Albany International Corp. (NYSE:AIN) was the recipient of a significant increase in short interest in September. As of September 15th, there was short interest totalling 659,600 shares, an increase of 20.3% from the August 31st total of 548,300 shares. Based on an average daily volume of 261,900 shares, the short-interest ratio is presently 2.5 days. Approximately 2.2% of the company’s stock are sold short.
Several research firms have weighed in on AIN. Zacks Investment Research raised shares of Albany International from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. Cowen reiterated a “hold” rating and set a $57.00 price objective on shares of Albany International in a report on Wednesday, July 29th. Alembic Global Advisors upgraded shares of Albany International to a “buy” rating and set a $91.00 price objective for the company in a report on Tuesday, June 9th. Finally, ValuEngine cut shares of Albany International from a “hold” rating to a “sell” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. Albany International presently has a consensus rating of “Hold” and a consensus target price of $70.29.
Large investors have recently modified their holdings of the business. First Mercantile Trust Co. raised its position in shares of Albany International by 36.8% during the first quarter. First Mercantile Trust Co. now owns 855 shares of the textile maker’s stock valued at $40,000 after buying an additional 230 shares during the last quarter. US Bancorp DE increased its position in Albany International by 5.3% in the second quarter. US Bancorp DE now owns 4,852 shares of the textile maker’s stock worth $284,000 after purchasing an additional 246 shares during the last quarter. Mutual of America Capital Management LLC increased its position in Albany International by 12.4% in the first quarter. Mutual of America Capital Management LLC now owns 2,518 shares of the textile maker’s stock worth $119,000 after purchasing an additional 278 shares during the last quarter. Advisor Group Holdings Inc. increased its position in Albany International by 7.1% in the second quarter. Advisor Group Holdings Inc. now owns 4,748 shares of the textile maker’s stock worth $278,000 after purchasing an additional 315 shares during the last quarter. Finally, Legal & General Group Plc increased its position in Albany International by 0.4% in the first quarter. Legal & General Group Plc now owns 92,337 shares of the textile maker’s stock worth $4,370,000 after purchasing an additional 363 shares during the last quarter. 92.77% of the stock is currently owned by institutional investors and hedge funds.
AIN traded up $0.56 during trading on Friday, hitting $51.11. 113,345 shares of the stock traded hands, compared to its average volume of 242,123. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.67 and a quick ratio of 3.02. Albany International has a 12-month low of $30.46 and a 12-month high of $90.51. The firm has a market capitalization of $1.65 billion, a P/E ratio of 14.94 and a beta of 1.37. The firm has a 50-day moving average of $51.55 and a 200 day moving average of $51.97.
Albany International (NYSE:AIN) last released its quarterly earnings data on Wednesday, July 29th. The textile maker reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.38. The business had revenue of $225.99 million during the quarter, compared to analyst estimates of $221.28 million. Albany International had a net margin of 11.17% and a return on equity of 18.98%. As a group, equities analysts predict that Albany International will post 3.04 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Tuesday, September 8th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend is Friday, September 4th. Albany International’s dividend payout ratio is currently 18.49%.
About Albany International
Albany International Corp. engages in the textile and materials processing 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. This segment offers forming, pressing, and dryer fabrics, as well as process belts.
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