Macquarie Infrastructure Co. (NYSE:MIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm presently has a $93.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 12.45% from the stock’s previous close.
According to Zacks, “Macquarie owns, operate and invests in a diversified group of infrastructure businesses, which provide basic, everyday services, in the United States and other developed countries. Its initial businesses and investments consist of an airport services business (Atlantic and AvPorts), an airport parking business (PCAA and Avistar) and a district energy business (Thermal Chicago and Northwind Aladdin), a UK regulated water utility and in Macquarie Communications Infrastructure Group. “
Separately, TheStreet raised shares of Macquarie Infrastructure from a “hold” rating to a “buy” rating in a research report on Tuesday, August 2nd. Six research analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and an average target price of $94.00.
Shares of Macquarie Infrastructure (NYSE:MIC) opened at 82.70 on Thursday. The firm has a market cap of $6.74 billion, a PE ratio of 77.95 and a beta of 1.02. The firm’s 50-day moving average is $81.51 and its 200-day moving average is $74.55. Macquarie Infrastructure has a 12-month low of $51.83 and a 12-month high of $85.00.
Macquarie Infrastructure (NYSE:MIC) last posted its earnings results on Monday, August 1st. The company reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.44 by $0.20. The business had revenue of $397.60 million for the quarter, compared to analyst estimates of $399.95 million. Macquarie Infrastructure had a return on equity of 2.69% and a net margin of 5.28%. Equities analysts expect that Macquarie Infrastructure will post $3.03 earnings per share for the current fiscal year.
In other Macquarie Infrastructure news, Director Norman H. Brown, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $80.17, for a total value of $320,680.00. Following the completion of the transaction, the director now owns 49,021 shares in the company, valued at approximately $3,930,013.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.50% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. FineMark National Bank & Trust boosted its position in Macquarie Infrastructure by 574.5% in the second quarter. FineMark National Bank & Trust now owns 1,484 shares of the company’s stock valued at $109,000 after buying an additional 1,264 shares during the period. First Manhattan Co. boosted its position in Macquarie Infrastructure by 64.5% in the second quarter. First Manhattan Co. now owns 1,530 shares of the company’s stock valued at $113,000 after buying an additional 600 shares during the period. Metropolitan Life Insurance Co. NY boosted its position in Macquarie Infrastructure by 9.6% in the second quarter. Metropolitan Life Insurance Co. NY now owns 2,209 shares of the company’s stock valued at $164,000 after buying an additional 194 shares during the period. RKL Wealth Management LLC acquired a new position in Macquarie Infrastructure during the second quarter valued at approximately $203,000. Finally, Dorsey & Whitney Trust CO LLC acquired a new position in Macquarie Infrastructure during the second quarter valued at approximately $213,000. Hedge funds and other institutional investors own 83.21% of the company’s stock.
About Macquarie Infrastructure
Macquarie Infrastructure Corporation owns, operates and invests in a diversified group of infrastructure businesses providing basic services to customers in the United States. Its businesses consist of a bulk liquid terminals business, International-Matex Tank Terminals, an airport services business, Atlantic Aviation, a gas processing and distribution business, Hawaii Gas, and entities comprising a Contracted Power and Energy segment.