Macquarie Infrastructure Company (MIC) Increases Dividend to $1.42 Per Share
Macquarie Infrastructure Company (NYSE:MIC) announced a quarterly dividend on Thursday, November 2nd, Wall Street Journal reports. Stockholders of record on Monday, November 13th will be given a dividend of 1.42 per share by the conglomerate on Thursday, November 16th. This represents a $5.68 annualized dividend and a dividend yield of 8.41%. The ex-dividend date of this dividend is Friday, November 10th. This is a boost 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 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 earnings results on Wednesday, November 1st. The conglomerate reported $0.48 earnings per share for the quarter, missing the 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 research firms have recently commented on MIC. Barclays PLC downgraded Macquarie Infrastructure from an “overweight” rating to a “hold” rating and dropped their price objective for the stock from $89.00 to $83.00 in a research note on Tuesday, July 18th. Zacks Investment Research raised Macquarie Infrastructure from a “hold” rating to a “buy” rating and set a $87.00 price objective on the stock in a research note on Tuesday, July 18th. Finally, BidaskClub raised Macquarie Infrastructure from a “strong sell” rating to a “sell” rating in a research note on Friday, August 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $88.00.
TRADEMARK VIOLATION NOTICE: “Macquarie Infrastructure Company (MIC) Increases Dividend to $1.42 Per Share” was originally posted by Watch List News and is the sole property of of Watch List News. If you are reading this piece on another publication, it was illegally copied and republished in violation of US and international copyright & trademark law. The original version of this piece can be accessed at https://www.watchlistnews.com/macquarie-infrastructure-company-mic-increases-dividend-to-1-42-per-share/1675090.html.
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.
Receive News & Ratings for Macquarie Infrastructure Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Macquarie Infrastructure Company and related companies with Analyst Ratings Network's FREE daily email newsletter.