Raymond James Financial Inc. Buys New Stake in MRC Global Inc. (NYSE:MRC)

Raymond James Financial Inc. bought a new position in shares of MRC Global Inc. (NYSE:MRC - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 51,474 shares of the oil and gas company's stock, valued at approximately $658,000. Raymond James Financial Inc. owned approximately 0.06% of MRC Global as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in MRC. Wellington Management Group LLP increased its stake in MRC Global by 1.8% in the third quarter. Wellington Management Group LLP now owns 3,209,251 shares of the oil and gas company's stock valued at $40,886,000 after purchasing an additional 55,553 shares during the period. Geode Capital Management LLC increased its position in MRC Global by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,956,725 shares of the oil and gas company's stock valued at $24,934,000 after acquiring an additional 32,760 shares during the period. State Street Corp raised its stake in MRC Global by 1.2% during the 3rd quarter. State Street Corp now owns 1,923,272 shares of the oil and gas company's stock valued at $24,502,000 after acquiring an additional 23,125 shares during the last quarter. Empowered Funds LLC lifted its position in MRC Global by 32.8% during the 4th quarter. Empowered Funds LLC now owns 376,014 shares of the oil and gas company's stock worth $4,805,000 after acquiring an additional 92,874 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of MRC Global by 12.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 156,332 shares of the oil and gas company's stock valued at $1,992,000 after purchasing an additional 17,609 shares during the last quarter. 94.97% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MRC shares. Stifel Nicolaus cut their price target on MRC Global from $17.00 to $16.00 and set a "buy" rating for the company in a research note on Monday, March 17th. Susquehanna cut 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 report on Monday, March 17th. StockNews.com downgraded shares of MRC Global from a "buy" rating to a "hold" rating in a report on Monday, March 17th. Finally, Loop Capital cut their price target on shares of MRC Global from $18.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday, March 18th.

MRC Global Price Performance

NYSE:MRC traded up $0.19 during trading hours on Friday, hitting $10.24. The company's stock had a trading volume of 501,999 shares, compared to its average volume of 627,607. MRC Global Inc. has a 52-week low of $9.23 and a 52-week high of $15.41. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.99. The business's 50-day moving average is $11.80 and its two-hundred day moving average is $12.81. The company has a market capitalization of $881.15 million, a PE ratio of 11.77 and a beta of 1.67.

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

MRC Global announced that its board has authorized a share repurchase program 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 buy up to 11% of its stock through open market purchases. Stock repurchase programs are generally an indication 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.