Albany International (NYSE:AIN) Hits New 12-Month Low After Earnings Miss

Key Points

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Shares of Albany International Corporation (NYSE:AIN - Get Free Report) reached a new 52-week low during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $55.25 and last traded at $56.02, with a volume of 300437 shares changing hands. The stock had previously closed at $70.96.

The textile maker reported $0.57 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.16). The firm had revenue of $311.40 million for the quarter, compared to the consensus estimate of $306.06 million. Albany International had a net margin of 5.25% and a return on equity of 8.87%. The business's revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.89 earnings per share.

Albany International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Friday, June 6th were issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, June 6th. Albany International's dividend payout ratio is presently 54.00%.

Analysts Set New Price Targets

AIN has been the topic of a number of research analyst reports. Bank of America dropped their target price on shares of Albany International from $75.00 to $65.00 and set an "underperform" rating on the stock in a research note on Monday, June 2nd. JPMorgan Chase & Co. upped their target price on shares of Albany International from $65.00 to $77.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Wall Street Zen upgraded shares of Albany International from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Truist Financial downgraded shares of Albany International from a "buy" rating to a "hold" rating and dropped their target price for the stock from $70.00 to $55.00 in a research note on Friday. Finally, Robert W. Baird downgraded shares of Albany International from an "outperform" rating to a "neutral" rating and set a $79.00 target price on the stock. in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $71.40.

Hedge Funds Weigh In On Albany International

A number of hedge funds and other institutional investors have recently modified their holdings of AIN. Bank of America Corp DE boosted its stake in shares of Albany International by 3,050.6% during the fourth quarter. Bank of America Corp DE now owns 1,363,946 shares of the textile maker's stock valued at $109,075,000 after purchasing an additional 1,320,654 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new position in shares of Albany International during the fourth quarter valued at approximately $62,181,000. Norges Bank bought a new position in shares of Albany International during the fourth quarter valued at approximately $39,044,000. American Century Companies Inc. boosted its stake in shares of Albany International by 45.3% during the first quarter. American Century Companies Inc. now owns 1,233,925 shares of the textile maker's stock valued at $85,190,000 after purchasing an additional 384,546 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of Albany International during the first quarter valued at approximately $18,985,000. 97.37% of the stock is currently owned by institutional investors.

Albany International Trading Up 3.3%

The company has a quick ratio of 2.92, a current ratio of 3.51 and a debt-to-equity ratio of 0.50. The stock's 50 day moving average price is $68.58 and its 200-day moving average price is $70.88. The stock has a market capitalization of $1.69 billion, a P/E ratio of 27.99, a P/E/G ratio of 1.30 and a beta of 1.38.

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.