Macquarie Infrastructure Company (MIC) Announces Dividend Increase – $1.42 Per Share
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.
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.
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