Albany International Corporation (NYSE:AIN) to Issue Dividend Increase – $0.28 Per Share

Albany International Corporation (NYSE:AIN) announced a quarterly dividend on Friday, December 5th. Shareholders of record on Tuesday, December 16th will be paid a dividend of 0.28 per share by the textile maker on Thursday, January 8th. This represents a c) annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, December 16th. This is a 3.7% increase from Albany International’s previous quarterly dividend of $0.27.

Albany International has raised its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Albany International has a dividend payout ratio of 27.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Albany International to earn $3.79 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 28.5%.

Albany International Price Performance

Shares of AIN traded up $0.92 during trading hours on Friday, reaching $49.55. The company had a trading volume of 335,115 shares, compared to its average volume of 295,188. The company has a current ratio of 2.34, a quick ratio of 1.84 and a debt-to-equity ratio of 0.65. Albany International has a 12-month low of $41.15 and a 12-month high of $84.11. The firm has a 50 day simple moving average of $52.08 and a 200-day simple moving average of $60.68. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -25.54, a PEG ratio of 2.11 and a beta of 1.23.

Albany International (NYSE:AIN) last released its quarterly earnings data on Wednesday, May 25th. The textile maker reported $0.43 EPS for the quarter. Albany International had a negative net margin of 4.66% and a positive return on equity of 8.98%. The firm had revenue of $239.92 million for the quarter. Research analysts expect that Albany International will post 3.23 earnings per share for the current year.

Analysts Set New Price Targets

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

Albany International Company Profile

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.