Albany International Corp., together with its subsidiaries, engages in the textile and materials processing business. 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 manufacturing papers, paperboards, tissues, and towels. This segment offers forming, pressing, and drying fabrics, as well as process belts. It also provides supplies engineered fabrics that are used in the manufacturing process in the pulp, corrugator, nonwovens, fiber cement, building products, tannery, and textile industries. This segment sells its products directly to end-user customers. The AEC segment designs, develops, and manufactures composite structures primarily to customers in the commercial and defense aerospace industries. The company operates in the United States, Switzerland, Brazil, China, France, Mexico, and internationally. Albany International Corp. was incorporated in 1895 and is headquartered in Rochester, New Hampshire.
IPO Year:
Exchange: NYSE
Website: albint.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 3/28/2024 | $105.00 → $95.00 | Neutral → Underperform | BofA Securities |
| 9/18/2023 | $100.00 → $106.00 | Market Perform → Outperform | TD Cowen |
| 7/14/2023 | $101.00 → $120.00 | Neutral → Outperform | Robert W. Baird |
| 4/27/2023 | $90.00 → $105.00 | Hold → Buy | Truist |
| 10/12/2022 | $80.00 | Buy → Hold | Truist |
| 2/22/2022 | $105.00 → $90.00 | Buy → Neutral | BofA Securities |
| 1/7/2022 | $85.00 → $100.00 | Hold → Buy | Truist |
| 10/15/2021 | $89.00 → $85.00 | Hold | Truist Securities |
| 7/30/2021 | $105.00 | Neutral → Buy | B of A Securities |
| 6/28/2021 | Hold | Truist Securities |
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The Board of Directors of Albany International Corp. (NYSE:AIN) today declared a quarterly dividend of $0.27 per share on the Company's Class A Common Stock, an increase of 4%, or $0.01 per share, from the prior dividend. The dividend is payable January 8, 2025, to shareholders of record on December 17, 2024. About Albany International Corp. Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world's leading producer of custom-designed, consumable belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wo
Heimbach Switzerland AG, an affiliate of Albany International Corp. (NYSE:AIN), announced today that it will initiate consultations with employee representatives regarding a proposal to discontinue manufacturing operations in Olten, Switzerland, and to transfer production to other Heimbach GmbH manufacturing facilities. The reduction is subject to local law and will be implemented in accordance with such law and in consultation with the employees' representative body. This action, if approved, will enable the Albany's Heimbach GmbH subsidiary to align its paper machine clothing manufacturing capacity with the local market demand and the needs of customers. This initiative to streamline op
Albany International Corp. (NYSE:AIN) today reported operating results for its third quarter of 2024, which ended September 30, 2024. "I am pleased with the overall results of the quarter as we focused on operational excellence evidenced by strong results at Machine Clothing and Free Cash Flow generation of $78 million year-to-date. We are addressing the issues announced earlier this month, with specific emphasis on our Salt Lake Facility. Revenues of $298 million was up $17 million or 6.1% over prior year," said President and CEO, Gunnar Kleveland. "In Machine Clothing, revenues of $183 million grew year-over-year, driven by our Heimbach acquisition. Our global order backlog remains stab
Albany International Corp. (NYSE:AIN) will release 2024 third-quarter results Wednesday, October 30, 2024 after the market closes. The Company will host a webcast to discuss results at 9:00 a.m. Eastern Time on Thursday, October 31, 2024. Interested parties are encouraged to listen to the live webcast via the Company's Investor Relations website at investors.albint.com. Interested parties may access dial-in information for the call by registering via web link here. An archive of the webcast will be available for replay on the website at approximately noon Eastern Time on October 31, 2024. About Albany International Corp. Albany International is a leading developer and manufacturer of en
Albany International Corp. (NYSE:AIN) announced today the publication of its 2023 Taskforce on Climate-related Financial Disclosures (TCFD) Report. The TCFD provides a common framework to articulate to stakeholders the Company's strategy for managing its climate-related risks and opportunities, and to show how its products and operations are aligned with the transition to a low-carbon, sustainable global economy. Highlights include the commitment to near-term company-wide Scopes 1 & 2 emissions reduction goals aligned with the Science Based Targets initiative (SBTi), waste reduction goals, and disclosure of Scope 3 (value chain) emissions. The SBTi's goal is to accelerate companies across
Albany International Corp. (NYSE:AIN) announced today that Gunnar Kleveland, President and CEO, and Robert Starr, Executive Vice President and CFO, will participate in a presentation at 10:50 a.m. Central Time, on Thursday November 14, 2024 at Baird's Global Industrial Conference in Chicago. About Albany International Corp. Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world's leading producer of custom-designed, consumable belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wovens and a variety of o
Company to Hold Conference Call Today at 8:30 a.m. ET to Discuss Update Albany International Corp. (NYSE:AIN) announced today that it is providing a preliminary update to its full year outlook largely to reflect revised revenue and profitability expectations for the aerospace business within its Engineered Composites (AEC) segment. Following its regular quarterly review of program costs and estimates relative to certain large complex aerospace contracts the Company has updated its labor, material input and scrap cost assumptions over the duration of certain long-term contracts. These increased cost assumptions as well as the impact of suspended production at a key customer pending their u
