Macquarie Infrastructure Corp (MIC) Announces Dividend of $1.44

Macquarie Infrastructure Corp (NYSE:MIC) announced a dividend on Wednesday, February 21st, Fidelity reports. Investors of record on Monday, March 5th will be given a dividend of 1.44 per share by the conglomerate on Thursday, March 8th. The ex-dividend date of this dividend is Friday, March 2nd. This is an increase from Macquarie Infrastructure’s previous dividend of $1.11.

Macquarie Infrastructure has increased its dividend by an average of 12.8% per year over the last three years and has raised its dividend annually for the last 6 consecutive years. Macquarie Infrastructure has a dividend payout ratio of 313.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Macquarie Infrastructure to earn $2.95 per share next year, which means the company may not be able to cover its $5.68 annual dividend with an expected future payout ratio of 192.5%.

Shares of Macquarie Infrastructure (NYSE:MIC) opened at $39.76 on Friday. The firm has a market cap of $3,372.40, a price-to-earnings ratio of 7.40 and a beta of 0.87. Macquarie Infrastructure has a fifty-two week low of $37.03 and a fifty-two week high of $81.74. The company has a quick ratio of 0.93, a current ratio of 1.20 and a debt-to-equity ratio of 1.05.

MIC has been the topic of a number of research reports. Wells Fargo & Co restated a “market perform” rating on shares of Macquarie Infrastructure in a report on Friday. Alembic Global Advisors restated a “sell” rating on shares of Macquarie Infrastructure in a report on Thursday. SunTrust Banks dropped their target price on shares of Macquarie Infrastructure to $75.00 and set a “buy” rating on the stock in a report on Wednesday, November 15th. Zacks Investment Research cut shares of Macquarie Infrastructure from a “hold” rating to a “sell” rating in a report on Wednesday, January 24th. Finally, JPMorgan Chase & Co. cut shares of Macquarie Infrastructure from an “overweight” rating to a “neutral” rating in a report on Thursday. Three analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Macquarie Infrastructure presently has a consensus rating of “Hold” and an average price target of $79.50.

In other news, Director Norman H. Brown, Jr. sold 2,151 shares of the business’s stock in a transaction on Tuesday, December 5th. The shares were sold at an average price of $66.07, for a total transaction of $142,116.57. Following the sale, the director now owns 46,925 shares in the company, valued at approximately $3,100,334.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 5.90% of the company’s stock.

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About Macquarie Infrastructure

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.

Dividend History for Macquarie Infrastructure (NYSE:MIC)

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