Albany International Corp. (AIN) to Distribute Quarterly Dividend of $0.27 on July 8th

Albany International Corp. (NYSE:AIN) declared a quarterly dividend on Friday, May 16th, RTT News reports. Shareholders of record on Friday, June 6th will be paid a dividend of 0.27 per share by the textile maker on Tuesday, July 8th. This represents a $1.08 annualized dividend and a yield of 1.56%.

Albany International has raised its dividend by an average of 9.0% annually over the last three years and has increased its dividend every year for the last 7 years. Albany International has a dividend payout ratio of 27.3% meaning its dividend is sufficiently covered by earnings. Research 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 Trading Up 1.1%

Shares of NYSE:AIN opened at $69.15 on Friday. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of 21.61 and a beta of 1.37. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.94 and a current ratio of 3.68. The stock’s 50-day simple moving average is $67.11 and its two-hundred day simple moving average is $75.53. Albany International has a 52-week low of $57.71 and a 52-week high of $95.47.

Albany International (NYSE:AIN) last announced its earnings results on Wednesday, April 30th. The textile maker reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.15. The business had revenue of $288.77 million for the quarter, compared to analysts’ expectations of $300.74 million. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The business’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same period last year, the firm posted $0.90 earnings per share. Analysts expect that Albany International will post 3.23 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on AIN shares. JPMorgan Chase & Co. lifted their price objective on Albany International from $65.00 to $77.00 and gave the company a “neutral” rating in a research report on Friday. Robert W. Baird lowered their price objective on Albany International from $104.00 to $92.00 and set an “outperform” rating on the stock in a research report on Friday, February 28th. Truist Financial lowered their price objective on Albany International from $88.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. StockNews.com raised Albany International from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Bank of America lowered their price objective on Albany International from $80.00 to $75.00 and set an “underperform” rating on the stock in a research report on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $81.00.

Institutional Trading of Albany International

Several institutional investors and hedge funds have recently added to or reduced their stakes in AIN. Royal Bank of Canada raised its stake in Albany International by 7.5% during the 1st quarter. Royal Bank of Canada now owns 15,590 shares of the textile maker’s stock valued at $1,076,000 after purchasing an additional 1,085 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Albany International by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,569 shares of the textile maker’s stock valued at $1,282,000 after purchasing an additional 807 shares during the period. Finally, Millennium Management LLC raised its stake in Albany International by 464.4% during the 1st quarter. Millennium Management LLC now owns 91,934 shares of the textile maker’s stock valued at $6,347,000 after purchasing an additional 75,644 shares during the period. 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.