Albany International Corporation (NYSE:AIN) Short Interest Update

Albany International Corporation (NYSE:AIN) was the recipient of a large increase in short interest during the month of December. As of December 15th, there was short interest totaling 913,402 shares, an increase of 33.3% from the November 30th total of 685,302 shares. Currently, 3.2% of the shares of the company are short sold. Based on an average daily trading volume, of 389,588 shares, the short-interest ratio is currently 2.3 days. Based on an average daily trading volume, of 389,588 shares, the short-interest ratio is currently 2.3 days. Currently, 3.2% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on AIN shares. Weiss Ratings reissued a “sell (d)” rating on shares of Albany International in a research report on Monday. Truist Financial dropped their price objective on shares of Albany International from $55.00 to $50.00 and set a “hold” rating on the stock in a report on Friday, November 7th. JPMorgan Chase & Co. boosted their target price on shares of Albany International from $59.00 to $63.00 and gave the company a “neutral” rating in a research report on Wednesday, October 15th. Finally, Zacks Research downgraded shares of Albany International from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 18th. Four investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Albany International presently has an average rating of “Reduce” and a consensus price target of $64.25.

Albany International Price Performance

Shares of NYSE:AIN traded down $0.40 during trading on Tuesday, hitting $51.51. 196,663 shares of the company’s stock were exchanged, compared to its average volume of 332,454. The business’s 50-day simple moving average is $50.48 and its 200 day simple moving average is $58.56. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -26.55, a PEG ratio of 2.28 and a beta of 1.23. Albany International has a 52-week low of $41.15 and a 52-week high of $83.65. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.34 and a quick ratio of 1.84.

Albany International (NYSE:AIN) last posted its quarterly earnings results on Wednesday, May 25th. The textile maker reported $0.43 EPS for the quarter. Albany International had a positive return on equity of 8.98% and a negative net margin of 4.66%.The company had revenue of $239.92 million for the quarter. As a group, equities analysts predict that Albany International will post 3.23 EPS for the current year.

Albany International Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Tuesday, December 16th will be issued a $0.28 dividend. The ex-dividend date is Tuesday, December 16th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. This is an increase from Albany International’s previous quarterly dividend of $0.27. Albany International’s payout ratio is presently -57.73%.

Insider Activity

In other news, CEO Gunnar Kleveland acquired 2,300 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The stock was bought at an average price of $42.04 per share, with a total value of $96,692.00. Following the completion of the acquisition, the chief executive officer directly owned 19,895 shares of the company’s stock, valued at approximately $836,385.80. The trade was a 13.07% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.76% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd purchased a new stake in Albany International during the 1st quarter valued at $416,000. Y Intercept Hong Kong Ltd bought a new position in Albany International during the second quarter valued at $673,000. American Century Companies Inc. increased its position in Albany International by 37.6% during the second quarter. American Century Companies Inc. now owns 1,697,965 shares of the textile maker’s stock valued at $119,079,000 after acquiring an additional 464,040 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Albany International in the first quarter valued at $1,414,000. Finally, Select Equity Group L.P. lifted its holdings in shares of Albany International by 784.2% in the 1st quarter. Select Equity Group L.P. now owns 126,262 shares of the textile maker’s stock worth $8,717,000 after acquiring an additional 111,983 shares during the last quarter. Hedge funds and other institutional investors own 97.37% of the company’s stock.

About Albany International

Albany International Corp. is a global advanced materials company specializing in engineered textiles and composites. Its business is organized into two primary segments: Process Media and Engineered Composites. The Process Media segment designs, manufactures and services press, forming and drying fabrics used in the production of paper and packaging materials, helping paper manufacturers improve efficiency, quality and sustainability. The Engineered Composites segment produces lightweight composite structures and components for aerospace and industrial applications, serving commercial and military aircraft programs as well as industrial markets that require high-performance, durable materials.

In the Process Media segment, Albany’s products include forming fabrics, press felts and dryer fabrics engineered to withstand extreme moisture and temperature conditions.