Magellan Asset Management Ltd Acquires New Position in InfraREIT, Inc. (HIFR)
Magellan Asset Management Ltd acquired a new stake in InfraREIT, Inc. (NYSE:HIFR) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 22,938 shares of the real estate investment trust’s stock, valued at approximately $439,000. Magellan Asset Management Ltd owned about 0.05% of InfraREIT as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Meeder Asset Management Inc. raised its stake in InfraREIT by 1.3% in the 1st quarter. Meeder Asset Management Inc. now owns 24,752 shares of the real estate investment trust’s stock valued at $446,000 after purchasing an additional 325 shares during the last quarter. Bank of Montreal Can raised its stake in InfraREIT by 1.7% in the 1st quarter. Bank of Montreal Can now owns 45,495 shares of the real estate investment trust’s stock valued at $819,000 after purchasing an additional 768 shares during the last quarter. Clinton Group Inc. raised its stake in InfraREIT by 7.0% in the 1st quarter. Clinton Group Inc. now owns 13,003 shares of the real estate investment trust’s stock valued at $234,000 after purchasing an additional 845 shares during the last quarter. Virginia Retirement Systems ET AL raised its stake in InfraREIT by 4.7% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 26,500 shares of the real estate investment trust’s stock valued at $507,000 after purchasing an additional 1,200 shares during the last quarter. Finally, American International Group Inc. raised its stake in InfraREIT by 7.1% in the 1st quarter. American International Group Inc. now owns 24,535 shares of the real estate investment trust’s stock valued at $442,000 after purchasing an additional 1,623 shares during the last quarter. 83.78% of the stock is owned by hedge funds and other institutional investors.
In other news, major shareholder Insurance & Annuity A. Teachers sold 65,336 shares of the company’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $19.72, for a total value of $1,288,425.92. Following the sale, the insider now directly owns 5,398,153 shares in the company, valued at $106,451,577.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Insurance & Annuity A. Teachers sold 42,735 shares of the company’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $22.49, for a total value of $961,110.15. Following the completion of the sale, the insider now owns 4,827,358 shares in the company, valued at $108,567,281.42. The disclosure for this sale can be found here. Insiders sold 1,277,929 shares of company stock worth $27,774,665 over the last 90 days. Company insiders own 28.00% of the company’s stock.
HIFR has been the subject of several recent research reports. BidaskClub downgraded InfraREIT from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Zacks Investment Research raised InfraREIT from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $22.00 price objective on shares of InfraREIT in a research note on Wednesday, August 9th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. InfraREIT has an average rating of “Buy” and a consensus target price of $23.50.
Shares of InfraREIT, Inc. (NYSE HIFR) traded up 0.35% during mid-day trading on Friday, hitting $22.69. The company’s stock had a trading volume of 405,242 shares. The company has a market cap of $993.32 million, a PE ratio of 19.08 and a beta of 0.49. The stock has a 50-day moving average of $22.51 and a 200-day moving average of $20.15. InfraREIT, Inc. has a 12-month low of $14.59 and a 12-month high of $23.01.
InfraREIT (NYSE:HIFR) last issued its quarterly earnings data on Thursday, August 3rd. The real estate investment trust reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by ($0.12). InfraREIT had a net margin of 28.31% and a return on equity of 6.28%. The company had revenue of $40.42 million during the quarter. On average, equities research analysts forecast that InfraREIT, Inc. will post $1.28 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 19th. Stockholders of record on Friday, September 29th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.00 annualized dividend and a dividend yield of 4.41%. InfraREIT’s dividend payout ratio is currently 83.33%.
InfraREIT Company Profile
InfraREIT, Inc is a real estate investment trust. The Company is engaged in owning and leasing rate-regulated transmission and distribution (T&D) assets in Texas. It leases its T&D assets to Sharyland Utilities, L.P. Its assets are located in the Texas Panhandle near Amarillo, the Permian Basin in and around Stanton, Central Texas around Brady, Northeast Texas in and around Celeste and South Texas near McAllen.
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