Jennison Associates LLC Takes Position in MRC Global Inc. (NYSE:MRC)

Jennison Associates LLC purchased a new stake in MRC Global Inc. (NYSE:MRC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 86,712 shares of the oil and gas company's stock, valued at approximately $1,108,000. Jennison Associates LLC owned 0.10% of MRC Global as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Essex Investment Management Co. LLC lifted its stake in MRC Global by 0.4% in the third quarter. Essex Investment Management Co. LLC now owns 300,195 shares of the oil and gas company's stock valued at $3,824,000 after buying an additional 1,063 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of MRC Global by 4.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 32,061 shares of the oil and gas company's stock valued at $414,000 after acquiring an additional 1,289 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of MRC Global by 20.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,575 shares of the oil and gas company's stock valued at $198,000 after acquiring an additional 2,639 shares during the period. MQS Management LLC bought a new position in MRC Global during the 3rd quarter worth approximately $154,000. Finally, EP Wealth Advisors LLC acquired a new position in MRC Global during the third quarter valued at approximately $167,000. Institutional investors and hedge funds own 94.97% of the company's stock.

Analysts Set New Price Targets

MRC has been the topic of several analyst reports. Stifel Nicolaus increased their target price on shares of MRC Global from $14.00 to $15.00 and gave the stock a "buy" rating in a report on Tuesday, October 15th. Susquehanna raised their price objective on MRC Global from $16.00 to $17.00 and gave the stock a "positive" rating in a research note on Thursday, November 7th. Finally, StockNews.com cut MRC Global from a "strong-buy" rating to a "buy" rating in a research note on Saturday, November 9th.

MRC Global Stock Down 0.8 %

Shares of MRC stock traded down $0.10 during trading hours on Monday, hitting $12.69. 1,079,418 shares of the company were exchanged, compared to its average volume of 716,558. MRC Global Inc. has a 52 week low of $10.31 and a 52 week high of $15.41. The company has a current ratio of 1.99, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average of $13.63 and a two-hundred day moving average of $13.15. The company has a market capitalization of $1.08 billion, a PE ratio of 14.59 and a beta of 1.97.

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 shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

MRC Global Profile

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.