Macquarie Infrastructure Co. (MIC) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Macquarie Infrastructure Co. (NYSE:MIC) from a hold rating to a buy rating in a research note released on Thursday morning. The brokerage currently has $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 raised shares of Macquarie Infrastructure from a hold rating to a buy rating in a research report on Tuesday, August 2nd. Six research analysts have rated the stock with a buy rating, The company has an average rating of Buy and an average target price of $94.00.
Macquarie Infrastructure (NYSE:MIC) traded up 0.9598% during mid-day trading on Thursday, hitting $83.6856. 242,385 shares of the stock traded hands. Macquarie Infrastructure has a 12-month low of $51.83 and a 12-month high of $85.00. The company has a market cap of $6.82 billion, a price-to-earnings ratio of 78.8743 and a beta of 1.02. The firm’s 50-day moving average is $81.58 and its 200-day moving average is $74.61.
Macquarie Infrastructure (NYSE:MIC) last announced its quarterly earnings data on Monday, August 1st. The company reported $0.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by $0.20. Macquarie Infrastructure had a net margin of 5.28% and a return on equity of 2.69%. The company earned $397.60 million during the quarter, compared to analyst estimates of $399.95 million. Equities research analysts expect that Macquarie Infrastructure will post $3.02 EPS for the current year.
In other news, Director Norman H. Brown, Jr. sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $80.17, for a total transaction of $320,680.00. Following the completion of the transaction, the director now directly owns 49,021 shares in the company, valued at $3,930,013.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 7.50% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Cohen & Steers Inc. increased its position in shares of Macquarie Infrastructure by 19,146.2% in the second quarter. Cohen & Steers Inc. now owns 70,400,000 shares of the company’s stock worth $70,224,000 after buying an additional 70,034,213 shares during the period. Vanguard Group Inc. increased its position in shares of Macquarie Infrastructure by 2.7% in the second quarter. Vanguard Group Inc. now owns 5,100,803 shares of the company’s stock worth $377,715,000 after buying an additional 133,832 shares during the period. Harvest Fund Advisors LLC increased its position in shares of Macquarie Infrastructure by 3.3% in the second quarter. Harvest Fund Advisors LLC now owns 3,017,077 shares of the company’s stock worth $223,415,000 after buying an additional 97,441 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in shares of Macquarie Infrastructure by 8.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,914,373 shares of the company’s stock worth $141,759,000 after buying an additional 145,399 shares during the period. Finally, State Street Corp increased its position in shares of Macquarie Infrastructure by 2.9% in the second quarter. State Street Corp now owns 940,905 shares of the company’s stock worth $69,671,000 after buying an additional 26,329 shares during the period. Institutional investors own 83.21% of the company’s stock.
About Macquarie Infrastructure
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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