Zacks Investment Research downgraded shares of Macquarie Infrastructure (NYSE:MIC) from a buy rating to a hold rating in a report released on Saturday, November 18th.
According to Zacks, “Macquarie owns, operate and invests in a diversified group of infrastructure businesses, which provide basic, everyday services, in the United States and other developed countries. Its initial businesses and investments consist of an airport services business (Atlantic and AvPorts), an airport parking business (PCAA and Avistar) and a district energy business (Thermal Chicago and Northwind Aladdin), a UK regulated water utility and in Macquarie Communications Infrastructure Group. “
A number of other equities research analysts also recently commented on MIC. BidaskClub downgraded Macquarie Infrastructure from a sell rating to a strong sell rating in a research report on Thursday, August 10th. SunTrust Banks decreased their price objective on Macquarie Infrastructure to $75.00 and set a buy rating on the stock in a research report on Wednesday, November 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $83.75.
Shares of Macquarie Infrastructure (NYSE:MIC) traded down $0.51 during trading on Friday, hitting $65.60. The stock had a trading volume of 578,054 shares, compared to its average volume of 599,738. The company has a quick ratio of 0.93, a current ratio of 1.07 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $5,620.97, a P/E ratio of 31.21 and a beta of 0.86. Macquarie Infrastructure has a fifty-two week low of $63.08 and a fifty-two week high of $83.66.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 16th. Investors of record on Monday, November 13th were paid a $1.42 dividend. The ex-dividend date of this dividend was Friday, November 10th. This represents a $5.68 annualized dividend and a yield of 8.66%. This is a boost from Macquarie Infrastructure’s previous quarterly dividend of $1.38. Macquarie Infrastructure’s dividend payout ratio is 266.67%.
In related news, Director Norman H. Brown, Jr. sold 1,732 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $65.87, for a total value of $114,086.84. Following the transaction, the director now owns 49,076 shares of the company’s stock, valued at $3,232,636.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.90% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in MIC. Ffcm LLC lifted its holdings in shares of Macquarie Infrastructure by 122.1% during the 2nd quarter. Ffcm LLC now owns 2,010 shares of the conglomerate’s stock valued at $159,000 after purchasing an additional 1,105 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new position in Macquarie Infrastructure in the 2nd quarter worth $165,000. Benjamin F. Edwards & Company Inc. raised its stake in Macquarie Infrastructure by 13.6% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,268 shares of the conglomerate’s stock worth $178,000 after acquiring an additional 271 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Macquarie Infrastructure in the 2nd quarter worth $206,000. Finally, US Bancorp DE raised its stake in Macquarie Infrastructure by 1.0% in the 2nd quarter. US Bancorp DE now owns 2,693 shares of the conglomerate’s stock worth $211,000 after acquiring an additional 26 shares during the last quarter. 76.41% of the stock is currently owned by institutional investors and hedge funds.
About Macquarie Infrastructure
Macquarie Infrastructure Corporation owns and operates a group of businesses that provide services, such as bulk liquid terminalling and handling services. The Company operates through four segments: International-Matex Tank Terminals (IMTT), Atlantic Aviation, Contracted Power (CP) and MIC Hawaii. Its group of businesses also provides services, such as aircraft fueling, CP generation and utility gas services.
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