Premier Fund Managers Ltd Reduces Stock Holdings in MRC Global Inc. (NYSE:MRC)

Premier Fund Managers Ltd cut its stake in shares of MRC Global Inc. (NYSE:MRC - Free Report) by 77.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,741 shares of the oil and gas company's stock after selling 23,482 shares during the period. Premier Fund Managers Ltd's holdings in MRC Global were worth $85,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MRC. Norges Bank purchased a new position in shares of MRC Global during the 4th quarter valued at about $4,555,000. Caisse Des Depots ET Consignations purchased a new stake in MRC Global in the 4th quarter worth $817,000. JPMorgan Chase & Co. raised its holdings in MRC Global by 419.3% during the fourth quarter. JPMorgan Chase & Co. now owns 811,787 shares of the oil and gas company's stock valued at $10,375,000 after acquiring an additional 655,455 shares during the period. Prudential Financial Inc. lifted its position in shares of MRC Global by 43.2% in the fourth quarter. Prudential Financial Inc. now owns 626,415 shares of the oil and gas company's stock valued at $8,006,000 after acquiring an additional 188,863 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of MRC Global by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 9,390,014 shares of the oil and gas company's stock valued at $120,004,000 after acquiring an additional 42,331 shares in the last quarter. Hedge funds and other institutional investors own 94.97% of the company's stock.

MRC Global Trading Down 1.2 %

MRC Global stock traded down $0.14 during midday trading on Monday, hitting $11.51. 874,117 shares of the stock were exchanged, compared to its average volume of 618,564. 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 stock has a market capitalization of $990.38 million, a price-to-earnings ratio of 13.22 and a beta of 1.96. The stock's 50-day simple moving average is $12.86 and its 200 day simple moving average is $12.98. MRC Global Inc. has a fifty-two week low of $9.42 and a fifty-two week high of $15.41.

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

MRC Global announced that its board has initiated a stock buyback program on Friday, January 3rd that permits the company to buyback $125.00 million in shares. This buyback authorization permits the oil and gas company to repurchase up to 11% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MRC shares. StockNews.com cut MRC Global from a "buy" rating to a "hold" rating in a report on Monday, March 17th. Stifel Nicolaus reduced their price objective on MRC Global from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Monday, March 17th. Loop Capital dropped 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, March 18th. Finally, Susquehanna reduced their price objective on shares of MRC Global from $17.00 to $15.00 and set a "positive" rating for the company in a research note on Monday, March 17th.

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.