Private Ocean LLC Makes New Investment in Macquarie Infrastructure Corp (NYSE:MIC)

Private Ocean LLC acquired a new position in Macquarie Infrastructure Corp (NYSE:MIC) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,062 shares of the conglomerate’s stock, valued at approximately $121,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Nuveen Asset Management LLC lifted its holdings in shares of Macquarie Infrastructure by 141.6% during the second quarter. Nuveen Asset Management LLC now owns 829,424 shares of the conglomerate’s stock valued at $33,625,000 after purchasing an additional 486,109 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Macquarie Infrastructure by 49.8% during the second quarter. CIBC Private Wealth Group LLC now owns 1,177,130 shares of the conglomerate’s stock valued at $47,721,000 after purchasing an additional 391,505 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Macquarie Infrastructure by 30.9% during the second quarter. Renaissance Technologies LLC now owns 1,511,700 shares of the conglomerate’s stock valued at $61,284,000 after purchasing an additional 357,200 shares during the last quarter. Pinebridge Investments L.P. purchased a new position in shares of Macquarie Infrastructure during the second quarter valued at approximately $10,377,000. Finally, Macquarie Group Ltd. lifted its holdings in shares of Macquarie Infrastructure by 1.5% during the second quarter. Macquarie Group Ltd. now owns 12,956,811 shares of the conglomerate’s stock valued at $525,269,000 after purchasing an additional 195,568 shares during the last quarter. Institutional investors and hedge funds own 57.55% of the company’s stock.

MIC has been the subject of several recent research reports. National Bank Financial lifted their target price on shares of Macquarie Infrastructure from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. CIBC reiterated an “average” rating and set a $56.00 target price on shares of Macquarie Infrastructure in a report on Thursday, October 31st. Barclays set a $39.00 target price on shares of Macquarie Infrastructure and gave the company a “sell” rating in a report on Tuesday, October 15th. Finally, TD Securities lowered their target price on shares of Macquarie Infrastructure from $57.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $50.33.

Shares of MIC traded down $0.11 on Friday, hitting $40.80. 434,758 shares of the stock traded hands, compared to its average volume of 625,215. The company has a market capitalization of $3.54 billion, a PE ratio of 19.25 and a beta of 1.40. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.56 and a current ratio of 2.53. The business has a 50 day simple moving average of $39.77 and a 200 day simple moving average of $40.05. Macquarie Infrastructure Corp has a one year low of $33.71 and a one year high of $43.83.

Macquarie Infrastructure (NYSE:MIC) last announced its quarterly earnings results on Thursday, October 31st. The conglomerate reported $0.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.35. The company had revenue of $405.00 million during the quarter, compared to the consensus estimate of $417.40 million. Macquarie Infrastructure had a net margin of 8.14% and a return on equity of 12.64%. On average, equities analysts expect that Macquarie Infrastructure Corp will post 4.82 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 11th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 9.80%. The ex-dividend date is Thursday, November 7th. Macquarie Infrastructure’s dividend payout ratio (DPR) is currently 188.68%.

Macquarie Infrastructure Profile

Macquarie Infrastructure Corporation owns and operates a portfolio of businesses that provide services to other businesses, government agencies, and individuals. It operates through: International-Matex Tank Terminals (IMTT), Atlantic Aviation, and MIC Hawaii segments. The IMTT segment offers bulk liquid storage, handling, and other services for petroleum products, specialty chemicals, renewable fuels, and vegetable and tropical oils through a network of 19 terminals, including 17 in the United States and 2 in Canada.

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Institutional Ownership by Quarter for Macquarie Infrastructure (NYSE:MIC)

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