MRC Global (NYSE:MRC) Hits New 1-Year Low - What's Next?

MRC Global Inc. (NYSE:MRC - Get Free Report) hit a new 52-week low during trading on Tuesday . The stock traded as low as $11.08 and last traded at $11.13, with a volume of 58327 shares trading hands. The stock had previously closed at $11.58.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of MRC Global from a "strong-buy" rating to a "buy" rating in a report on Saturday, November 9th.

MRC Global Trading Up 1.8 %

The business's 50-day simple moving average is $13.32 and its two-hundred day simple moving average is $13.06. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.99 and a quick ratio of 1.11. The stock has a market capitalization of $984.98 million, a price-to-earnings ratio of 13.28 and a beta of 1.96.

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

Institutional Trading of MRC Global

Institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its holdings in MRC Global by 2.0% in the third quarter. Victory Capital Management Inc. now owns 1,369,515 shares of the oil and gas company's stock worth $17,448,000 after purchasing an additional 26,619 shares during the period. MQS Management LLC acquired a new position in shares of MRC Global in the 3rd quarter valued at about $154,000. Oppenheimer Asset Management Inc. acquired a new position in shares of MRC Global in the 3rd quarter valued at about $329,000. Empowered Funds LLC acquired a new position in shares of MRC Global in the 3rd quarter valued at about $3,607,000. Finally, Pzena Investment Management LLC increased its holdings in MRC Global by 0.4% in the third quarter. Pzena Investment Management LLC now owns 5,770,791 shares of the oil and gas company's stock worth $73,520,000 after buying an additional 20,407 shares during the last quarter. Institutional investors own 94.97% of the company's stock.

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MRC Global Company 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.