Albany International (NYSE:AIN) Sets New 52-Week Low After Analyst Downgrade

Albany International Corp. (NYSE:AIN)’s stock price hit a new 52-week low during trading on Monday after TD Cowen lowered their price target on the stock from $95.00 to $81.00. TD Cowen currently has a buy rating on the stock. Albany International traded as low as $76.36 and last traded at $76.63, with a volume of 17186 shares changing hands. The stock had previously closed at $77.72.

Other analysts have also issued research reports about the company. Truist Financial reduced their target price on Albany International from $101.00 to $91.00 and set a “buy” rating for the company in a report on Thursday, October 3rd. StockNews.com upgraded Albany International from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $89.50.

Institutional Investors Weigh In On Albany International

Several hedge funds and other institutional investors have recently made changes to their positions in AIN. Whittier Trust Co. lifted its stake in shares of Albany International by 94.7% in the first quarter. Whittier Trust Co. now owns 547 shares of the textile maker’s stock valued at $51,000 after buying an additional 266 shares during the period. GAMMA Investing LLC lifted its stake in shares of Albany International by 27.4% in the second quarter. GAMMA Investing LLC now owns 674 shares of the textile maker’s stock valued at $57,000 after buying an additional 145 shares during the period. Hilltop National Bank lifted its stake in shares of Albany International by 14.7% in the second quarter. Hilltop National Bank now owns 1,045 shares of the textile maker’s stock valued at $88,000 after buying an additional 134 shares during the period. SG Americas Securities LLC bought a new stake in shares of Albany International in the first quarter valued at about $102,000. Finally, Central Pacific Bank Trust Division bought a new stake in shares of Albany International in the first quarter valued at about $128,000. 97.37% of the stock is owned by institutional investors and hedge funds.

Albany International Trading Down 4.6 %

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 company’s 50 day moving average is $87.59 and its two-hundred day moving average is $87.65. The firm has a market cap of $2.31 billion, a P/E ratio of 20.83, a PEG ratio of 2.42 and a beta of 1.25.

Albany International (NYSE:AIN) last announced its quarterly earnings results on Tuesday, August 6th. The textile maker reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). The business had revenue of $331.99 million for the quarter, compared to the consensus estimate of $318.17 million. Albany International had a return on equity of 13.13% and a net margin of 8.76%. The firm’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 EPS. On average, sell-side analysts predict that Albany International Corp. will post 3.71 earnings per share for the current year.

Albany International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Tuesday, September 3rd were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date of this dividend was Tuesday, September 3rd. Albany International’s dividend payout ratio (DPR) is currently 29.21%.

Albany International Company Profile

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.