Albany International (NYSE:AIN) Sets New 12-Month Low After Analyst Downgrade

Shares of Albany International Corporation (NYSE:AIN) hit a new 52-week low during trading on Friday after Truist Financial lowered their price target on the stock from $55.00 to $50.00. Truist Financial currently has a hold rating on the stock. Albany International traded as low as $50.21 and last traded at $49.6690, with a volume of 220641 shares traded. The stock had previously closed at $54.00.

A number of other equities research analysts also recently weighed in on AIN. Robert W. Baird downgraded shares of Albany International from an “outperform” rating to a “neutral” rating and set a $79.00 price target for the company. in a research note on Thursday, July 31st. JPMorgan Chase & Co. upped their target price on shares of Albany International from $59.00 to $63.00 and gave the company a “neutral” rating in a research report on Wednesday, October 15th. Weiss Ratings restated a “hold (c-)” rating on shares of Albany International in a research report on Wednesday, October 8th. Baird R W downgraded Albany International from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 31st. Finally, Zacks Research raised Albany International from a “strong sell” rating to a “hold” rating in a research note on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Albany International presently has a consensus rating of “Hold” and an average price target of $64.25.

Hedge Funds Weigh In On Albany International

Several hedge funds and other institutional investors have recently made changes to their positions in AIN. Brooklyn Investment Group grew its stake in Albany International by 2,241.2% during the 1st quarter. Brooklyn Investment Group now owns 398 shares of the textile maker’s stock worth $27,000 after buying an additional 381 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Albany International by 227.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 540 shares of the textile maker’s stock valued at $38,000 after acquiring an additional 375 shares during the period. Smartleaf Asset Management LLC raised its position in Albany International by 32.4% in the 2nd quarter. Smartleaf Asset Management LLC now owns 711 shares of the textile maker’s stock valued at $49,000 after purchasing an additional 174 shares during the last quarter. Osaic Holdings Inc. boosted its stake in Albany International by 42.3% during the 2nd quarter. Osaic Holdings Inc. now owns 908 shares of the textile maker’s stock worth $64,000 after purchasing an additional 270 shares during the period. Finally, Lazard Asset Management LLC purchased a new position in Albany International during the 2nd quarter worth $77,000. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Albany International Price Performance

The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.78 and a current ratio of 3.51. The company has a market capitalization of $1.46 billion, a PE ratio of 24.70, a P/E/G ratio of 1.36 and a beta of 1.39. The company’s 50-day simple moving average is $57.34 and its 200-day simple moving average is $63.38.

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

Albany International Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 7th. Investors of record on Tuesday, September 2nd were given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Tuesday, September 2nd. Albany International’s dividend payout ratio (DPR) is 54.00%.

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.