Mirae Asset Global Investments Co. Ltd. lowered its stake in Macquarie Infrastructure Corp (NYSE:MIC) by 4.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,920 shares of the conglomerate’s stock after selling 1,324 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Macquarie Infrastructure Corp were worth $2,089,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Macquarie Infrastructure Corp by 39.9% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 315,872 shares of the conglomerate’s stock valued at $25,453,000 after buying an additional 90,104 shares in the last quarter. Argent Trust Co bought a new position in shares of Macquarie Infrastructure Corp during the first quarter valued at about $531,000. Sprott Inc. raised its position in shares of Macquarie Infrastructure Corp by 25.3% in the first quarter. Sprott Inc. now owns 30,750 shares of the conglomerate’s stock valued at $2,478,000 after buying an additional 6,200 shares in the last quarter. Barnett & Company Inc. raised its position in shares of Macquarie Infrastructure Corp by 9.7% in the first quarter. Barnett & Company Inc. now owns 19,185 shares of the conglomerate’s stock valued at $1,546,000 after buying an additional 1,700 shares in the last quarter. Finally, State of Wisconsin Investment Board raised its position in shares of Macquarie Infrastructure Corp by 88.7% in the first quarter. State of Wisconsin Investment Board now owns 77,068 shares of the conglomerate’s stock valued at $6,210,000 after buying an additional 36,221 shares in the last quarter. 83.01% of the stock is owned by institutional investors and hedge funds.
Macquarie Infrastructure Corp (NYSE:MIC) traded up 1.61% on Friday, hitting $78.36. The stock had a trading volume of 311,660 shares. Macquarie Infrastructure Corp has a 52-week low of $68.53 and a 52-week high of $85.45. The company has a market cap of $6.46 billion, a P/E ratio of 39.10 and a beta of 0.94. The stock’s 50-day moving average is $79.88 and its 200-day moving average is $80.10.
Macquarie Infrastructure Corp (NYSE:MIC) last posted its earnings results on Tuesday, February 21st. The conglomerate reported $0.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.30. The company had revenue of $437.24 million during the quarter, compared to analyst estimates of $244.46 million. Macquarie Infrastructure Corp had a net margin of 7.21% and a return on equity of 3.71%. Analysts expect that Macquarie Infrastructure Corp will post $2.23 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Monday, May 15th were issued a dividend of $1.32 per share. This is a positive change from Macquarie Infrastructure Corp’s previous quarterly dividend of $1.11. This represents a $5.28 dividend on an annualized basis and a dividend yield of 6.85%. The ex-dividend date of this dividend was Thursday, May 11th. Macquarie Infrastructure Corp’s dividend payout ratio is currently 351.02%.
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MIC has been the subject of several research analyst reports. Zacks Investment Research raised Macquarie Infrastructure Corp from a “sell” rating to a “hold” rating in a research report on Friday, April 21st. SunTrust Banks, Inc. initiated coverage on Macquarie Infrastructure Corp in a research report on Tuesday, March 21st. They issued a “buy” rating and a $92.00 price objective for the company. Barclays PLC lifted their price objective on Macquarie Infrastructure Corp from $81.00 to $89.00 and gave the stock an “overweight” rating in a research report on Thursday, February 23rd. Finally, Royal Bank of Canada lowered their price objective on Macquarie Infrastructure Corp from $98.00 to $93.00 and set an “outperform” rating for the company in a research report on Thursday, February 23rd. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $91.75.
Macquarie Infrastructure Corp 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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