Bank of New York Mellon Corp Cuts Holdings in MRC Global Inc. (NYSE:MRC)

Bank of New York Mellon Corp cut its holdings in MRC Global Inc. (NYSE:MRC - Free Report) by 10.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 310,048 shares of the oil and gas company's stock after selling 36,098 shares during the quarter. Bank of New York Mellon Corp owned 0.36% of MRC Global worth $3,962,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MRC. Empowered Funds LLC acquired a new stake in shares of MRC Global in the third quarter worth approximately $3,607,000. Barclays PLC boosted its stake in MRC Global by 197.7% during the third quarter. Barclays PLC now owns 151,169 shares of the oil and gas company's stock worth $1,927,000 after buying an additional 100,384 shares during the last quarter. Jennison Associates LLC acquired a new position in MRC Global during the fourth quarter worth $1,108,000. Wellington Management Group LLP boosted its stake in MRC Global by 1.8% during the third quarter. Wellington Management Group LLP now owns 3,209,251 shares of the oil and gas company's stock worth $40,886,000 after buying an additional 55,553 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd boosted its stake in MRC Global by 171.2% during the third quarter. Dynamic Technology Lab Private Ltd now owns 86,434 shares of the oil and gas company's stock worth $1,101,000 after buying an additional 54,560 shares during the last quarter. 94.97% of the stock is owned by institutional investors and hedge funds.

MRC Global Trading Down 2.8 %

NYSE:MRC traded down $0.35 on Friday, reaching $11.95. The company's stock had a trading volume of 2,233,179 shares, compared to its average volume of 579,147. MRC Global Inc. has a 12-month low of $9.42 and a 12-month high of $15.41. The company has a quick ratio of 1.11, a current ratio of 1.99 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 13.73 and a beta of 1.96. The stock has a 50 day moving average price of $13.06 and a 200 day moving average price of $12.97.

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MRC Global (NYSE:MRC - Get Free Report) last posted its quarterly earnings data on Friday, March 14th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. The firm had revenue of $736.80 million for the quarter, compared to the consensus estimate of $726.90 million. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The company's quarterly revenue was down 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.23 EPS. On average, equities analysts anticipate that MRC Global Inc. will post 0.86 EPS for the current fiscal year.

MRC Global announced that its board has initiated a stock buyback plan on Friday, January 3rd that permits the company to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the oil and gas company to reacquire up to 11% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on MRC shares. Susquehanna lowered their price objective on MRC Global from $17.00 to $15.00 and set a "positive" rating on the stock in a research note on Monday, March 17th. StockNews.com lowered MRC Global from a "buy" rating to a "hold" rating in a research note on Monday, March 17th. Stifel Nicolaus lowered their price objective on MRC Global from $17.00 to $16.00 and set a "buy" rating on the stock in a research note on Monday, March 17th. Finally, Loop Capital reduced their target price on MRC Global from $18.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday.

About MRC Global

MRC Global Inc, through its subsidiaries, distributes pipes, valves, fittings, and other infrastructure products and services in the United States, Canada, and internationally. It offers ball, butterfly, gate, globe, check, diaphragm, needle, and plug valves; other products, such as lined corrosion resistant piping systems, control valves, valve automation, and top work components; and valve modification services, including valve control extensions, welding, hydrotesting, painting, coating, x-raying, and actuation assembly.