Zacks Investment Research Upgrades Macquarie Infrastructure Co. (MIC) to Buy
Macquarie Infrastructure Co. (NYSE:MIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage currently has a $93.00 price objective on the stock. Zacks Investment Research’s price target suggests a potential upside of 12.37% from the company’s current price.
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 upgraded shares of Macquarie Infrastructure from a “hold” rating to a “buy” rating in a research report on Tuesday, August 2nd. Six analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and a consensus target price of $94.00.
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Shares of Macquarie Infrastructure (NYSE:MIC) opened at 82.76 on Thursday. Macquarie Infrastructure has a 12 month low of $51.83 and a 12 month high of $85.00. The firm has a market cap of $6.75 billion, a PE ratio of 78.00 and a beta of 1.02. The stock has a 50 day moving average price of $81.63 and a 200 day moving average price of $74.73.
Macquarie Infrastructure (NYSE:MIC) last posted its quarterly earnings data on Monday, August 1st. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.44 by $0.20. Macquarie Infrastructure had a return on equity of 2.69% and a net margin of 5.28%. The company earned $397.60 million during the quarter, compared to the consensus estimate of $399.95 million. On average, equities research analysts expect that Macquarie Infrastructure will post $3.02 EPS for the current year.
In other Macquarie Infrastructure news, Director Norman H. Brown, Jr. sold 4,000 shares of the company’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $80.17, for a total transaction of $320,680.00. Following the completion of the sale, the director now owns 49,021 shares in the company, valued at approximately $3,930,013.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 7.50% of the company’s stock.
Several hedge funds have recently modified their holdings of MIC. Cohen & Steers Inc. boosted its stake 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 valued at $70,224,000 after buying an additional 70,034,213 shares during the last quarter. Vanguard Group Inc. boosted its stake 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 valued at $377,715,000 after buying an additional 133,832 shares during the last quarter. Harvest Fund Advisors LLC boosted its stake 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 valued at $223,415,000 after buying an additional 97,441 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake 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 valued at $141,759,000 after buying an additional 145,399 shares during the last quarter. Finally, State Street Corp boosted its stake 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 valued at $69,671,000 after buying an additional 26,329 shares during the last quarter. Institutional investors own 83.21% of the company’s stock.
Macquarie Infrastructure Company Profile
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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