Renaissance Technologies LLC lessened its stake in shares of MRC Global Inc. (NYSE:MRC - Free Report) by 3.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,475,159 shares of the oil and gas company's stock after selling 56,900 shares during the quarter. Renaissance Technologies LLC owned about 1.73% of MRC Global worth $18,853,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Huntington National Bank purchased a new position in MRC Global during the fourth quarter valued at approximately $34,000. Meeder Asset Management Inc. purchased a new position in shares of MRC Global during the 4th quarter valued at $56,000. Longboard Asset Management LP bought a new position in shares of MRC Global in the fourth quarter worth $134,000. EP Wealth Advisors LLC purchased a new stake in shares of MRC Global in the third quarter worth $167,000. Finally, Ieq Capital LLC bought a new stake in MRC Global during the fourth quarter valued at $187,000. 94.97% of the stock is currently owned by institutional investors.
MRC Global Price Performance
Shares of MRC Global stock opened at $10.24 on Monday. The firm has a market capitalization of $881.15 million, a PE ratio of 11.77 and a beta of 1.67. The company has a current ratio of 1.99, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15. MRC Global Inc. has a 12 month low of $9.23 and a 12 month high of $15.41. The business's 50-day moving average price is $11.80 and its 200-day moving average price is $12.81.
MRC Global (NYSE:MRC - Get Free Report) last issued its quarterly earnings results on Friday, March 14th. The oil and gas company reported $0.08 EPS for the quarter, meeting analysts' consensus estimates of $0.08. The business had revenue of $736.80 million for the quarter, compared to analysts' expectations of $726.90 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The business's quarterly revenue was down 10.3% on a year-over-year basis. During the same period last year, the business earned $0.23 earnings per share. Sell-side analysts forecast that MRC Global Inc. will post 0.86 EPS for the current fiscal year.
MRC Global announced that its board has authorized a stock repurchase program on Friday, January 3rd that allows the company to repurchase $125.00 million in shares. This repurchase authorization allows the oil and gas company to repurchase up to 11% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on MRC. StockNews.com lowered MRC Global from a "buy" rating to a "hold" rating in a research note on Monday, March 17th. Susquehanna lowered their target price on shares of MRC Global from $17.00 to $15.00 and set a "positive" rating on the stock in a research note on Monday, March 17th. 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 research note on Tuesday, March 18th. Finally, Stifel Nicolaus decreased their price target on shares of MRC Global from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Monday, March 17th.
Check Out Our Latest Stock Report on MRC
MRC Global Company Profile
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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.
See Also
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