Albany International (NYSE:AIN) Reaches New 1-Year Low Following Analyst Downgrade

Shares of Albany International Corp. (NYSE:AIN) reached a new 52-week low during mid-day trading on Monday after TD Cowen lowered their price target on the stock from $95.00 to $81.00. TD Cowen currently has a buy rating on the stock. Albany International traded as low as $76.36 and last traded at $76.63, with a volume of 17186 shares changing hands. The stock had previously closed at $77.72.

Other research analysts also recently issued research reports about the stock. Truist Financial dropped their price objective on shares of Albany International from $101.00 to $91.00 and set a “buy” rating for the company in a research note on Thursday, October 3rd. StockNews.com upgraded Albany International from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $89.50.

Hedge Funds Weigh In On Albany International

Several large investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its stake in Albany International by 5,971.5% during the second quarter. Victory Capital Management Inc. now owns 683,895 shares of the textile maker’s stock worth $57,755,000 after acquiring an additional 672,631 shares during the period. Earnest Partners LLC lifted its stake in shares of Albany International by 2.1% in the 2nd quarter. Earnest Partners LLC now owns 2,592,787 shares of the textile maker’s stock worth $218,961,000 after acquiring an additional 53,743 shares during the period. Dimensional Fund Advisors LP raised its holdings in Albany International by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,091,660 shares of the textile maker’s stock worth $92,192,000 after purchasing an additional 52,909 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in Albany International by 176.9% in the second quarter. Cubist Systematic Strategies LLC now owns 66,900 shares of the textile maker’s stock worth $5,650,000 after purchasing an additional 42,740 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Albany International by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 3,518,426 shares of the textile maker’s stock valued at $345,580,000 after purchasing an additional 38,446 shares during the period. 97.37% of the stock is currently owned by institutional investors.

Albany International Stock Down 1.8 %

The stock has a 50 day moving average price of $87.18 and a 200 day moving average price of $87.51. The company has a market cap of $2.27 billion, a P/E ratio of 20.46, a P/E/G ratio of 2.42 and a beta of 1.25. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.87 and a current ratio of 3.59.

Albany International (NYSE:AIN) last issued its earnings results on Tuesday, August 6th. The textile maker reported $0.89 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.02). The business had revenue of $331.99 million during the quarter, compared to analyst estimates of $318.17 million. Albany International had a return on equity of 13.13% and a net margin of 8.76%. The business’s quarterly revenue was up 21.1% on a year-over-year basis. During the same period last year, the business earned $0.90 EPS. Research analysts expect that Albany International Corp. will post 3.71 earnings per share for the current fiscal year.

Albany International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Tuesday, September 3rd were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 1.43%. Albany International’s dividend payout ratio is currently 29.21%.

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.