Zacks Investment Research cut shares of Macquarie Infrastructure (NYSE:MIC) from a hold rating to a sell rating in a research note released on Wednesday 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. “
Separately, SunTrust Banks cut their price target on Macquarie Infrastructure to $75.00 and set a buy rating for the company in a research note on Wednesday, November 15th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $83.75.
In related news, Director Norman H. Brown, Jr. sold 1,732 shares of the firm’s 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 directly owns 49,076 shares of the company’s stock, valued at approximately $3,232,636.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Norman H. Brown, Jr. sold 2,151 shares of the firm’s stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $66.07, for a total value of $142,116.57. Following the completion of the transaction, the director now directly owns 46,925 shares in the company, valued at $3,100,334.75. The disclosure for this sale can be found here. 5.90% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of MIC. Prudential Financial Inc. raised its stake in shares of Macquarie Infrastructure by 10.5% in the 2nd quarter. Prudential Financial Inc. now owns 3,170 shares of the conglomerate’s stock valued at $249,000 after acquiring an additional 300 shares in the last quarter. Northern Trust Corp raised its stake in shares of Macquarie Infrastructure by 4.6% in the 2nd quarter. Northern Trust Corp now owns 454,777 shares of the conglomerate’s stock valued at $35,654,000 after acquiring an additional 20,121 shares in the last quarter. FMR LLC raised its stake in shares of Macquarie Infrastructure by 3.5% in the 2nd quarter. FMR LLC now owns 59,900 shares of the conglomerate’s stock valued at $4,696,000 after acquiring an additional 2,000 shares in the last quarter. California Public Employees Retirement System raised its stake in shares of Macquarie Infrastructure by 1.5% in the 2nd quarter. California Public Employees Retirement System now owns 108,600 shares of the conglomerate’s stock valued at $8,514,000 after acquiring an additional 1,600 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Macquarie Infrastructure by 12.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 794,654 shares of the conglomerate’s stock valued at $62,304,000 after acquiring an additional 88,038 shares in the last quarter. 75.97% of the stock is currently owned by institutional investors and hedge funds.
COPYRIGHT VIOLATION NOTICE: “Macquarie Infrastructure (MIC) Cut to “Sell” at Zacks Investment Research” was first published by Sports Perspectives and is owned by of Sports Perspectives. If you are reading this piece of content on another publication, it was illegally copied and reposted in violation of U.S. and international copyright & trademark laws. The legal version of this piece of content can be accessed at https://sportsperspectives.com/2018/02/10/macquarie-infrastructure-mic-cut-to-sell-at-zacks-investment-research.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Macquarie Infrastructure Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Macquarie Infrastructure and related companies with MarketBeat.com's FREE daily email newsletter.