Fjarde AP Fonden Fourth Swedish National Pension Fund cut its stake in shares of Macquarie Infrastructure Corp (NYSE:MIC) by 6.6% during the first quarter, Holdings Channel reports. The institutional investor owned 21,114 shares of the conglomerate’s stock after selling 1,496 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Macquarie Infrastructure Corp were worth $1,701,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MIC. Great West Life Assurance Co. Can increased its stake in Macquarie Infrastructure Corp by 7.4% in the third quarter. Great West Life Assurance Co. Can now owns 55,093 shares of the conglomerate’s stock worth $4,592,000 after buying an additional 3,818 shares in the last quarter. Pekin Singer Strauss Asset Management IL purchased a new stake in Macquarie Infrastructure Corp during the third quarter worth $250,000. Willingdon Wealth Management purchased a new stake in Macquarie Infrastructure Corp during the third quarter worth $3,749,000. Punch & Associates Investment Management Inc. increased its stake in Macquarie Infrastructure Corp by 1.1% in the third quarter. Punch & Associates Investment Management Inc. now owns 98,058 shares of the conglomerate’s stock worth $8,162,000 after buying an additional 1,072 shares in the last quarter. Finally, Hood River Capital Management LLC increased its stake in Macquarie Infrastructure Corp by 48.5% in the third quarter. Hood River Capital Management LLC now owns 158,884 shares of the conglomerate’s stock worth $13,226,000 after buying an additional 51,890 shares in the last quarter. 83.01% of the stock is owned by institutional investors.
Macquarie Infrastructure Corp (NYSE:MIC) traded up 1.61% during trading on Friday, hitting $78.36. The company’s stock had a trading volume of 311,660 shares. The firm has a 50 day moving average of $79.88 and a 200 day moving average of $80.10. Macquarie Infrastructure Corp has a 12 month low of $68.53 and a 12 month high of $85.45. The firm has a market cap of $6.46 billion, a P/E ratio of 39.10 and a beta of 0.94.
Macquarie Infrastructure Corp (NYSE:MIC) last posted its earnings results on Tuesday, February 21st. The conglomerate reported $0.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.30. Macquarie Infrastructure Corp had a return on equity of 3.71% and a net margin of 7.21%. The firm had revenue of $437.24 million for the quarter, compared to analysts’ expectations of $244.46 million. Equities research analysts predict that Macquarie Infrastructure Corp will post $2.23 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Monday, May 15th were paid a dividend of $1.32 per share. The ex-dividend date was Thursday, May 11th. This is a boost from Macquarie Infrastructure Corp’s previous quarterly dividend of $1.11. This represents a $5.28 annualized dividend and a dividend yield of 6.85%. Macquarie Infrastructure Corp’s payout ratio is 351.02%.
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MIC has been the subject of a number of recent analyst reports. SunTrust Banks, Inc. initiated coverage on shares of Macquarie Infrastructure Corp in a research report on Tuesday, March 21st. They set a “buy” rating and a $92.00 target price for the company. Zacks Investment Research raised shares of Macquarie Infrastructure Corp from a “sell” rating to a “hold” rating in a research report on Friday, April 21st. Barclays PLC increased their target price on shares of Macquarie Infrastructure Corp from $81.00 to $89.00 and gave the company an “overweight” rating in a research report on Thursday, February 23rd. Finally, Royal Bank of Canada decreased their target price on shares of Macquarie Infrastructure Corp from $98.00 to $93.00 and set an “outperform” rating for the company in a research report on Thursday, February 23rd. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $91.75.
About Macquarie Infrastructure Corp
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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