Albany International (NYSE:AIN) Shares Gap Down – Here’s Why

Albany International Corp. (NYSE:AIN) shares gapped down before the market opened on Monday . The stock had previously closed at $73.98, but opened at $72.30. Albany International shares last traded at $73.88, with a volume of 8,400 shares traded.

Analyst Ratings Changes

Several analysts recently commented on the company. JPMorgan Chase & Co. dropped their price target on Albany International from $75.00 to $74.00 and set a “neutral” rating for the company in a research report on Wednesday, January 15th. TD Cowen raised Albany International to a “strong-buy” rating in a research note on Thursday, December 19th. StockNews.com lowered Albany International from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Robert W. Baird lowered their price objective on Albany International from $104.00 to $92.00 and set an “outperform” rating on the stock in a research note on Friday, February 28th. Finally, Truist Financial boosted their price objective on Albany International from $85.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $83.00.

Albany International Price Performance

The stock has a 50 day simple moving average of $78.77 and a two-hundred day simple moving average of $79.95. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 23.09 and a beta of 1.37. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.68 and a quick ratio of 2.94.

Albany International (NYSE:AIN) last announced its quarterly earnings results on Wednesday, February 26th. The textile maker reported $0.58 EPS for the quarter, missing the consensus estimate of $0.63 by ($0.05). Albany International had a net margin of 7.92% and a return on equity of 12.20%. The business had revenue of $286.91 million during the quarter, compared to analyst estimates of $299.52 million. On average, equities research analysts predict that Albany International Corp. will post 3.23 earnings per share for the current fiscal year.

Albany International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 21st will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend is Friday, March 21st. Albany International’s dividend payout ratio (DPR) is presently 38.71%.

Hedge Funds Weigh In On Albany International

Large investors have recently modified their holdings of the business. Quarry LP lifted its stake in shares of Albany International by 515.4% in the 3rd quarter. Quarry LP now owns 480 shares of the textile maker’s stock valued at $43,000 after purchasing an additional 402 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Albany International during the 4th quarter worth about $40,000. Smartleaf Asset Management LLC lifted its stake in Albany International by 306.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 667 shares of the textile maker’s stock worth $53,000 after acquiring an additional 503 shares in the last quarter. Sterling Capital Management LLC lifted its stake in Albany International by 735.6% during the 4th quarter. Sterling Capital Management LLC now owns 752 shares of the textile maker’s stock worth $60,000 after acquiring an additional 662 shares in the last quarter. Finally, Vestcor Inc acquired a new position in Albany International during the 4th quarter worth about $70,000. Institutional investors and hedge funds own 97.37% of the company’s stock.

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.