Macquarie Infrastructure (NYSE:MIC) Price Target Lowered to $75.00 at SunTrust Banks

Macquarie Infrastructure (NYSE:MIC) had its price target reduced by SunTrust Banks to $75.00 in a research report released on Wednesday, November 15th. They currently have a buy rating on the conglomerate’s stock. SunTrust Banks also issued estimates for Macquarie Infrastructure’s Q4 2017 earnings at $0.57 EPS, FY2017 earnings at $1.81 EPS, Q1 2018 earnings at $0.72 EPS, Q2 2018 earnings at $0.59 EPS, Q3 2018 earnings at $0.77 EPS, Q4 2018 earnings at $0.72 EPS, FY2018 earnings at $2.84 EPS and FY2019 earnings at $3.09 EPS.

A number of other analysts have also weighed in on the stock. 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 note on Wednesday, October 4th. Barclays downgraded shares of Macquarie Infrastructure from an overweight rating to a hold rating and reduced their target price for the stock from $89.00 to $83.00 in a report on Tuesday, July 18th. Finally, BidaskClub downgraded shares of Macquarie Infrastructure from a sell rating to a strong sell rating in a report on Friday, July 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $83.75.

Shares of Macquarie Infrastructure (NYSE MIC) traded down $0.84 on Wednesday, hitting $66.47. 954,177 shares of the stock were exchanged, compared to its average volume of 600,210. Macquarie Infrastructure has a 1 year low of $63.08 and a 1 year high of $83.66. The stock has a market capitalization of $5,692.01, a price-to-earnings ratio of 31.60 and a beta of 0.86. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.07 and a quick ratio of 0.93.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 16th. Stockholders of record on Monday, November 13th were issued a dividend of $1.42 per share. The ex-dividend date was Friday, November 10th. This represents a $5.68 annualized dividend and a dividend yield of 8.55%. This is an increase from Macquarie Infrastructure’s previous quarterly dividend of $1.38. Macquarie Infrastructure’s dividend payout ratio is 266.67%.

In other news, Director Norman H. Brown, Jr. sold 1,732 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $65.87, for a total transaction of $114,086.84. Following the transaction, the director now owns 49,076 shares in the company, valued at $3,232,636.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Chicago Partners Investment Group LLC boosted its position in Macquarie Infrastructure by 121.8% in the third quarter. Chicago Partners Investment Group LLC now owns 163,545 shares of the conglomerate’s stock valued at $11,805,000 after buying an additional 89,824 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in Macquarie Infrastructure in the 3rd quarter worth approximately $317,000. Barnett & Company Inc. boosted its position in Macquarie Infrastructure by 7.7% in the 3rd quarter. Barnett & Company Inc. now owns 36,902 shares of the conglomerate’s stock worth $2,664,000 after purchasing an additional 2,647 shares in the last quarter. Sterling Capital Management LLC boosted its position in Macquarie Infrastructure by 19.3% in the 3rd quarter. Sterling Capital Management LLC now owns 10,580 shares of the conglomerate’s stock worth $764,000 after purchasing an additional 1,715 shares in the last quarter. Finally, California Public Employees Retirement System boosted its position in Macquarie Infrastructure by 24.5% in the 3rd quarter. California Public Employees Retirement System now owns 135,212 shares of the conglomerate’s stock worth $9,760,000 after purchasing an additional 26,612 shares in the last quarter. Hedge funds and other institutional investors own 76.41% of the company’s stock.

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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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