Albany International Corp. (AIN) To Go Ex-Dividend on September 1st

Albany International Corp. (NYSE:AIN – Get Free Report) announced a quarterly dividend on Thursday, August 24th, Wall Street Journal reports. Stockholders of record on Tuesday, September 5th will be given a dividend of 0.25 per share by the textile maker on Friday, October 6th. This represents a $1.00 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Friday, September 1st.

Albany International has increased its dividend payment by an average of 6.4% annually over the last three years and has raised its dividend annually for the last 5 consecutive years. Albany International has a payout ratio of 23.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Albany International to earn $4.22 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 23.7%.

Albany International Stock Performance

NYSE AIN opened at $94.26 on Wednesday. The company has a quick ratio of 4.15, a current ratio of 4.99 and a debt-to-equity ratio of 0.53. Albany International has a 12-month low of $76.97 and a 12-month high of $115.39. The firm has a market cap of $2.94 billion, a P/E ratio of 35.84, a price-to-earnings-growth ratio of 3.94 and a beta of 1.31. The company’s 50 day moving average is $92.59 and its 200-day moving average is $92.20.

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Albany International (NYSE:AIN – Get Free Report) last released its quarterly earnings results on Thursday, July 27th. The textile maker reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.01). Albany International had a return on equity of 13.21% and a net margin of 7.68%. The company had revenue of $274.10 million during the quarter, compared to analysts’ expectations of $261.56 million. During the same period in the prior year, the firm earned $1.06 EPS. Albany International’s quarterly revenue was up 4.9% on a year-over-year basis. Sell-side analysts predict that Albany International will post 3.6 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on AIN shares. StockNews.com started coverage on shares of Albany International in a research report on Thursday, August 17th. They issued a “buy” rating on the stock. Robert W. Baird upgraded shares of Albany International from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $101.00 to $120.00 in a research note on Friday, July 14th.

Read Our Latest Analysis on AIN

Insider Transactions at Albany International

In other news, SVP Robert Alan Hansen sold 4,167 shares of Albany International stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $93.60, for a total value of $390,031.20. Following the completion of the sale, the senior vice president now directly owns 7,337 shares in the company, valued at $686,743.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.76% of the company’s stock.

Hedge Funds Weigh In On Albany International

Institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Albany International in the fourth quarter worth $32,911,000. Citadel Advisors LLC lifted its holdings in shares of Albany International by 189.5% in the second quarter. Citadel Advisors LLC now owns 206,945 shares of the textile maker’s stock worth $19,304,000 after buying an additional 135,472 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Albany International by 2,437.0% in the second quarter. Millennium Management LLC now owns 96,913 shares of the textile maker’s stock worth $7,636,000 after buying an additional 93,093 shares in the last quarter. Morgan Stanley increased its position in Albany International by 31.3% in the fourth quarter. Morgan Stanley now owns 301,413 shares of the textile maker’s stock worth $29,716,000 after purchasing an additional 71,856 shares during the last quarter. Finally, Two Sigma Investments LP bought a new stake in Albany International in the first quarter worth $5,243,000. Hedge funds and other institutional investors own 97.37% of the company’s stock.

About Albany International

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Albany International Corp., together with its subsidiaries, engages in the textile and materials processing business. 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, nonwovens, building products, tannery, and textiles.