday. The company’s 50 day simple moving average is $50.11 and its two-hundred day simple moving average is $57.28. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.34 and a quick ratio of 1.84. Albany International has a 1 year low of $41.15 and a 1 year high of $83.65. The stock has a market capitalization of $1.66 billion, a PE ratio of -29.82, a P/E/G ratio of 2.33 and a beta of 1.21.

Albany International (NYSE:AIN) last released its quarterly earnings results on Wednesday, November 5th. The textile maker reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.11). Albany International had a negative net margin of 4.66% and a positive return on equity of 8.98%. The firm had revenue of $307.44 million for the quarter, compared to analysts’ expectations of $303.41 million. During the same quarter last year, the firm earned $0.80 earnings per share. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. Analysts predict that Albany International will post 3.23 earnings per share for the current fiscal year.

Albany International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Tuesday, December 16th were given a dividend of $0.28 per share. The ex-dividend date was Tuesday, December 16th. This is a positive change from Albany International’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a yield of 1.9%. Albany International’s dividend payout ratio (DPR) is -57.73%.

Albany International Company Profile

Albany International Corp. is a global advanced materials company specializing in engineered textiles and composites. Its business is organized into two primary segments: Process Media and Engineered Composites. The Process Media segment designs, manufactures and services press, forming and drying fabrics used in the production of paper and packaging materials, helping paper manufacturers improve efficiency, quality and sustainability. The Engineered Composites segment produces lightweight composite structures and components for aerospace and industrial applications, serving commercial and military aircraft programs as well as industrial markets that require high-performance, durable materials.

In the Process Media segment, Albany’s products include forming fabrics, press felts and dryer fabrics engineered to withstand extreme moisture and temperature conditions.