Albany International Corp. (NYSE:AIN) to Issue Quarterly Dividend of $0.27

Albany International Corp. (NYSE:AIN) announced a quarterly dividend on Friday, December 6th,RTT News reports. Investors of record on Tuesday, December 17th will be paid a dividend of 0.27 per share by the textile maker on Wednesday, January 8th. This represents a $1.08 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date of this dividend is Tuesday, December 17th. This is a positive change from Albany International’s previous quarterly dividend of $0.26.

Albany International has raised its dividend payment by an average of 9.5% per year over the last three years. Albany International has a payout ratio of 28.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Albany International to earn $3.85 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 28.1%.

Albany International Stock Performance

Shares of NYSE AIN opened at $81.96 on Friday. The business’s 50-day simple moving average is $77.92 and its 200-day simple moving average is $83.89. Albany International has a 52 week low of $67.39 and a 52 week high of $99.41. 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 firm has a market cap of $2.57 billion, a price-to-earnings ratio of 25.61 and a beta of 1.34.

Albany International (NYSE:AIN) last announced its quarterly earnings results on Wednesday, October 30th. The textile maker reported $0.80 EPS for the quarter, beating the consensus estimate of $0.45 by $0.35. Albany International had a return on equity of 12.20% and a net margin of 7.92%. The company had revenue of $298.40 million for the quarter, compared to the consensus estimate of $304.51 million. During the same quarter last year, the company posted $1.02 earnings per share. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, equities research analysts expect that Albany International will post 3.23 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on AIN shares. Truist Financial cut their target price on shares of Albany International from $91.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Bank of America cut their price objective on Albany International from $90.00 to $80.00 and set an “underperform” rating for the company in a research report on Friday, November 15th. TD Cowen lowered their target price on Albany International from $95.00 to $81.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Finally, StockNews.com upgraded Albany International from a “hold” rating to a “buy” rating in a report on Friday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $85.50.

Insider Transactions at Albany International

In other news, CEO Gunnar Kleveland bought 1,400 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was acquired at an average cost of $71.25 per share, for a total transaction of $99,750.00. Following the completion of the purchase, the chief executive officer now owns 8,284 shares of the company’s stock, valued at $590,235. This trade represents a 20.34 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Joseph M. Gaug purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were acquired at an average price of $71.24 per share, for a total transaction of $71,240.00. Following the purchase, the vice president now directly owns 6,811 shares of the company’s stock, valued at approximately $485,215.64. This represents a 17.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 3,450 shares of company stock worth $245,813. 0.76% of the stock is currently owned by company insiders.

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.