Albany International Corporation (NYSE:AIN) Increases Dividend to $0.28 Per Share

Albany International Corporation (NYSE:AIN) announced a quarterly dividend on Friday, December 5th. Shareholders of record on Tuesday, December 16th will be paid a dividend of 0.28 per share by the textile maker on Thursday, January 8th. This represents a c) dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, December 16th. This is a 3.7% increase from Albany International’s previous quarterly dividend of $0.27.

Albany International has raised its dividend by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 7 years. Albany International has a payout ratio of 27.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Albany International to earn $3.79 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 28.5%.

Albany International Stock Performance

Shares of AIN opened at $49.55 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.34 and a quick ratio of 1.84. The firm’s 50 day moving average is $52.00 and its 200-day moving average is $60.55. Albany International has a 12-month low of $41.15 and a 12-month high of $84.11. The stock has a market capitalization of $1.42 billion, a P/E ratio of -25.54, a P/E/G ratio of 2.14 and a beta of 1.23.

Albany International (NYSE:AIN) last issued its earnings results on Wednesday, May 25th. The textile maker reported $0.43 earnings per share for the quarter. The firm had revenue of $239.92 million during the quarter. Albany International had a negative net margin of 4.66% and a positive return on equity of 8.98%. Equities research analysts anticipate that Albany International will post 3.23 EPS for the current fiscal year.

Insider Transactions at Albany International

In related news, CEO Gunnar Kleveland purchased 2,300 shares of the stock in a transaction dated Monday, November 17th. The shares were acquired at an average cost of $42.04 per share, for a total transaction of $96,692.00. Following the acquisition, the chief executive officer directly owned 19,895 shares in the company, valued at approximately $836,385.80. The trade was a 13.07% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.76% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of AIN. Franklin Resources Inc. increased its holdings in Albany International by 11,101.8% in the third 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. increased its stake in shares of Albany International by 37.6% during the 2nd 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 during the last quarter. Invenomic Capital Management LP bought a new position in shares of Albany International during the 3rd quarter valued at $17,269,000. Millennium Management LLC raised its holdings in shares of Albany International by 1,078.5% during the 3rd quarter. Millennium Management LLC now owns 313,830 shares of the textile maker’s stock valued at $16,727,000 after purchasing an additional 287,200 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Albany International in the 1st quarter valued at $18,985,000. Hedge funds and other institutional investors own 97.37% of the company’s stock.

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.