Fred Alger Management Inc. decreased its stake in Macquarie Infrastructure (NYSE:MIC) by 9.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,123 shares of the conglomerate’s stock after selling 1,428 shares during the quarter. Fred Alger Management Inc.’s holdings in Macquarie Infrastructure were worth $842,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. American International Group Inc. bought a new stake in shares of Macquarie Infrastructure during the fourth quarter worth $105,000. Cowen Prime Services LLC bought a new stake in shares of Macquarie Infrastructure during the fourth quarter worth $161,000. LS Investment Advisors LLC raised its position in shares of Macquarie Infrastructure by 40.2% during the fourth quarter. LS Investment Advisors LLC now owns 2,908 shares of the conglomerate’s stock worth $187,000 after acquiring an additional 834 shares during the last quarter. FNY Partners Fund LP raised its position in shares of Macquarie Infrastructure by 200.0% during the third quarter. FNY Partners Fund LP now owns 3,000 shares of the conglomerate’s stock worth $216,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Sigma Planning Corp bought a new stake in shares of Macquarie Infrastructure during the third quarter worth $221,000. 76.33% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have recently weighed in on MIC. Zacks Investment Research upgraded Macquarie Infrastructure from a “sell” rating to a “hold” rating in a research report on Tuesday, January 30th. ValuEngine downgraded Macquarie Infrastructure from a “hold” rating to a “sell” rating in a report on Thursday, March 1st. Royal Bank of Canada dropped their price objective on Macquarie Infrastructure to $55.00 and set an “outperform” rating for the company in a report on Friday, February 23rd. JPMorgan Chase cut Macquarie Infrastructure from an “overweight” rating to a “neutral” rating in a research note on Thursday, February 22nd. Finally, SunTrust Banks cut Macquarie Infrastructure from a “buy” rating to a “hold” rating in a research note on Thursday, February 22nd. Four analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $63.75.
Shares of NYSE MIC opened at $38.39 on Friday. Macquarie Infrastructure has a 52 week low of $36.20 and a 52 week high of $81.74. The company has a quick ratio of 1.06, a current ratio of 1.20 and a debt-to-equity ratio of 1.05. The company has a market cap of $3,265.54, a P/E ratio of 15.00 and a beta of 1.24.
Macquarie Infrastructure (NYSE:MIC) last released its quarterly earnings data on Wednesday, February 21st. The conglomerate reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.02). The business had revenue of $471.21 million during the quarter, compared to the consensus estimate of $452.30 million. Macquarie Infrastructure had a net margin of 24.86% and a return on equity of 4.83%. equities research analysts anticipate that Macquarie Infrastructure will post 2.39 EPS for the current year.
The company also recently announced a dividend, which was paid on Thursday, March 8th. Stockholders of record on Monday, March 5th were paid a dividend of $1.44 per share. The ex-dividend date of this dividend was Friday, March 2nd. This is a positive change from Macquarie Infrastructure’s previous dividend of $1.11. Macquarie Infrastructure’s dividend payout ratio (DPR) is 225.00%.
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About Macquarie Infrastructure
Macquarie Infrastructure Corporation owns and operates a portfolio of businesses that provide services to other businesses, government agencies, and individuals. It operates through four segments: International-Matex Tank Terminals (IMTT), Atlantic Aviation, Contracted Power (CP), and MIC Hawaii. The IMTT segment offers bulk liquid storage, handling, and other services for petroleum products, chemicals, renewable fuels, and vegetable and animal oils through a network of 19 marine terminals, including 17 in the United States and 2 in Canada.
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