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Stock Market & Financial Investment News

News Breaks
March 21, 2014
13:31 EDTMICMacquarie Infrastructure fundamentals still positive, says Wells Fargo
After Macquarie reported weaker than expected Q4 results, Wells Fargo continues to believe the company has solid current yield and reasonable growth potential. The firm believes the main risk facing the company is higher taxes in a few years, but it thinks the company can avoid this problem with effective tax planning. The firm raised its price target on the shares to $59-$65 from $56-$62 and keeps an Outperform rating on the stock.
News For MIC From The Last 14 Days
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February 25, 2015
19:38 EDTMICMacquarie Infrastructure 5.31M share Secondary priced at $80.00
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February 24, 2015
16:32 EDTMICMacquarie Infrastructure announces 4.375M share offering
Macquarie Infrastructure Company announced a public offering of 4,375,000 LLC interests, or shares, by the company. MIC expects to use the net proceeds from the offering to finance the cash consideration for the acquisition of the assets of Bayonne Energy Center and for general corporate purposes. The company expects the transaction to close in the first half of 2015, subject to regulatory approval and satisfaction of customary conditions precedent. Barclays, Macquarie Capital, J.P. Morgan, RBC Capital Markets and SunTrust Robinson Humphrey are acting as joint book-running managers for the offering.
February 18, 2015
17:01 EDTMICMacquarie Infrastructure files forms to convert from LLC to corporation
Concurrent with the release of its financial results, MIC filed a registration statement on Form S-4 with the Securities and Exchange Commission indicating its intent to seek shareholder approval to convert the Company from a limited liability company to a corporation. MIC had previously converted from a listed trust to an LLC in 2007 and has elected to be treated as a corporation for tax purposes since that time. “The conversion from an LLC to a corporation will open MIC up to possible inclusion in certain equity indices,” said Hooke. “While we will continue to explore other tax efficient structures for MIC and our assets, we believe the best first step is the conversion to a corporation.” "MIC does not believe the conversion will have any significant impact on existing holders of LLC interests and the company will continue to report dividends on Form 1099. The conversion to a regular corporation is subject to, among other things, the approval of the holders of a majority of MIC’s shares outstanding. A meeting date and time will be set by the MIC board of directors after the registration statement is declared effective by the SEC."
16:59 EDTMICMacquarie Infrastructure raises quarterly cash dividend to $1.02 per share
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16:58 EDTMICMacquarie Infrastructure reports Q4 revenue $405M, consensus $412.04M

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