Zacks Investment Research cut shares of Macquarie Infrastructure Company (NYSE:MIC) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.
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. “
MIC has been the topic of several other research reports. SunTrust Banks, Inc. dropped their target price on Macquarie Infrastructure to $75.00 and set a buy rating on the stock in a research report on Wednesday, November 15th. BidaskClub downgraded Macquarie Infrastructure from a sell rating to a strong sell rating in a research report on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Macquarie Infrastructure has an average rating of Hold and an average price target of $83.75.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 16th. Investors of record on Monday, November 13th were given a $1.42 dividend. This represents a $5.68 dividend on an annualized basis and a dividend yield of 8.73%. The ex-dividend date of this dividend was Friday, November 10th. This is an increase from Macquarie Infrastructure’s previous quarterly dividend of $1.38. Macquarie Infrastructure’s dividend payout ratio (DPR) is 274.40%.
Several hedge funds have recently modified their holdings of the stock. GSA Capital Partners LLP purchased a new stake in shares of Macquarie Infrastructure in the third quarter worth $317,000. Barnett & Company Inc. raised its position in shares of Macquarie Infrastructure by 7.7% in the third quarter. Barnett & Company Inc. now owns 36,902 shares of the conglomerate’s stock worth $2,664,000 after buying an additional 2,647 shares in the last quarter. Sterling Capital Management LLC raised its position in shares of Macquarie Infrastructure by 19.3% in the third quarter. Sterling Capital Management LLC now owns 10,580 shares of the conglomerate’s stock worth $764,000 after buying an additional 1,715 shares in the last quarter. California Public Employees Retirement System raised its position in shares of Macquarie Infrastructure by 24.5% in the third quarter. California Public Employees Retirement System now owns 135,212 shares of the conglomerate’s stock worth $9,760,000 after buying an additional 26,612 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its position in shares of Macquarie Infrastructure by 176.8% in the third quarter. Janney Montgomery Scott LLC now owns 32,921 shares of the conglomerate’s stock worth $2,376,000 after buying an additional 21,026 shares in the last quarter. Institutional investors own 72.91% of the company’s stock.
Macquarie Infrastructure Company Profile
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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