Sumitomo Mitsui Asset Management Company LTD Decreases Stake in Macquarie Infrastructure Company (MIC)
Sumitomo Mitsui Asset Management Company LTD reduced its stake in Macquarie Infrastructure Company (NYSE:MIC) by 0.5% during the second quarter, Holdings Channel reports. The fund owned 5,504 shares of the conglomerate’s stock after selling 28 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Macquarie Infrastructure were worth $431,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Clear Harbor Asset Management LLC raised its position in shares of Macquarie Infrastructure by 4.4% in the second quarter. Clear Harbor Asset Management LLC now owns 78,517 shares of the conglomerate’s stock valued at $6,040,000 after buying an additional 3,300 shares during the last quarter. Selz Capital LLC raised its position in Macquarie Infrastructure by 1.7% in the second quarter. Selz Capital LLC now owns 1,041,049 shares of the conglomerate’s stock worth $81,618,000 after buying an additional 17,029 shares in the last quarter. Financial Architects Inc raised its position in Macquarie Infrastructure by 1.5% in the second quarter. Financial Architects Inc now owns 9,373 shares of the conglomerate’s stock worth $735,000 after buying an additional 136 shares in the last quarter. Whittier Trust Co. raised its position in Macquarie Infrastructure by 1.3% in the second quarter. Whittier Trust Co. now owns 27,878 shares of the conglomerate’s stock worth $2,186,000 after buying an additional 365 shares in the last quarter. Finally, US Bancorp DE raised its position in Macquarie Infrastructure by 1.0% in the second quarter. US Bancorp DE now owns 2,693 shares of the conglomerate’s stock worth $211,000 after buying an additional 26 shares in the last quarter. Institutional investors own 86.02% of the company’s stock.
Macquarie Infrastructure Company (NYSE MIC) opened at 73.42 on Friday. Macquarie Infrastructure Company has a 52-week low of $73.24 and a 52-week high of $85.45. The company’s 50-day moving average price is $76.80 and its 200-day moving average price is $78.23. The firm has a market cap of $6.07 billion, a price-to-earnings ratio of 35.30 and a beta of 0.92.
Macquarie Infrastructure (NYSE:MIC) last issued its earnings results on Wednesday, August 2nd. The conglomerate reported $0.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.26. Macquarie Infrastructure had a return on equity of 5.71% and a net margin of 10.12%. The company had revenue of $438.99 million during the quarter, compared to analyst estimates of $416.50 million. Analysts predict that Macquarie Infrastructure Company will post $1.92 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Monday, August 14th will be issued a $1.38 dividend. The ex-dividend date is Thursday, August 10th. This is a boost from Macquarie Infrastructure’s previous quarterly dividend of $1.32. This represents a $5.52 dividend on an annualized basis and a dividend yield of 7.52%. Macquarie Infrastructure’s dividend payout ratio is presently 244.45%.
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A number of research firms recently issued reports on MIC. BidaskClub lowered Macquarie Infrastructure from a “sell” rating to a “strong sell” rating in a research report on Thursday. Zacks Investment Research lowered Macquarie Infrastructure from a “buy” rating to a “hold” rating in a research report on Wednesday, July 26th. Finally, Barclays PLC lowered Macquarie Infrastructure from an “overweight” rating to a “hold” rating and reduced their price objective for the company from $89.00 to $83.00 in a research report on Tuesday, July 18th. One analyst has 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. Macquarie Infrastructure presently has an average rating of “Hold” and a consensus price target of $88.75.
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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