Short Interest in Albany International Corp. (NYSE:AIN) Rises By 30.9%

Albany International Corp. (NYSE:AIN) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totalling 594,900 shares, an increase of 30.9% from the August 15th total of 454,500 shares. Based on an average trading volume of 124,400 shares, the short-interest ratio is currently 4.8 days. Currently, 2.0% of the company’s shares are sold short.

AIN stock opened at $75.16 on Wednesday. The company has a market capitalization of $2.43 billion, a P/E ratio of 20.99, a price-to-earnings-growth ratio of 5.56 and a beta of 1.43. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.40 and a current ratio of 4.09. Albany International has a 52-week low of $48.57 and a 52-week high of $93.43. The business has a 50-day simple moving average of $79.43 and a two-hundred day simple moving average of $84.29.

Albany International (NYSE:AIN) last posted its earnings results on Sunday, July 25th. The textile maker reported $1.01 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.28. Albany International had a net margin of 12.96% and a return on equity of 14.80%. The firm had revenue of $234.52 million for the quarter, compared to analysts’ expectations of $218.80 million. As a group, sell-side analysts forecast that Albany International will post 3.2 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 7th. Shareholders of record on Tuesday, September 7th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, September 3rd. This represents a $0.80 annualized dividend and a dividend yield of 1.06%. Albany International’s dividend payout ratio is currently 21.51%.

In other news, Director Christine L. Standish sold 1,566,644 shares of Albany International stock in a transaction dated Tuesday, August 10th. The stock was sold at an average price of $75.97, for a total value of $119,017,944.68. Following the completion of the transaction, the director now directly owns 7,066 shares of the company’s stock, valued at approximately $536,804.02. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 5.78% of the company’s stock.

Several institutional investors have recently bought and sold shares of the business. BlackRock Inc. lifted its position in shares of Albany International by 3.4% during the 1st quarter. BlackRock Inc. now owns 4,760,891 shares of the textile maker’s stock worth $397,391,000 after buying an additional 158,620 shares in the last quarter. Earnest Partners LLC raised its holdings in shares of Albany International by 9.7% in the 1st quarter. Earnest Partners LLC now owns 2,618,690 shares of the textile maker’s stock worth $218,582,000 after purchasing an additional 231,744 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of Albany International by 13.1% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,992,279 shares of the textile maker’s stock worth $177,831,000 after purchasing an additional 231,236 shares during the period. Bank of America Corp DE raised its holdings in shares of Albany International by 3.8% in the 2nd quarter. Bank of America Corp DE now owns 1,272,384 shares of the textile maker’s stock worth $113,572,000 after purchasing an additional 46,445 shares during the period. Finally, State Street Corp raised its holdings in shares of Albany International by 2.6% in the 2nd quarter. State Street Corp now owns 987,603 shares of the textile maker’s stock worth $88,352,000 after purchasing an additional 25,367 shares during the period. 90.32% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have recently commented on AIN. Truist began coverage on Albany International in a research note on Monday, June 28th. They issued a “hold” rating and a $80.00 target price for the company. Truist Securities began coverage on Albany International in a research note on Monday, June 28th. They issued a “hold” rating and a $80.00 target price for the company. Zacks Investment Research upgraded Albany International from a “hold” rating to a “buy” rating and set a $96.00 price target for the company in a research note on Friday, July 30th. Bank of America upgraded Albany International from a “neutral” rating to a “buy” rating and lifted their price target for the company from $90.50 to $105.00 in a research note on Friday, July 30th. Finally, Robert W. Baird reiterated a “hold” rating on shares of Albany International in a research note on Wednesday, July 28th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $88.00.

Albany International Company Profile

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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