Shares in Macquarie Atlas Roads Limited (ASX: MQA) fell 4% today after the bankers at Macquarie Group Ltd (ASX: MQG) reportedly sold a $441 million stake in the toll road company.
This morning the stock is changing hands for $6.11 after the Australian Financial Review reported that Macquarie was looking for bids between $5.80 and $6.10 per share from interested institutional investors. In total the bankers have now sold their 11.3% principal stake or 76 million shares at an average price of $6 per share.
For the six-month period ending June 30 2017 the Macquarie Atlas Roads posted a profit of $438 million and paid a dividend of 10 cents per share to take annual dividends to 20 cents per share.
It's forecasting dividends totalling 22 cents per share in fiscal 2018, which places it on a forward yield of 3.7%.
Another toll road business in Transurban Group (ASX: TCL) has climbed 3.5% to $12.70 today after raising $1.9 billion at $11.40 per share this week.
