Albany International (NYSE:AIN – Get Free Report) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $3.55-4.05 for the period, compared to the consensus estimate of $3.97. The company issued revenue guidance of $1.26-1.33 billion, compared to the consensus revenue estimate of $1.30 billion. Albany International also updated its FY 2024 guidance to 3.550-4.050 EPS.
Analysts Set New Price Targets
A number of research firms have issued reports on AIN. Bank of America reissued an underperform rating and issued a $95.00 target price (down from $105.00) on shares of Albany International in a research report on Thursday, March 28th. Truist Financial raised their target price on Albany International from $105.00 to $121.00 and gave the stock a buy rating in a research report on Wednesday, January 10th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $110.50.
Check Out Our Latest Stock Analysis on AIN
Albany International Stock Performance
Albany International (NYSE:AIN – Get Free Report) last posted its earnings results on Tuesday, February 27th. The textile maker reported $1.22 EPS for the quarter, topping the consensus estimate of $0.84 by $0.38. Albany International had a return on equity of 13.70% and a net margin of 9.68%. The business had revenue of $323.60 million during the quarter, compared to analysts’ expectations of $298.17 million. During the same period in the previous year, the business earned $0.75 earnings per share. The firm’s revenue was up 20.4% on a year-over-year basis. On average, sell-side analysts forecast that Albany International will post 3.93 earnings per share for the current year.
Albany International Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend was Thursday, March 14th. Albany International’s dividend payout ratio (DPR) is currently 29.30%.
About Albany International
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.
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