Short Interest in Albany International Corp. (NYSE:AIN) Decreases By 11.6%

Albany International Corp. (NYSE:AIN) saw a large decrease in short interest during the month of May. As of May 31st, there was short interest totalling 264,000 shares, a decrease of 11.6% from the May 15th total of 298,700 shares. Based on an average trading volume of 152,400 shares, the days-to-cover ratio is currently 1.7 days.

Analysts Set New Price Targets

A number of research analysts recently weighed in on AIN shares. Truist Financial decreased their target price on shares of Albany International from $121.00 to $104.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. JPMorgan Chase & Co. decreased their price objective on Albany International from $98.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Bank of America dropped their target price on Albany International from $95.00 to $90.00 and set an “underperform” rating on the stock in a report on Wednesday, May 29th. Finally, TD Cowen decreased their price target on Albany International from $106.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $101.00.

Albany International Price Performance

Shares of AIN stock traded up $0.61 during trading on Tuesday, hitting $85.11. The company had a trading volume of 115,956 shares, compared to its average volume of 140,012. The firm has a market capitalization of $2.66 billion, a P/E ratio of 23.91, a price-to-earnings-growth ratio of 2.45 and a beta of 1.31. Albany International has a one year low of $78.20 and a one year high of $99.41. The company has a debt-to-equity ratio of 0.45, a quick ratio of 3.20 and a current ratio of 3.99. The stock’s 50-day moving average price is $87.32 and its 200 day moving average price is $90.45.

Albany International (NYSE:AIN) last posted its quarterly earnings results on Tuesday, April 30th. The textile maker reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The business had revenue of $313.33 million during the quarter, compared to the consensus estimate of $313.41 million. Albany International had a return on equity of 13.40% and a net margin of 9.35%. Albany International’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.91 earnings per share. Equities analysts expect that Albany International will post 3.8 EPS for the current fiscal year.

Albany International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 8th. Investors of record on Friday, June 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.22%. The ex-dividend date of this dividend is Friday, June 7th. Albany International’s dividend payout ratio (DPR) is presently 29.21%.

Insider Activity

In other news, CEO Gunnar Kleveland bought 1,250 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were bought at an average cost of $84.68 per share, for a total transaction of $105,850.00. Following the completion of the acquisition, the chief executive officer now owns 6,884 shares in the company, valued at approximately $582,937.12. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Robert D. Starr bought 1,000 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were purchased at an average cost of $84.44 per share, for a total transaction of $84,440.00. Following the acquisition, the chief financial officer now owns 2,610 shares of the company’s stock, valued at approximately $220,388.40. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gunnar Kleveland purchased 1,250 shares of Albany International stock in a transaction dated Friday, May 3rd. The stock was bought at an average price of $84.68 per share, with a total value of $105,850.00. Following the acquisition, the chief executive officer now directly owns 6,884 shares of the company’s stock, valued at $582,937.12. The disclosure for this purchase can be found here. 0.92% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Orion Capital Management LLC acquired a new position in Albany International in the 3rd quarter worth about $29,000. GAMMA Investing LLC acquired a new position in shares of Albany International in the fourth quarter valued at approximately $47,000. Whittier Trust Co. raised its holdings in Albany International by 94.7% in the 1st 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 last quarter. Principal Securities Inc. bought a new position in Albany International in the 4th quarter valued at approximately $77,000. Finally, TFO Wealth Partners LLC boosted its position in Albany International by 109,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,092 shares of the textile maker’s stock worth $98,000 after buying an additional 1,091 shares during the period. Institutional investors 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.