Macquarie Infrastructure Company (MIC) Upgraded to “Strong-Buy” by Zacks Investment Research
Macquarie Infrastructure Company (NYSE:MIC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday. The brokerage currently has a $84.00 target price on the conglomerate’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 15.69% 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. “
A number of other equities analysts have also recently commented on MIC. BidaskClub raised shares of Macquarie Infrastructure from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Barclays PLC lowered shares of Macquarie Infrastructure from an “overweight” rating to a “hold” rating and decreased their price target for the stock from $89.00 to $83.00 in a report on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Macquarie Infrastructure presently has an average rating of “Buy” and an average price target of $88.00.
Shares of Macquarie Infrastructure (MIC) opened at 72.61 on Wednesday. Macquarie Infrastructure has a 12-month low of $71.23 and a 12-month high of $85.45. The firm has a market cap of $6.00 billion, a P/E ratio of 34.91 and a beta of 0.88. The company’s 50 day moving average price is $73.08 and its 200 day moving average price is $76.92.
Macquarie Infrastructure (NYSE:MIC) last announced its earnings results on Wednesday, August 2nd. The conglomerate reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.26). The company had revenue of $438.99 million during the quarter, compared to analysts’ expectations of $416.50 million. Macquarie Infrastructure had a net margin of 10.12% and a return on equity of 5.71%. Equities research analysts forecast that Macquarie Infrastructure will post $1.89 EPS for the current year.
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Several institutional investors have recently made changes to their positions in MIC. Assetmark purchased a new position in shares of Macquarie Infrastructure during the 3rd quarter valued at about $0. Private Advisor Group LLC lifted its position in Macquarie Infrastructure by 0.3% in the 4th quarter. Private Advisor Group LLC now owns 2,721 shares of the conglomerate’s stock worth $223,000 after buying an additional 8 shares during the last quarter. World Asset Management Inc lifted its position in Macquarie Infrastructure by 0.3% in the 2nd quarter. World Asset Management Inc now owns 2,736 shares of the conglomerate’s stock worth $215,000 after buying an additional 9 shares during the last quarter. US Bancorp DE lifted its position in Macquarie Infrastructure by 1.0% in the 2nd quarter. US Bancorp DE now owns 2,693 shares of the conglomerate’s stock worth $211,000 after buying an additional 26 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in Macquarie Infrastructure by 0.3% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 11,622 shares of the conglomerate’s stock worth $937,000 after buying an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 80.53% of the company’s stock.
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.
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