Albany International (NYSE:AIN) Shares Gap Down – What’s Next?

Albany International Corp. (NYSE:AIN) shares gapped down prior to trading on Tuesday . The stock had previously closed at $69.40, but opened at $66.91. Albany International shares last traded at $68.25, with a volume of 9,647 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AIN. Truist Financial reduced their price objective on Albany International from $88.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, April 17th. StockNews.com raised shares of Albany International from a “hold” rating to a “buy” rating in a research note on Friday. JPMorgan Chase & Co. raised their target price on shares of Albany International from $65.00 to $77.00 and gave the company a “neutral” rating in a report on Friday. Bank of America lowered their price target on shares of Albany International from $80.00 to $75.00 and set an “underperform” rating on the stock in a research report on Tuesday, March 25th. Finally, Robert W. Baird lowered their target price on shares of Albany International from $104.00 to $92.00 and set an “outperform” rating for the company in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Albany International has a consensus rating of “Moderate Buy” and a consensus target price of $81.00.

Albany International Stock Performance

The company has a 50 day moving average of $67.04 and a 200 day moving average of $75.58. The company has a quick ratio of 2.94, a current ratio of 3.68 and a debt-to-equity ratio of 0.36. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 21.28 and a beta of 1.37.

Albany International (NYSE:AIN) last announced its quarterly earnings data on Wednesday, April 30th. The textile maker reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.15. The company had revenue of $288.77 million during the quarter, compared to analyst estimates of $300.74 million. Albany International had a net margin of 7.92% and a return on equity of 12.20%. The firm’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same period last year, the business earned $0.90 EPS. As a group, equities research analysts expect that Albany International Corp. will post 3.23 EPS for the current fiscal year.

Albany International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 6th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is Friday, June 6th. Albany International’s dividend payout ratio is currently 43.55%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Cetera Investment Advisers lifted its stake in Albany International by 3.7% during the fourth quarter. Cetera Investment Advisers now owns 3,730 shares of the textile maker’s stock valued at $298,000 after purchasing an additional 133 shares during the last quarter. Summit Investment Advisors Inc. lifted its stake in Albany International by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,265 shares of the textile maker’s stock valued at $261,000 after buying an additional 207 shares in the last quarter. Gamco Investors INC. ET AL boosted its holdings in shares of Albany International by 0.5% in the first quarter. Gamco Investors INC. ET AL now owns 49,330 shares of the textile maker’s stock worth $3,406,000 after buying an additional 250 shares during the period. Inspire Investing LLC grew its position in Albany International by 7.2% during the 4th quarter. Inspire Investing LLC now owns 5,004 shares of the textile maker’s stock worth $400,000 after purchasing an additional 334 shares in the last quarter. Finally, HighTower Advisors LLC lifted its holdings in shares of Albany International by 2.0% in the fourth quarter. HighTower Advisors LLC now owns 17,157 shares of the textile maker’s stock valued at $1,372,000 after purchasing an additional 342 shares in the last quarter. Institutional investors own 97.37% of the company’s stock.

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.