Albany International (NYSE:AIN) Reaches New 52-Week Low Following Analyst Downgrade

Albany International Corporation (NYSE:AIN)’s share price 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 changing hands. The stock had previously closed at $54.00.

Other analysts also recently issued research reports about the stock. Robert W. Baird cut Albany International from an “outperform” rating to a “neutral” rating and set a $79.00 price objective for the company. in a report on Thursday, July 31st. Weiss Ratings reissued a “hold (c-)” rating on shares of Albany International in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Albany International from a “strong sell” rating to a “hold” rating in a research report on Monday, October 20th. Baird R W lowered shares of Albany International from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. upped their target price on Albany International from $59.00 to $63.00 and gave the company a “neutral” rating in a research note on Wednesday, October 15th. One research 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 stock. According to MarketBeat, Albany International has an average rating of “Hold” and an average price target of $64.25.

Hedge Funds Weigh In On Albany International

A number of institutional investors and hedge funds have recently bought and sold shares of AIN. American Century Companies Inc. raised its holdings in Albany International by 37.6% during the second quarter. American Century Companies Inc. now owns 1,697,965 shares of the textile maker’s stock worth $119,079,000 after purchasing an additional 464,040 shares in the last quarter. Nuveen LLC bought a new stake in shares of Albany International during the 1st quarter worth about $18,985,000. Select Equity Group L.P. increased its holdings in shares of Albany International by 784.2% during the 1st quarter. Select Equity Group L.P. now owns 126,262 shares of the textile maker’s stock valued at $8,717,000 after acquiring an additional 111,983 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Albany International in the 1st quarter valued at approximately $7,468,000. Finally, Millennium Management LLC lifted its holdings in Albany International by 464.4% in the 1st quarter. Millennium Management LLC now owns 91,934 shares of the textile maker’s stock worth $6,347,000 after purchasing an additional 75,644 shares during the last quarter. Hedge funds and other institutional investors own 97.37% of the company’s stock.

Albany International Stock Performance

The company has a market cap of $1.46 billion, a price-to-earnings ratio of 24.70, a P/E/G ratio of 1.36 and a beta of 1.39. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.51 and a quick ratio of 2.78. The firm has a fifty day simple moving average of $57.34 and a 200 day simple moving average of $63.38.

Albany International (NYSE:AIN) last issued its quarterly earnings results on Wednesday, May 25th. The textile maker reported $0.43 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, sell-side analysts expect that Albany International Corporation will post 3.23 earnings per share for the current fiscal year.

Albany International Dividend Announcement

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

About Albany International

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.