Macquarie Infrastructure Corp (NYSE:MIC) Given Consensus Recommendation of “Hold” by Brokerages

Macquarie Infrastructure Corp (NYSE:MIC) has received a consensus recommendation of “Hold” from the five brokerages that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, one has given a hold recommendation and two have issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $48.25.

Several research analysts recently commented on MIC shares. Royal Bank of Canada raised Macquarie Infrastructure from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $48.00 to $51.00 in a research report on Tuesday, July 9th. Zacks Investment Research cut Macquarie Infrastructure from a “buy” rating to a “hold” rating and set a $42.00 price target for the company. in a research report on Wednesday, May 29th. Finally, ValuEngine cut Macquarie Infrastructure from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 2nd.

A number of hedge funds and other institutional investors have recently modified their holdings of MIC. Martingale Asset Management L P boosted its position in Macquarie Infrastructure by 7,403.6% during the first quarter. Martingale Asset Management L P now owns 495,760 shares of the conglomerate’s stock valued at $20,437,000 after purchasing an additional 489,153 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of Macquarie Infrastructure by 141.6% in the second quarter. Nuveen Asset Management LLC now owns 829,424 shares of the conglomerate’s stock valued at $33,625,000 after buying an additional 486,109 shares during the last quarter. CIBC Private Wealth Group LLC lifted its position in shares of Macquarie Infrastructure by 49.8% in the second quarter. CIBC Private Wealth Group LLC now owns 1,177,130 shares of the conglomerate’s stock valued at $47,721,000 after buying an additional 391,505 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Macquarie Infrastructure by 30.9% in the second quarter. Renaissance Technologies LLC now owns 1,511,700 shares of the conglomerate’s stock valued at $61,284,000 after buying an additional 357,200 shares during the last quarter. Finally, Pinebridge Investments L.P. acquired a new stake in shares of Macquarie Infrastructure in the second quarter valued at approximately $10,377,000. 73.90% of the stock is owned by hedge funds and other institutional investors.

NYSE MIC traded down $1.12 during trading hours on Friday, hitting $37.03. 543,251 shares of the company traded hands, compared to its average volume of 648,504. The business’s 50-day moving average is $40.03 and its 200-day moving average is $40.80. Macquarie Infrastructure has a twelve month low of $33.71 and a twelve month high of $47.74. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.56 and a current ratio of 1.60. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of 17.47 and a beta of 1.40.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were given a dividend of $1.00 per share. The ex-dividend date was Friday, August 9th. This represents a $4.00 annualized dividend and a yield of 10.80%. Macquarie Infrastructure’s dividend payout ratio (DPR) is presently 188.68%.

About Macquarie Infrastructure

Macquarie Infrastructure Corporation owns and operates a portfolio of businesses that provide services to other businesses, government agencies, and individuals. It operates through: International-Matex Tank Terminals (IMTT), Atlantic Aviation, and MIC Hawaii segments. The IMTT segment offers bulk liquid storage, handling, and other services for petroleum products, specialty chemicals, renewable fuels, and vegetable and tropical oils through a network of 19 terminals, including 17 in the United States and 2 in Canada.

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