Lake Street Advisors Group LLC Acquires New Holdings in Macquarie Infrastructure Corp (MIC)
Lake Street Advisors Group LLC acquired a new stake in Macquarie Infrastructure Corp (NYSE:MIC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 11,701 shares of the conglomerate’s stock, valued at approximately $494,000.
Other hedge funds have also recently bought and sold shares of the company. Cove Street Capital LLC boosted its holdings in shares of Macquarie Infrastructure by 15.0% in the second quarter. Cove Street Capital LLC now owns 468,680 shares of the conglomerate’s stock valued at $19,779,000 after acquiring an additional 61,180 shares during the period. Zacks Investment Management acquired a new stake in shares of Macquarie Infrastructure in the second quarter valued at approximately $2,640,000. Principal Financial Group Inc. boosted its holdings in shares of Macquarie Infrastructure by 5.7% in the first quarter. Principal Financial Group Inc. now owns 2,686,891 shares of the conglomerate’s stock valued at $99,226,000 after acquiring an additional 145,885 shares during the period. Sei Investments Co. boosted its holdings in shares of Macquarie Infrastructure by 35.7% in the second quarter. Sei Investments Co. now owns 33,029 shares of the conglomerate’s stock valued at $1,393,000 after acquiring an additional 8,694 shares during the period. Finally, MD Sass Investors Services Inc. boosted its holdings in shares of Macquarie Infrastructure by 1,655.1% in the first quarter. MD Sass Investors Services Inc. now owns 623,050 shares of the conglomerate’s stock valued at $23,009,000 after acquiring an additional 587,550 shares during the period. 71.21% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently weighed in on MIC. Zacks Investment Research raised Macquarie Infrastructure from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a report on Monday, July 30th. SunTrust Banks set a $49.00 price objective on Macquarie Infrastructure and gave the company a “hold” rating in a report on Monday, July 23rd. Barclays increased their price target on Macquarie Infrastructure from $41.00 to $43.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 11th. Finally, JPMorgan Chase & Co. increased their price target on Macquarie Infrastructure from $47.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, July 27th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. Macquarie Infrastructure currently has a consensus rating of “Hold” and a consensus target price of $51.00.
Macquarie Infrastructure (NYSE:MIC) last issued its quarterly earnings results on Wednesday, August 1st. The conglomerate reported $0.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.04. Macquarie Infrastructure had a return on equity of 6.32% and a net margin of 26.49%. The firm had revenue of $478.08 million during the quarter, compared to the consensus estimate of $441.10 million. sell-side analysts predict that Macquarie Infrastructure Corp will post 2.38 earnings per share for the current fiscal year.
In other Macquarie Infrastructure news, CEO Christopher Frost acquired 17,380 shares of the business’s stock in a transaction on Wednesday, August 8th. The stock was purchased at an average price of $45.84 per share, for a total transaction of $796,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director George W. Carmany III acquired 1,000 shares of the business’s stock in a transaction on Wednesday, August 8th. The stock was acquired at an average price of $45.92 per share, with a total value of $45,920.00. Following the transaction, the director now directly owns 46,565 shares of the company’s stock, valued at approximately $2,138,264.80. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 2,179,851 shares of company stock valued at $97,296,349. Corporate insiders own 6.90% of the company’s stock.
Macquarie Infrastructure Company Profile
Macquarie Infrastructure Corporation owns and operates a portfolio of businesses that provide services to other businesses, government agencies, and individuals. It operates through four segments: International-Matex Tank Terminals (IMTT), Atlantic Aviation, Contracted Power (CP), and MIC Hawaii. The IMTT segment offers bulk liquid storage, handling, and other services for petroleum products, chemicals, renewable fuels, and vegetable and animal oils through a network of 19 marine terminals, including 17 in the United States and 2 in Canada.
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