Albany International (NYSE:AIN) Shares Gap Down – Here’s Why

Albany International Corp. (NYSE:AIN) shares gapped down before the market opened 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.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on AIN. JPMorgan Chase & Co. decreased their target price on Albany International from $75.00 to $74.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. Truist Financial upped their price target on Albany International from $85.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. TD Cowen upgraded Albany International to a “strong-buy” rating in a report on Thursday, December 19th. StockNews.com downgraded Albany International from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Finally, Robert W. Baird cut their price target on Albany International from $104.00 to $92.00 and set an “outperform” rating on the stock in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $83.00.

Albany International Trading Down 0.1 %

The firm has a market cap of $2.28 billion, a PE ratio of 23.09 and a beta of 1.37. 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 business has a fifty day moving average price of $78.77 and a 200 day moving average price of $79.95.

Albany International (NYSE:AIN) last released its quarterly earnings data on Wednesday, February 26th. The textile maker reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.05). Albany International had a net margin of 7.92% and a return on equity of 12.20%. The business had revenue of $286.91 million during the quarter, compared to analysts’ expectations of $299.52 million. Analysts forecast that Albany International Corp. will post 3.23 EPS 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 issued 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 1.46%. Albany International’s payout ratio is currently 38.71%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AIN. Public Employees Retirement System of Ohio purchased a new position in shares of Albany International in the 4th quarter valued at about $40,000. Quarry LP grew its stake in Albany International by 515.4% during the 3rd 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. Smartleaf Asset Management LLC grew its stake in Albany International by 306.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 667 shares of the textile maker’s stock worth $53,000 after buying an additional 503 shares during the last quarter. Sterling Capital Management LLC grew 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 worth $60,000 after buying an additional 662 shares during the last quarter. Finally, Vestcor Inc purchased a new position in Albany International during the 4th quarter worth approximately $70,000. 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.