Albany International (NYSE:AIN) Hits New 1-Year Low – Here’s Why

Albany International Corp. (NYSE:AIN) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $64.63 and last traded at $65.27, with a volume of 96737 shares changing hands. The stock had previously closed at $70.94.

Analyst Ratings Changes

A number of brokerages have recently weighed in on AIN. Bank of America dropped their price objective on shares of Albany International from $80.00 to $75.00 and set an “underperform” rating for the company in a research note on Tuesday, March 25th. TD Cowen raised Albany International to a “strong-buy” rating in a report on Thursday, December 19th. Truist Financial upped their price objective on Albany International from $85.00 to $88.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. JPMorgan Chase & Co. cut their target price on shares of Albany International from $75.00 to $74.00 and set a “neutral” rating for the company in a research note on Wednesday, January 15th. Finally, StockNews.com cut shares of Albany International from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Albany International presently has an average rating of “Moderate Buy” and an average target price of $82.00.

Albany International Stock Performance

The stock has a 50-day moving average price of $76.77 and a 200 day moving average price of $78.84. The firm has a market cap of $2.02 billion, a PE ratio of 20.40 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 posted its quarterly earnings data on Wednesday, February 26th. The textile maker reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.05). The company had revenue of $286.91 million for the quarter, compared to analyst estimates of $299.52 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. Research analysts forecast that Albany International Corp. will post 3.23 earnings per share for the current year.

Albany International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 21st will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend is Friday, March 21st. Albany International’s dividend payout ratio is currently 38.71%.

Institutional Trading of Albany International

Several institutional investors have recently made changes to their positions in AIN. Wealth Enhancement Advisory Services LLC acquired a new position in Albany International in the fourth quarter valued at $213,000. Public Employees Retirement System of Ohio purchased a new position in shares of Albany International in the 4th quarter worth about $40,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Albany International by 20.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 55,640 shares of the textile maker’s stock worth $4,450,000 after purchasing an additional 9,492 shares during the period. Voloridge Investment Management LLC lifted its stake in shares of Albany International by 88.9% in the 4th quarter. Voloridge Investment Management LLC now owns 105,991 shares of the textile maker’s stock valued at $8,476,000 after purchasing an additional 49,873 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Albany International during the 4th quarter worth about $4,304,000. 97.37% of the stock is owned by hedge funds and other institutional investors.

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.