Albany International (NYSE:AIN) Reaches New 12-Month Low Following Analyst Downgrade

Shares of Albany International Corporation (NYSE:AIN) hit a new 52-week low 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 trading hands. The stock had previously closed at $54.00.

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

Institutional Trading of Albany International

Several hedge funds have recently bought and sold shares of the business. Blue Trust Inc. raised its holdings in Albany International by 5.6% during the second quarter. Blue Trust Inc. now owns 3,237 shares of the textile maker’s stock worth $227,000 after buying an additional 172 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Albany International by 32.4% in 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 during the last quarter. California State Teachers Retirement System lifted its position in Albany International by 0.6% in the 2nd quarter. California State Teachers Retirement System now owns 28,783 shares of the textile maker’s stock valued at $2,019,000 after acquiring an additional 179 shares in the last quarter. Verdence Capital Advisors LLC boosted its stake in Albany International by 2.9% during the 2nd quarter. Verdence Capital Advisors LLC now owns 6,960 shares of the textile maker’s stock valued at $488,000 after purchasing an additional 193 shares during the last quarter. Finally, Keybank National Association OH increased its holdings in Albany International by 5.3% during the 2nd quarter. Keybank National Association OH now owns 4,495 shares of the textile maker’s stock worth $315,000 after purchasing an additional 225 shares in the last quarter. Institutional investors and hedge funds own 97.37% of the company’s stock.

Albany International Price Performance

The stock has a market capitalization of $1.41 billion, a P/E ratio of 23.96, a price-to-earnings-growth ratio of 1.36 and a beta of 1.39. The business has a fifty day simple moving average of $57.02 and a 200 day simple moving average of $63.28. The company has a current ratio of 3.51, a quick ratio of 2.78 and a debt-to-equity ratio of 0.50.

Albany International (NYSE:AIN) last announced its earnings results on Wednesday, May 25th. The textile maker reported $0.43 earnings per share (EPS) for the quarter. The company 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%. On average, analysts expect that Albany International Corporation will post 3.23 earnings per share for the current year.

Albany International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Stockholders of record on Tuesday, September 2nd were paid a $0.27 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $1.08 annualized dividend and a dividend yield of 2.3%. Albany International’s dividend payout ratio is presently 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.