Albany International (NYSE:AIN) Announces Quarterly Earnings Results

Albany International (NYSE:AIN) announced its earnings results on Wednesday. The textile maker reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.35, Briefing.com reports. The business had revenue of $298.40 million during the quarter, compared to analysts’ expectations of $304.51 million. Albany International had a return on equity of 13.13% and a net margin of 8.76%. During the same quarter in the prior year, the firm earned $1.02 earnings per share. The business’s revenue was up 6.2% compared to the same quarter last year. Albany International updated its FY24 guidance to $3.10-3.30 EPS.

Albany International Trading Down 2.8 %

Shares of NYSE AIN traded down $1.97 during midday trading on Thursday, reaching $68.78. 50,109 shares of the stock were exchanged, compared to its average volume of 153,759. The stock has a market capitalization of $2.15 billion, a P/E ratio of 20.19, a PEG ratio of 2.39 and a beta of 1.25. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.87 and a current ratio of 3.59. The company has a 50 day simple moving average of $82.16 and a 200 day simple moving average of $85.48. Albany International has a twelve month low of $68.62 and a twelve month high of $99.41.

Albany International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Tuesday, September 3rd were issued a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.04 annualized dividend and a yield of 1.51%. Albany International’s payout ratio is 29.71%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. TD Cowen lowered their target price on shares of Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. StockNews.com raised shares of Albany International from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Finally, Truist Financial lowered their target price on Albany International from $101.00 to $91.00 and set a “buy” rating on the stock in a report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $89.50.

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.