Albany International Corp. to Issue Quarterly Dividend of $0.26 (NYSE:AIN)

Albany International Corp. (NYSE:AIN - Get Free Report) announced a quarterly dividend on Monday, May 13th, Wall Street Journal reports. Shareholders of record on Friday, June 7th will be paid a dividend of 0.26 per share by the textile maker on Monday, July 8th. This represents a $1.04 annualized dividend and a yield of 1.16%. The ex-dividend date is Friday, June 7th.

Albany International has raised its dividend payment by an average of 9.5% annually over the last three years and has raised its dividend every year for the last 6 years. Albany International has a dividend payout ratio of 22.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Albany International to earn $4.57 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 22.8%.

Albany International Stock Up 1.2 %

Shares of NYSE:AIN traded up $1.03 during midday trading on Monday, reaching $89.86. The company had a trading volume of 116,681 shares, compared to its average volume of 147,861. Albany International has a 1-year low of $78.20 and a 1-year high of $99.41. The stock has a market cap of $2.80 billion, a PE ratio of 25.24, a P/E/G ratio of 2.37 and a beta of 1.28. The company has a quick ratio of 3.20, a current ratio of 3.99 and a debt-to-equity ratio of 0.45. The business's 50 day moving average price is $90.05 and its 200 day moving average price is $89.93.

Albany International (NYSE:AIN - Get Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The textile maker reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.03. Albany International had a return on equity of 13.40% and a net margin of 9.35%. The firm had revenue of $313.33 million for the quarter, compared to analyst estimates of $313.41 million. During the same quarter in the previous year, the firm earned $0.91 EPS. The business's quarterly revenue was up 16.4% on a year-over-year basis. Research analysts forecast that Albany International will post 3.8 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on AIN. JPMorgan Chase & Co. decreased their price objective on shares of Albany International from $98.00 to $96.00 and set a "neutral" rating for the company in a research report on Friday, May 3rd. TD Cowen dropped their price objective on Albany International from $106.00 to $95.00 and set a "buy" rating on the stock in a research note on Wednesday, May 1st. Bank of America reiterated an "underperform" rating and set a $95.00 target price (down from $105.00) on shares of Albany International in a research note on Thursday, March 28th. Finally, Truist Financial dropped their price target on Albany International from $121.00 to $104.00 and set a "buy" rating on the stock in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $102.00.

Insider Activity

In other news, CEO Gunnar Kleveland purchased 1,250 shares of the company's stock in a transaction that occurred on Friday, May 3rd. The stock was acquired at an average cost of $84.68 per share, with a total value of $105,850.00. Following the acquisition, the chief executive officer now owns 6,884 shares in the company, valued at approximately $582,937.12. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Albany International news, CFO Robert D. Starr bought 1,000 shares of the firm's stock in a transaction on Friday, May 3rd. The shares were purchased at an average price of $84.44 per share, for a total transaction of $84,440.00. Following the transaction, the chief financial officer now directly owns 2,610 shares in the company, valued at approximately $220,388.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Gunnar Kleveland purchased 1,250 shares of the company's stock in a transaction dated Friday, May 3rd. The stock was acquired at an average price of $84.68 per share, with a total value of $105,850.00. Following the completion of the transaction, the chief executive officer now owns 6,884 shares of the company's stock, valued at approximately $582,937.12. The disclosure for this purchase can be found here. 0.92% of the stock is owned by company insiders.

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.