Albany International (NYSE:AIN) Shares Gap Down - Here's Why

Albany International Corp. (NYSE:AIN - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $73.98, but opened at $72.30. Albany International shares last traded at $73.88, with a volume of 8,400 shares traded.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on AIN shares. Robert W. Baird reduced their price objective on Albany International from $104.00 to $92.00 and set an "outperform" rating for the company in a research report on Friday, February 28th. StockNews.com downgraded Albany International from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Truist Financial boosted their price target on Albany International from $85.00 to $88.00 and gave the company a "buy" rating in a research note on Tuesday, January 14th. TD Cowen raised shares of Albany International to a "strong-buy" rating in a research report on Thursday, December 19th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Albany International from $75.00 to $74.00 and set a "neutral" rating for the company in a research note on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Albany International currently has a consensus rating of "Moderate Buy" and an average price target of $83.00.

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Albany International Stock Performance

The stock has a fifty day moving average price of $78.48 and a 200 day moving average price of $79.87. The company has a current ratio of 3.68, a quick ratio of 2.94 and a debt-to-equity ratio of 0.36. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 22.09 and a beta of 1.37.

Albany International (NYSE:AIN - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The textile maker reported $0.58 EPS for the quarter, missing the consensus estimate of $0.63 by ($0.05). Albany International had a net margin of 7.92% and a return on equity of 12.20%. The company had revenue of $286.91 million for the quarter, compared to analyst estimates of $299.52 million. As a group, analysts predict that Albany International Corp. will post 3.23 earnings per share for the current year.

Albany International Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 21st will be paid a $0.27 dividend. The ex-dividend date of this dividend is Friday, March 21st. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.53%. Albany International's payout ratio is presently 38.71%.

Institutional Trading of Albany International

Several hedge funds have recently added to or reduced their stakes in AIN. Quarry LP lifted its holdings in shares of Albany International by 515.4% during the third quarter. Quarry LP now owns 480 shares of the textile maker's stock worth $43,000 after buying an additional 402 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Albany International during the fourth quarter worth $40,000. Smartleaf Asset Management LLC increased its position in Albany International by 306.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 667 shares of the textile maker's stock worth $53,000 after acquiring an additional 503 shares during the period. Sterling Capital Management LLC raised its stake in Albany International by 735.6% during the 4th quarter. Sterling Capital Management LLC now owns 752 shares of the textile maker's stock valued at $60,000 after purchasing an additional 662 shares during the last quarter. Finally, Vestcor Inc bought a new stake in Albany International in the 4th quarter valued at $70,000. 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.