Macquarie Infrastructure Company (NYSE:MIC) declared a quarterly dividend on Thursday, August 3rd, Wall Street Journal reports. Stockholders of record on Monday, August 14th will be paid a dividend of 1.38 per share by the conglomerate on Thursday, August 17th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 7.65%. The ex-dividend date is Thursday, August 10th. This is a positive change from Macquarie Infrastructure’s previous quarterly dividend of $1.32.
Macquarie Infrastructure has raised its dividend by an average of 26.1% annually over the last three years and has raised its dividend annually for the last 5 consecutive years. Macquarie Infrastructure has a dividend payout ratio of 277.4% indicating that 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 $2.65 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 208.3%.
Macquarie Infrastructure (MIC) traded up 0.38% during mid-day trading on Friday, hitting $72.11. The stock had a trading volume of 849,260 shares. The stock has a market cap of $5.96 billion, a P/E ratio of 34.67 and a beta of 0.92. The firm has a 50-day moving average of $75.80 and a 200-day moving average of $77.91. Macquarie Infrastructure has a 52-week low of $71.23 and a 52-week high of $85.45.
Macquarie Infrastructure (NYSE:MIC) last posted its earnings results on Wednesday, August 2nd. The conglomerate reported $0.32 EPS for the quarter, missing the consensus estimate of $0.58 by $0.26. The business had revenue of $438.99 million during the quarter, compared to analysts’ expectations of $416.50 million. Macquarie Infrastructure had a net margin of 10.12% and a return on equity of 5.71%. On average, analysts forecast that Macquarie Infrastructure will post $1.92 EPS for the current fiscal year.
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Several equities analysts recently commented on the company. BidaskClub lowered Macquarie Infrastructure from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Barclays PLC lowered 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 report on Tuesday, July 18th. Finally, Zacks Investment Research lowered Macquarie Infrastructure from a “buy” rating to a “hold” rating in a report on Wednesday, July 26th. One equities research 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. The company presently has an average rating of “Hold” and an average 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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