RYE, N.Y., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Gabelli Funds, LLC, is hosting our annual Aerospace & Defense Symposium at The Harvard Club in New York City on September 5th. The conference will draw top executives from more than ten companies, with a focus on the themes of strong demand outlook, high barriers to entry, large aftermarket opportunity, growth in excess of GDP, defense spending, and M&A potential for the Aerospace and Defense industry. Attendees will also have the opportunity to meet with management in a one-on-one setting. Prospective attendees can learn more about the symposium on our website. Agenda 7:50 AMWelcome & IntroTony Bancroft – Gabelli Funds 8:00Moog Inc. (
Albany International Corp. (NYSE:AIN) announced today that its Board of Directors has appointed Merle Stein as President of its Machine Clothing business segment, and elected him an officer of the Company effective September 1, 2024, to succeed Daniel Halftermeyer, who has stepped down from the position to focus his time and energies on the continued integration of the Heimbach acquisition and the successful transition to Mr. Stein. Mr. Stein, 47, has considerable experience in the paper and pulp industries and significant knowledge of the Machine Clothing business and a strategic understanding of the markets it serves. He comes to the role with considerably broad leadership experiences,
RYE, N.Y., Aug. 28, 2024 (GLOBE NEWSWIRE) -- Gabelli Funds, LLC, is hosting our annual Aerospace & Defense Symposium at The Harvard Club in New York City on September 5th. The conference will draw top executives from more than ten companies, with a focus on the themes of strong demand outlook, high barriers to entry, large aftermarket opportunity, growth in excess of GDP, defense spending, and M&A potential for the Aerospace and Defense industry. Attendees will also have the opportunity to meet with management in a one-on-one setting. Prospective attendees can learn more about the symposium on our website. Agenda 7:50 AMWelcome & IntroTony Bancroft – Gabelli Funds8:00Moog Inc. (NYSE:MOG)
Albany International Corp. (NYSE:AIN) announced today that its Board of Directors has appointed Merle Stein as President of its Machine Clothing business segment, and elected him an officer of the Company effective September 1, 2024, to succeed Daniel Halftermeyer, who has stepped down from the position to focus his time and energies on the continued integration of the Heimbach acquisition and the successful transition to Mr. Stein. Mr. Stein, 47, has considerable experience in the paper and pulp industries and significant knowledge of the Machine Clothing business and a strategic understanding of the markets it serves. He comes to the role with considerably broad leadership experiences,
Albany International Corp. (NYSE:AIN) announced today that its Board of Directors has appointed Christopher Stone as President, Albany Engineered Composites, Inc., and elected him an officer of the Company, effective August 12, 2024, to succeed Gregory Harwell, who no longer serves as President of Albany Engineered Composites, Inc. Mr. Stone, 52, brings a deep knowledge of the A&D industry, and considerable broad experiences to his new role. He has held a wide range of leadership positions at public companies, with a focus in manufacturing and supply chain management, business operations, production control, logistics and organizational transformation. Most recently he served as Vice Pres
Accomplished Industrial and Aerospace Executive Brings Nearly 20 Years of Operational and Leadership Experience Albany International Corp. ("Albany" or the "Company") (NYSE:AIN) today announced that its Board of Directors has appointed Gunnar Kleveland to succeed Bill Higgins as President and CEO, effective September 1. Mr. Kleveland will also join the Company's Board at that time. Mr. Higgins, who previously announced his intention to retire as CEO, will remain a member of Albany's Board. Mr. Kleveland is a seasoned executive with nearly two decades of industrial and aerospace leadership experience at Textron Inc. Most recently, he served as President and CEO of Textron Specialized Veh
Soluna Holdings, Inc. ("SHI" or the "Company"), (NASDAQ:SLNH), the parent company of Soluna Computing, Inc. ("SCI"), a developer of green data centers for Bitcoin mining and other intensive computing, announced today that it has accepted the resignation of its Chief Financial Officer, Philip Patman Jr., effective April 21, 2023. Mr. Patman is leaving to accept a similar position in his hometown of Houston, Texas. Michael Toporek, CEO of Soluna Holdings, stated, "On behalf of Soluna, we want to thank Philip for his contributions to the team, including his leadership of Soluna's finance team. We wish him continued success in his new position." David Michaels, a Company Director and Chairm
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The Board of Directors of Albany International Corp. (NYSE:AIN) today declared a quarterly dividend of $0.27 per share on the Company's Class A Common Stock, an increase of 4%, or $0.01 per share, from the prior dividend. The dividend is payable January 8, 2025, to shareholders of record on December 17, 2024. About Albany International Corp. Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world's leading producer of custom-designed, consumable belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wo
Albany International Corp. (NYSE:AIN) today reported operating results for its third quarter of 2024, which ended September 30, 2024. "I am pleased with the overall results of the quarter as we focused on operational excellence evidenced by strong results at Machine Clothing and Free Cash Flow generation of $78 million year-to-date. We are addressing the issues announced earlier this month, with specific emphasis on our Salt Lake Facility. Revenues of $298 million was up $17 million or 6.1% over prior year," said President and CEO, Gunnar Kleveland. "In Machine Clothing, revenues of $183 million grew year-over-year, driven by our Heimbach acquisition. Our global order backlog remains stab
