Macquarie Infrastructure Company (NYSE:MIC) announced a quarterly dividend on Thursday, November 2nd, Wall Street Journal reports. Investors of record on Monday, November 13th will be paid a dividend of 1.42 per share by the conglomerate on Thursday, November 16th. This represents a $5.68 annualized dividend and a yield of 8.17%. The ex-dividend date of this dividend is Friday, November 10th. This is a positive change from Macquarie Infrastructure’s previous quarterly dividend of $1.38.

Macquarie Infrastructure has increased its dividend by an average of 26.1% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Macquarie Infrastructure has a dividend payout ratio of 256.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Macquarie Infrastructure to earn $3.03 per share next year, which means the company may not be able to cover its $5.52 annual dividend with an expected future payout ratio of 182.2%.

Macquarie Infrastructure (NYSE:MIC) last announced its quarterly earnings data on Wednesday, November 1st. The conglomerate reported $0.48 EPS for the quarter, missing the Zacks’ consensus estimate of $0.70 by ($0.22). Macquarie Infrastructure had a net margin of 10.12% and a return on equity of 5.71%.

A number of brokerages have recently commented on MIC. Zacks Investment Research raised shares of Macquarie Infrastructure from a “hold” rating to a “strong-buy” rating and set a $84.00 price objective for the company in a research report on Wednesday, October 4th. BidaskClub lowered shares of Macquarie Infrastructure from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 10th. Finally, Barclays PLC lowered shares of Macquarie Infrastructure from an “overweight” rating to a “hold” rating and cut their price objective for the company from $89.00 to $83.00 in a research report on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Macquarie Infrastructure has a consensus rating of “Buy” and an average price target of $88.00.

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Macquarie Infrastructure 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.

Dividend History for Macquarie Infrastructure (NYSE:MIC)

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