Macquarie Infrastructure Company (NYSE:MIC) Cut to “Strong Sell” at BidaskClub

Macquarie Infrastructure Company (NYSE:MIC) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Thursday.

A number of other equities research analysts have also issued reports on MIC. Zacks Investment Research lowered shares of Macquarie Infrastructure from a “hold” rating to a “sell” rating in a report on Saturday, April 15th. Barclays PLC lowered shares of Macquarie Infrastructure from an “overweight” rating to a “hold” rating and dropped their target price for the stock from $89.00 to $83.00 in a report on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $88.75.

Macquarie Infrastructure (NYSE:MIC) traded up 0.32% during mid-day trading on Thursday, hitting $74.34. 99,508 shares of the stock were exchanged. Macquarie Infrastructure has a 52 week low of $73.24 and a 52 week high of $85.45. The stock has a market capitalization of $6.15 billion, a PE ratio of 35.74 and a beta of 0.92. The company has a 50-day moving average of $76.89 and a 200-day moving average of $78.27.

Macquarie Infrastructure (NYSE:MIC) last released its earnings results on Wednesday, August 2nd. The conglomerate reported $0.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.26. Macquarie Infrastructure had a return on equity of 5.71% and a net margin of 10.12%. The business had revenue of $438.99 million for the quarter, compared to analysts’ expectations of $416.50 million. On average, equities analysts predict that Macquarie Infrastructure will post $1.92 EPS for the current fiscal year.

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Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Macquarie Infrastructure by 9.5% in the first quarter. Vanguard Group Inc. now owns 6,313,859 shares of the conglomerate’s stock valued at $508,770,000 after buying an additional 545,647 shares during the period. RidgeWorth Capital Management LLC raised its position in shares of Macquarie Infrastructure by 99.2% in the first quarter. RidgeWorth Capital Management LLC now owns 765,525 shares of the conglomerate’s stock valued at $61,686,000 after buying an additional 381,175 shares in the last quarter. Macquarie Group Ltd. raised its position in shares of Macquarie Infrastructure by 7.9% in the first quarter. Macquarie Group Ltd. now owns 4,891,320 shares of the conglomerate’s stock valued at $394,143,000 after buying an additional 356,949 shares in the last quarter. Janus Capital Management LLC raised its position in shares of Macquarie Infrastructure by 685.6% in the first quarter. Janus Capital Management LLC now owns 369,225 shares of the conglomerate’s stock valued at $29,752,000 after buying an additional 322,225 shares in the last quarter. Finally, State Street Corp raised its position in shares of Macquarie Infrastructure by 18.2% in the first quarter. State Street Corp now owns 1,749,011 shares of the conglomerate’s stock valued at $140,932,000 after buying an additional 269,761 shares in the last quarter. 86.02% of the stock is currently owned by institutional investors and hedge funds.

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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