Albany International Corporation (NYSE:AIN) Sees Large Increase in Short Interest

by · The Markets Daily

Albany International Corporation (NYSE:AIN – Get Free Report) saw a significant growth in short interest in the month of December. As of December 15th, there was short interest totaling 913,402 shares, a growth of 33.3% from the November 30th total of 685,302 shares. Based on an average daily trading volume, of 389,588 shares, the days-to-cover ratio is currently 2.3 days. Currently, 3.2% of the company’s shares are short sold. Currently, 3.2% of the company’s shares are short sold. Based on an average daily trading volume, of 389,588 shares, the days-to-cover ratio is currently 2.3 days.

Albany International Stock Down 0.8%

AIN stock traded down $0.40 during trading on Tuesday, hitting $51.51. 196,663 shares of the stock traded hands, compared to its average volume of 332,454. Albany International has a 1 year low of $41.15 and a 1 year high of $83.65. The firm’s 50 day moving average is $50.48 and its two-hundred day moving average is $58.56. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of -26.55, a price-to-earnings-growth ratio of 2.28 and a beta of 1.23. 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 – Get Free Report) last released its quarterly earnings data on Wednesday, May 25th. The textile maker reported $0.43 earnings per share for the quarter. Albany International had a negative net margin of 4.66% and a positive return on equity of 8.98%. The business had revenue of $239.92 million during the quarter. On average, sell-side analysts anticipate that Albany International will post 3.23 EPS for the current year.

Albany International Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Tuesday, December 16th will be paid a dividend of $0.28 per share. The ex-dividend date is Tuesday, December 16th. This represents a $1.12 annualized dividend and a yield of 2.2%. This is a positive change from Albany International’s previous quarterly dividend of $0.27. Albany International’s dividend payout ratio (DPR) is -57.73%.

Wall Street Analyst Weigh In

AIN has been the subject of a number of research analyst reports. Zacks Research cut Albany International from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 18th. JPMorgan Chase & Co. raised their price objective on Albany International from $59.00 to $63.00 and gave the company a “neutral” rating in a research report on Wednesday, October 15th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Albany International in a research report on Monday. Finally, Truist Financial decreased their price target on shares of Albany International from $55.00 to $50.00 and set a “hold” rating for the company in a research note on Friday, November 7th. Four equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $64.25.

Read Our Latest Stock Report on Albany International

Insider Transactions at Albany International

In related news, CEO Gunnar Kleveland acquired 2,300 shares of the stock in a transaction on Monday, November 17th. The stock was acquired at an average cost of $42.04 per share, for a total transaction 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. This represents a 13.07% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.76% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. OMERS ADMINISTRATION Corp bought a new stake in Albany International in the 1st quarter worth about $628,000. Trexquant Investment LP bought a new stake in shares of Albany International in the first quarter worth approximately $2,684,000. Royal Bank of Canada raised its holdings in shares of Albany International by 7.5% during the first quarter. Royal Bank of Canada now owns 15,590 shares of the textile maker’s stock valued at $1,076,000 after purchasing an additional 1,085 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in Albany International during the first quarter valued at approximately $1,317,000. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in Albany International in the first quarter worth approximately $1,414,000. 97.37% of the stock is owned by institutional investors.

Albany International Company Profile

(Get Free Report)

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.

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