Albany International Corporation (NYSE:AIN) Sees Large Decrease in Short Interest

Albany International Corporation (NYSE:AIN) saw a large decrease in short interest in the month of December. As of December 31st, there was short interest totaling 706,367 shares, a decrease of 22.7% from the December 15th total of 913,402 shares. Approximately 2.5% of the company’s shares are short sold. Based on an average daily volume of 288,593 shares, the days-to-cover ratio is currently 2.4 days. Based on an average daily volume of 288,593 shares, the days-to-cover ratio is currently 2.4 days. Approximately 2.5% of the company’s shares are short sold.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Albany International in a research report on Monday, December 29th. JPMorgan Chase & Co. raised their target price on Albany International from $45.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday. Truist Financial set a $55.00 price target on Albany International in a research note on Friday, January 9th. Finally, Zacks Research lowered Albany International from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 18th. Four equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $61.50.

Albany International Price Performance

AIN stock traded down $0.66 during mid-day trading on Monday, hitting $57.86. 335,858 shares of the stock were exchanged, compared to its average volume of 277,058. 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 12 month low of $41.15 and a 12 month high of $83.65. The business has a fifty day moving average price of $50.11 and a 200 day moving average price of $57.28. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of -29.82, a PEG ratio of 2.33 and a beta of 1.21.

Albany International (NYSE:AIN) last issued its earnings results on Wednesday, November 5th. The textile maker reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.11). Albany International had a positive return on equity of 8.98% and a negative net margin of 4.66%.The firm had revenue of $307.44 million during the quarter, compared to the consensus estimate of $303.41 million. During the same quarter in the prior year, the business posted $0.80 EPS. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. On average, sell-side analysts anticipate that Albany International will post 3.23 EPS for the current year.

Albany International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Tuesday, December 16th were paid a $0.28 dividend. This is an increase from Albany International’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Tuesday, December 16th. Albany International’s payout ratio is currently -57.73%.

Insider Activity at Albany International

In related news, CEO Gunnar Kleveland bought 2,300 shares of the company’s stock in a transaction on Monday, November 17th. The shares were 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 approximately $836,385.80. This represents a 13.07% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.76% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Albany International

Several large investors have recently modified their holdings of AIN. EverSource Wealth Advisors LLC raised its position in Albany International by 227.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 540 shares of the textile maker’s stock worth $38,000 after buying an additional 375 shares during the last quarter. Smartleaf Asset Management LLC grew its position in shares of Albany International by 32.4% in the second quarter. Smartleaf Asset Management LLC now owns 711 shares of the textile maker’s stock valued at $49,000 after purchasing an additional 174 shares in the last quarter. Osaic Holdings Inc. increased its position in Albany International by 42.3% during the second quarter. Osaic Holdings Inc. now owns 908 shares of the textile maker’s stock worth $64,000 after purchasing an additional 270 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Albany International in the third quarter valued at approximately $66,000. Finally, Lazard Asset Management LLC acquired a new stake in Albany International during the 2nd quarter worth approximately $77,000. Institutional investors own 97.37% of the company’s stock.

About Albany International

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.