Zacks Investment Research upgraded shares of Macquarie Infrastructure Co. (NYSE:MIC) from a hold rating to a buy rating in a research report report published on Thursday morning. They currently have $93.00 price objective on the stock.
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, TheStreet upgraded Macquarie Infrastructure from a hold rating to a buy rating in a research note on Tuesday, August 2nd. Six research analysts have rated the stock with a buy rating, Macquarie Infrastructure presently has a consensus rating of Buy and a consensus target price of $94.00.
Macquarie Infrastructure (NYSE:MIC) opened at 83.70 on Thursday. Macquarie Infrastructure has a 12-month low of $51.83 and a 12-month high of $85.00. The stock has a 50 day moving average price of $81.72 and a 200-day moving average price of $75.01. The firm has a market cap of $6.82 billion, a price-to-earnings ratio of 78.89 and a beta of 1.02.
Macquarie Infrastructure (NYSE:MIC) last issued its quarterly earnings data on Monday, August 1st. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by $0.20. Macquarie Infrastructure had a net margin of 5.28% and a return on equity of 2.69%. The business had revenue of $397.60 million for the quarter, compared to analyst estimates of $399.95 million. Equities analysts forecast that Macquarie Infrastructure will post $3.02 earnings per share for the current year.
In other news, Director Norman H. Brown, Jr. sold 4,000 shares of Macquarie Infrastructure stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $80.17, for a total value of $320,680.00. Following the completion of the transaction, the director now owns 49,021 shares in the company, valued at approximately $3,930,013.57. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 7.50% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the company. FineMark National Bank & Trust increased its stake in shares of Macquarie Infrastructure by 574.5% in the second quarter. FineMark National Bank & Trust now owns 1,484 shares of the company’s stock valued at $109,000 after buying an additional 1,264 shares during the period. First Manhattan Co. increased its stake in shares of Macquarie Infrastructure by 64.5% in the second quarter. First Manhattan Co. now owns 1,530 shares of the company’s stock valued at $113,000 after buying an additional 600 shares during the period. Metropolitan Life Insurance Co. NY increased its stake in shares of Macquarie Infrastructure by 9.6% in the second quarter. Metropolitan Life Insurance Co. NY now owns 2,209 shares of the company’s stock valued at $164,000 after buying an additional 194 shares during the period. RKL Wealth Management LLC bought a new stake in shares of Macquarie Infrastructure during the second quarter valued at about $203,000. Finally, Dorsey & Whitney Trust CO LLC bought a new stake in shares of Macquarie Infrastructure during the second quarter valued at about $213,000. 83.21% of the stock is currently owned by institutional investors and hedge funds.
Macquarie Infrastructure Company Profile
Macquarie Infrastructure Corporation owns, operates and invests in a diversified group of infrastructure businesses providing basic services to customers in the United States. Its businesses consist of a bulk liquid terminals business, International-Matex Tank Terminals, an airport services business, Atlantic Aviation, a gas processing and distribution business, Hawaii Gas, and entities comprising a Contracted Power and Energy segment.
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