looks very similar to kk Gebirgs(mountain)-Infantery (Landesschützen/Kaiserschützen) but maybe also some other like kuk Infanterie or kk Landwehr-Infanterie
The General Lanyardhttp://www.austro-hungarian-army.co.uk/badges/lanyard1.htm
this would possible fit
Scharlachrot (bright red)
"Schützenauszeichnung für die Infanterie - Marksmanship Lanyard made of bright red wool, introduced in July 1868 for soldiers of the infantry regiments including those of the border infantry regiments which were disbanded in 1873. From 1888 the soldiers of the Honvéd-infantry regiments were also eligible for the lanyard. In order to qualify the individual soldier had to successfully pass three basic exercises and could then continue to wear this lanyard as long as he successfully passed his annual training tests."