Shares of MRC Global Inc. (NYSE:MRC - Get Free Report) were down 6.4% during mid-day trading on Thursday . The company traded as low as $13.63 and last traded at $13.59. Approximately 587,516 shares changed hands during trading, a decline of 11% from the average daily volume of 659,595 shares. The stock had previously closed at $14.52.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the company. Susquehanna lifted their target price on MRC Global from $16.00 to $17.00 and gave the company a "positive" rating in a research report on Thursday, November 7th. Stifel Nicolaus raised 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. Finally, StockNews.com cut shares of MRC Global from a "strong-buy" rating to a "buy" rating in a report on Saturday, November 9th.
Check Out Our Latest Stock Analysis on MRC
MRC Global Trading Down 0.8 %
The business's 50-day moving average price is $13.63 and its 200-day moving average price is $13.15. 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 firm 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 of Directors has initiated a stock repurchase plan on Friday, January 3rd that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 11% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.
Institutional Trading of MRC Global
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MRC. Longboard Asset Management LP acquired a new stake in MRC Global in the fourth quarter valued at approximately $134,000. MQS Management LLC bought a new stake in MRC Global during the third quarter worth approximately $154,000. EP Wealth Advisors LLC acquired a new position in shares of MRC Global during the 3rd quarter valued at $167,000. Ieq Capital LLC bought a new stake in shares of MRC Global in the 4th quarter worth approximately $187,000. Finally, Intech Investment Management LLC bought a new stake in shares of MRC Global during the 3rd quarter worth $193,000. Hedge funds and other institutional investors own 94.97% of the company's stock.
MRC Global Company Profile
(
Get Free Report)
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.
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