Albany International Corp. (NYSE:AIN) to Issue Quarterly Dividend of $0.25

Posted by on Jun 5th, 2023

Albany International Corp. (NYSE:AIN – Get Rating) announced a quarterly dividend on Friday, May 12th, Zacks reports. Shareholders of record on Wednesday, June 7th will be paid a dividend of 0.25 per share by the textile maker on Monday, July 10th. This represents a $1.00 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date is Tuesday, June 6th.

Albany International has raised its dividend by an average of 6.4% annually over the last three years and has increased its dividend every year for the last 5 years. Albany International has a dividend payout ratio of 23.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Albany International to earn $4.18 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 23.9%.

Albany International Trading Up 5.6 %

Albany International stock opened at $90.73 on Monday. Albany International has a 52 week low of $75.24 and a 52 week high of $115.39. The company has a current ratio of 4.82, a quick ratio of 3.98 and a debt-to-equity ratio of 0.55. The stock has a 50-day moving average price of $89.32 and a 200 day moving average price of $97.29. The stock has a market cap of $2.83 billion, a PE ratio of 29.94, a P/E/G ratio of 3.15 and a beta of 1.32.

Albany International (NYSE:AIN – Get Rating) last issued its earnings results on Wednesday, April 26th. The textile maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06. Albany International had a return on equity of 14.14% and a net margin of 8.96%. The business had revenue of $269.10 million for the quarter, compared to analyst estimates of $255.14 million. During the same period last year, the company posted $0.91 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. Equities research analysts predict that Albany International will post 3.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

AIN has been the topic of a number of recent research reports. Truist Financial raised shares of Albany International from a “hold” rating to a “buy” rating and lifted their price target for the company from $90.00 to $105.00 in a research report on Thursday, April 27th. They noted that the move was a valuation call. StockNews.com initiated coverage on shares of Albany International in a report on Thursday, May 18th. They set a “buy” rating for the company.

Institutional Investors Weigh In On Albany International

Several hedge funds and other institutional investors have recently bought and sold shares of AIN. BlackRock Inc. grew its position in shares of Albany International by 1.1% during the first quarter. BlackRock Inc. now owns 4,948,017 shares of the textile maker’s stock worth $417,218,000 after buying an additional 51,597 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Albany International by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 3,444,386 shares of the textile maker’s stock valued at $290,431,000 after acquiring an additional 30,652 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Albany International by 2.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,151,310 shares of the textile maker’s stock worth $97,080,000 after purchasing an additional 29,943 shares during the last quarter. State Street Corp boosted its holdings in Albany International by 0.5% in the third quarter. State Street Corp now owns 1,082,808 shares of the textile maker’s stock worth $85,587,000 after purchasing an additional 5,426 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Albany International by 2.2% during the first quarter. Geode Capital Management LLC now owns 623,680 shares of the textile maker’s stock worth $55,732,000 after purchasing an additional 13,537 shares during the period. 99.94% of the stock is currently owned by hedge funds and other institutional investors.

About Albany International

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Albany International Corp. engages in textiles and materials processing. It operates through the following segments: Machine Clothing and Albany Engineered Composites. The Machine Clothing segment supplies fabrics used in the manufacturing process in the pulp, corrugator, nonwovens, fiber cement, building products, and tannery and textile industries.

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Dividend History for Albany International (NYSE:AIN)

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