Albany International (NYSE:AIN) Announces Quarterly Earnings Results

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

Albany International Stock Down 2.8 %

Albany International stock traded down $1.97 during midday trading on Thursday, reaching $68.78. The company’s stock had a trading volume of 50,109 shares, compared to its average volume of 153,759. The business has a 50-day simple moving average of $82.16 and a 200-day simple moving average of $85.48. The company has a market cap of $2.15 billion, a P/E ratio of 20.19, a P/E/G ratio of 2.39 and a beta of 1.25. Albany International has a fifty-two week low of $68.62 and a fifty-two week high of $99.41. The company has a quick ratio of 2.87, a current ratio of 3.59 and a debt-to-equity ratio of 0.38.

Albany International Dividend Announcement

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

Wall Street Analysts Forecast Growth

AIN has been the subject of several recent research reports. Truist Financial decreased their price target on shares of Albany International from $101.00 to $91.00 and set a “buy” rating for the company in a research report on Thursday, October 3rd. TD Cowen lowered their target price on Albany International from $95.00 to $81.00 and set a “buy” rating for the company in a research note on Friday, October 4th. Finally, StockNews.com raised Albany International from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. One investment 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average 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.