Macquarie Infrastructure Company (MIC) Declares Quarterly Dividend of $1.38

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.

Dividend History for Macquarie Infrastructure (NYSE:MIC)

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