Company to Hold Conference Call Today at 8:30 a.m. ET to Discuss Update Albany International Corp. (NYSE:AIN) announced today that it is providing a preliminary update to its full year outlook largely to reflect revised revenue and profitability expectations for the aerospace business within its Engineered Composites (AEC) segment. Following its regular quarterly review of program costs and estimates relative to certain large complex aerospace contracts the Company has updated its labor, material input and scrap cost assumptions over the duration of certain long-term contracts. These increased cost assumptions as well as the impact of suspended production at a key customer pending their u
The Board of Directors of Albany International Corp. (NYSE:AIN) today declared a quarterly dividend of $0.26 per share on the Company's Class A Common Stock. The dividend is payable October 7, 2024, to shareholders of record on September 3, 2024. About Albany International Corp. Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world's leading producer of custom-designed, consumable belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wovens and a variety of other industrial applications. Albany Enginee
Albany International Corp. (NYSE:AIN) today reported operating results for its second quarter of 2024, which ended June 30, 2024. "Overall, we had another good quarter as our businesses delivered strong results and are responding well to their industry challenges," said President and CEO, Gunnar Kleveland. "Revenue of $332 million was up $58 million or 21.1% over prior year due to the inclusion of Heimbach and sales growth in Engineered Composites. "In Machine Clothing, revenues at $194 million grew year-over-year, driven by our Heimbach acquisition, slightly offset by lower organic demand, primarily in Europe and North America. Our global order backlog remains stable. We continue to ma
The Board of Directors of Albany International Corp. (NYSE:AIN) today declared a quarterly dividend of $0.26 per share on the Company's Class A Common Stock. The dividend is payable July 8, 2024, to shareholders of record on June 7, 2024. About Albany International Corp. Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world's leading producer of custom-designed, consumable belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wovens and a variety of other industrial applications. Albany Engineere
Albany International Corp. (NYSE:AIN) today reported operating results for its first quarter of 2024, which ended March 31, 2024. "We had another good quarter as our businesses delivered solid results and are executing to their plans," said President and CEO, Gunnar Kleveland. "Revenue of $313 million, was up $44 million or 16.4% over prior year due to the inclusion of Heimbach and sales growth in Engineered Composites. "In Machine Clothing, North American markets remain strong. For the quarter we experienced lower organic demand due to continued softness in Europe. However, we have seen an improvement in our global order backlog. We also continue to make excellent progress on the integ
Albany International Corp. (NYSE:AIN) today reported operating results for its full year and fourth quarter of 2023, which ended December 31, 2023. "In 2023, our business remained focused on operational execution and delivered outstanding financial performance," said Gunnar Kleveland, President and Chief Executive Officer. "I am pleased to report record revenues of $1.15 billion in 2023, up 11% from last year. GAAP EPS grew in the mid-teens, and Adjusted EPS of $4.06, was up 4.9% from last year. Importantly the company delivered 2023 free cash flow of $64 million, up significantly from the $32 million generated in 2022. "Fourth quarter results were particularly strong with outstanding c
The Board of Directors of Albany International Corp. (NYSE:AIN) today declared a quarterly dividend of $0.26 per share on the Company's Class A Common Stock. The dividend is payable April 5, 2024, to shareholders of record on March 15, 2024. About Albany International Corp. Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world's leading producer of custom-designed, consumable belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wovens and a variety of other industrial applications. Albany Engineer
The Board of Directors of Albany International Corp. (NYSE:AIN) today declared a quarterly dividend of $0.26 per share on the Company's Class A Common Stock, an increase of 4%, or $0.01 per share, from the prior dividend. The dividend is payable January 8, 2024, to shareholders of record on December 19, 2023. About Albany International Corp. Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world's leading producer of fabrics and process belts used in the manufacture of all grades of paper products. Albany Engineered Composites is a grow
BofA Securities downgraded Albany Intl from Neutral to Underperform and set a new price target of $95.00 from $105.00 previously
TD Cowen upgraded Albany Intl from Market Perform to Outperform and set a new price target of $106.00 from $100.00 previously
Robert W. Baird upgraded Albany Intl from Neutral to Outperform and set a new price target of $120.00 from $101.00 previously
Truist upgraded Albany Intl from Hold to Buy and set a new price target of $105.00 from $90.00 previously
Truist downgraded Albany Intl from Buy to Hold and set a new price target of $80.00
BofA Securities downgraded Albany Intl from Buy to Neutral and set a new price target of $90.00 from $105.00 previously
Truist upgraded Albany Intl from Hold to Buy and set a new price target of $100.00 from $85.00 previously
Truist Securities reiterated coverage of Albany Intl with a rating of Hold and set a new price target of $85.00 from $89.00 previously
B of A Securities upgraded Albany Intl from Neutral to Buy and set a new price target of $105.00
Truist Securities initiated coverage of Albany Intl with a rating of Hold