Albany International (NYSE:AIN) Reaches New 12-Month Low – Here’s What Happened

Albany International Corporation (NYSE:AIN)’s stock price reached a new 52-week low during trading on Thursday . The company traded as low as $44.91 and last traded at $45.73, with a volume of 56969 shares trading hands. The stock had previously closed at $45.98.

Wall Street Analysts Forecast Growth

AIN has been the subject of a number of research reports. Truist Financial reduced their price target on shares of Albany International from $55.00 to $50.00 and set a “hold” rating for the company in a report on Friday, November 7th. JPMorgan Chase & Co. lifted their price objective on Albany International from $59.00 to $63.00 and gave the stock a “neutral” rating in a report on Wednesday, October 15th. Robert W. Baird downgraded shares of Albany International from an “outperform” rating to a “neutral” rating and set a $79.00 price target on the stock. in a report on Thursday, July 31st. Baird R W cut Albany International from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 31st. Finally, Zacks Research upgraded shares of Albany International from a “strong sell” rating to a “hold” rating in a research report on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $64.25.

Albany International Trading Down 0.6%

The company has a current ratio of 3.51, a quick ratio of 2.78 and a debt-to-equity ratio of 0.50. The stock has a 50 day moving average price of $56.08 and a 200 day moving average price of $62.90. The company has a market cap of $1.35 billion, a PE ratio of 22.82, a PEG ratio of 1.36 and a beta of 1.39.

Albany International (NYSE:AIN) last issued its earnings results on Wednesday, May 25th. The textile maker reported $0.43 EPS for the quarter. The business had revenue of $239.92 million for the quarter. Albany International had a return on equity of 8.87% and a net margin of 5.25%. Sell-side analysts predict that Albany International Corporation will post 3.23 EPS for the current fiscal year.

Albany International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.27 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $1.08 dividend on an annualized basis and a yield of 2.4%. Albany International’s dividend payout ratio (DPR) is presently -55.67%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AIN. Brooklyn Investment Group boosted its holdings in shares of Albany International by 2,241.2% during the 1st quarter. Brooklyn Investment Group now owns 398 shares of the textile maker’s stock valued at $27,000 after purchasing an additional 381 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Albany International by 227.3% during the second quarter. EverSource Wealth Advisors LLC now owns 540 shares of the textile maker’s stock valued at $38,000 after buying an additional 375 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Albany International by 32.4% during the 2nd quarter. Smartleaf Asset Management LLC now owns 711 shares of the textile maker’s stock worth $49,000 after acquiring an additional 174 shares in the last quarter. Osaic Holdings Inc. grew its holdings in shares of Albany International by 42.3% in the second quarter. Osaic Holdings Inc. now owns 908 shares of the textile maker’s stock valued at $64,000 after purchasing an additional 270 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new stake in Albany International in the third quarter worth $66,000. 97.37% of the stock is currently owned by 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.