Albany International (NYSE:AIN) Reaches New 12-Month Low - Here's Why

Albany International Corp. (NYSE:AIN - Get Free Report)'s stock price reached a new 52-week low during trading on Thursday . The company traded as low as $68.75 and last traded at $70.02, with a volume of 22718 shares changing hands. The stock had previously closed at $70.75.

Wall Street Analyst Weigh In

A number of research firms have commented on AIN. StockNews.com raised Albany International from a "hold" rating to a "buy" rating in a report on Thursday, August 15th. Truist Financial reduced their target price on Albany International from $101.00 to $91.00 and set a "buy" rating on the stock in a report on Thursday, October 3rd. Finally, TD Cowen reduced their target price on Albany International from $95.00 to $81.00 and set a "buy" rating on the stock in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Albany International currently has an average rating of "Hold" and a consensus price target of $89.50.

Albany International Stock Down 4.1 %

The company has a market cap of $2.12 billion, a P/E ratio of 20.19, a P/E/G ratio of 2.39 and a beta of 1.25. The company has a quick ratio of 2.87, a current ratio of 3.59 and a debt-to-equity ratio of 0.38. The business's 50 day moving average is $82.16 and its 200 day moving average is $85.48.

Albany International (NYSE:AIN - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The textile maker reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.35. The company had revenue of $298.40 million during the quarter, compared to the consensus estimate of $304.51 million. Albany International had a net margin of 8.76% and a return on equity of 13.13%. Albany International's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.02 earnings per share. As a group, equities analysts anticipate that Albany International Corp. will post 3.11 earnings per share for the current fiscal year.

Albany International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date was Tuesday, September 3rd. Albany International's dividend payout ratio (DPR) is presently 29.71%.

Institutional Investors Weigh In On Albany International

Several hedge funds have recently added to or reduced their stakes in AIN. Whittier Trust Co. boosted its stake in shares of Albany International by 94.7% during the 1st quarter. Whittier Trust Co. now owns 547 shares of the textile maker's stock worth $51,000 after acquiring an additional 266 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Albany International by 27.4% during the 2nd quarter. GAMMA Investing LLC now owns 674 shares of the textile maker's stock worth $57,000 after acquiring an additional 145 shares in the last quarter. Hilltop National Bank boosted its stake in shares of Albany International by 14.7% during the 2nd quarter. Hilltop National Bank now owns 1,045 shares of the textile maker's stock worth $88,000 after acquiring an additional 134 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Albany International during the 1st quarter worth about $102,000. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of Albany International during the 1st quarter worth about $128,000. 97.37% of the stock is owned by hedge funds and other institutional investors.

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.