Albany International (NYSE:AIN) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Albany International Corporation (NYSE:AIN)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $56.70 and traded as high as $58.22. Albany International shares last traded at $57.3140, with a volume of 252,562 shares.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Truist Financial set a $55.00 target price on Albany International in a research report on Friday, January 9th. Weiss Ratings reiterated a “sell (d)” rating on shares of Albany International in a report on Monday, December 29th. Zacks Research lowered Albany International from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 18th. Finally, JPMorgan Chase & Co. raised their target price on Albany International from $45.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, January 16th. Three analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Albany International currently has a consensus rating of “Reduce” and an average target price of $61.50.

Albany International Stock Down 0.4%

The firm’s fifty day simple moving average is $51.58 and its 200 day simple moving average is $56.70. The company has a current ratio of 2.34, a quick ratio of 1.84 and a debt-to-equity ratio of 0.65. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -29.54, a PEG ratio of 2.32 and a beta of 1.21.

Albany International (NYSE:AIN) last released its quarterly earnings data on Wednesday, November 5th. The textile maker reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.11). The firm had revenue of $307.44 million for the quarter, compared to analysts’ expectations of $303.41 million. Albany International had a positive return on equity of 8.98% and a negative net margin of 4.66%.Albany International’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period last year, the firm posted $0.80 earnings per share. Sell-side analysts predict that Albany International Corporation will post 3.23 earnings per share for the current year.

Albany International Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Tuesday, December 16th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, December 16th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. This is an increase from Albany International’s previous quarterly dividend of $0.27. Albany International’s payout ratio is currently -57.73%.

Insider Activity at Albany International

In other Albany International news, CEO Gunnar Kleveland bought 2,300 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were acquired at an average price of $42.04 per share, with a total value of $96,692.00. Following the transaction, the chief executive officer owned 19,895 shares of the company’s stock, valued at approximately $836,385.80. The trade was a 13.07% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.76% of the company’s stock.

Hedge Funds Weigh In On Albany International

Hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. lifted its position in shares of Albany International by 11,101.8% during the 3rd quarter. Franklin Resources Inc. now owns 648,810 shares of the textile maker’s stock worth $32,324,000 after buying an additional 643,018 shares during the last quarter. American Century Companies Inc. grew its position in shares of Albany International by 37.6% in the 2nd quarter. American Century Companies Inc. now owns 1,697,965 shares of the textile maker’s stock valued at $119,079,000 after buying an additional 464,040 shares during the last quarter. Deprince Race & Zollo Inc. acquired a new stake in Albany International during the 4th quarter worth $18,507,000. Invenomic Capital Management LP purchased a new stake in Albany International in the third quarter valued at $17,269,000. Finally, Millennium Management LLC boosted its stake in Albany International by 1,078.5% in the third quarter. Millennium Management LLC now owns 313,830 shares of the textile maker’s stock valued at $16,727,000 after acquiring an additional 287,200 shares in the last quarter. 97.37% of the stock is currently owned by hedge funds and other institutional investors.

About Albany International

Albany International Corp. is a global advanced materials company specializing in engineered textiles and composites. Its business is organized into two primary segments: Process Media and Engineered Composites. The Process Media segment designs, manufactures and services press, forming and drying fabrics used in the production of paper and packaging materials, helping paper manufacturers improve efficiency, quality and sustainability. The Engineered Composites segment produces lightweight composite structures and components for aerospace and industrial applications, serving commercial and military aircraft programs as well as industrial markets that require high-performance, durable materials.

In the Process Media segment, Albany’s products include forming fabrics, press felts and dryer fabrics engineered to withstand extreme moisture and temperature conditions.