Albany International (NYSE:AIN) Hits New 52-Week Low – Here’s What Happened

Albany International Corp. (NYSE:AIN) shares hit a new 52-week low during trading on Thursday . The stock traded as low as $68.75 and last traded at $70.02, with a volume of 22718 shares changing hands. The stock had previously closed at $70.75.

Analysts Set New Price Targets

Several brokerages recently weighed in on AIN. StockNews.com upgraded Albany International from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. TD Cowen cut their price objective on shares of Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Finally, Truist Financial lowered their target price on shares of Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research note on Friday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $88.00.

Albany International Stock Up 2.4 %

The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 21.73, a price-to-earnings-growth ratio of 2.36 and a beta of 1.25. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.59 and a quick ratio of 2.87. The business has a fifty day moving average price of $81.73 and a two-hundred day moving average price of $85.36.

Albany International (NYSE:AIN) last posted its quarterly earnings results on Wednesday, October 30th. The textile maker reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.35. The company had revenue of $298.40 million during the quarter, compared to analyst estimates of $304.51 million. Albany International had a net margin of 7.92% and a return on equity of 12.28%. Albany International’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period last year, the firm posted $1.02 EPS. On average, equities analysts expect that Albany International Corp. will post 3.12 earnings per share for the current year.

Albany International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend was Tuesday, September 3rd. Albany International’s dividend payout ratio is currently 32.50%.

Hedge Funds Weigh In On Albany International

Several institutional investors and hedge funds have recently modified their holdings of AIN. Vanguard Group Inc. raised its position in Albany International by 0.3% during the first quarter. Vanguard Group Inc. now owns 3,529,478 shares of the textile maker’s stock valued at $330,041,000 after acquiring an additional 11,052 shares in the last quarter. Earnest Partners LLC increased its holdings in shares of Albany International by 2.1% during the 2nd quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock valued at $218,961,000 after purchasing an additional 53,743 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Albany International by 5.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock valued at $92,192,000 after purchasing an additional 52,909 shares during the period. William Blair Investment Management LLC lifted its stake in shares of Albany International by 3.5% in the 2nd quarter. William Blair Investment Management LLC now owns 726,287 shares of the textile maker’s stock valued at $61,335,000 after purchasing an additional 24,430 shares during the period. Finally, Sei Investments Co. boosted its holdings in Albany International by 2.0% during the second quarter. Sei Investments Co. now owns 708,373 shares of the textile maker’s stock worth $59,822,000 after buying an additional 13,581 shares in the last quarter. Institutional investors and hedge funds 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.