Lord Abbett & CO. LLC bought a new stake in shares of MRC Global Inc. (NYSE:MRC - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 802,455 shares of the oil and gas company's stock, valued at approximately $10,255,000. Lord Abbett & CO. LLC owned approximately 0.94% of MRC Global as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in shares of MRC Global by 419.3% in the fourth quarter. JPMorgan Chase & Co. now owns 811,787 shares of the oil and gas company's stock worth $10,375,000 after acquiring an additional 655,455 shares in the last quarter. Norges Bank acquired a new position in shares of MRC Global in the 4th quarter valued at about $4,555,000. American Century Companies Inc. lifted its position in shares of MRC Global by 18.5% in the fourth quarter. American Century Companies Inc. now owns 2,281,646 shares of the oil and gas company's stock worth $29,159,000 after purchasing an additional 356,372 shares in the last quarter. Barclays PLC boosted its holdings in shares of MRC Global by 218.0% during the fourth quarter. Barclays PLC now owns 480,669 shares of the oil and gas company's stock worth $6,143,000 after purchasing an additional 329,500 shares during the period. Finally, Prudential Financial Inc. increased its stake 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 worth $8,006,000 after acquiring an additional 188,863 shares during the last quarter. 94.97% of the stock is owned by institutional investors and hedge funds.
MRC Global Price Performance
Shares of NYSE:MRC traded up $0.40 during midday trading on Friday, reaching $12.09. The company's stock had a trading volume of 100,056 shares, compared to its average volume of 637,566. The business's fifty day simple moving average is $11.26 and its 200-day simple moving average is $12.65. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.99 and a quick ratio of 1.11. MRC Global Inc. has a fifty-two week low of $9.23 and a fifty-two week high of $15.41. The company has a market capitalization of $1.04 billion, a P/E ratio of 13.91 and a beta of 1.67.
MRC Global (NYSE:MRC - Get Free Report) last announced its quarterly earnings data on Friday, March 14th. The oil and gas company reported $0.08 EPS for the quarter, meeting analysts' consensus estimates of $0.08. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The firm had revenue of $736.80 million for the quarter, compared to analyst estimates of $726.90 million. During the same period last year, the company earned $0.23 EPS. The business's quarterly revenue was down 10.3% compared to the same quarter last year. As a group, equities research analysts expect that MRC Global Inc. will post 0.86 EPS for the current fiscal year.
MRC Global announced that its board has approved a share buyback program on Friday, January 3rd that allows the company to buyback $125.00 million in outstanding shares. This buyback authorization allows the oil and gas company to reacquire up to 11% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.
Analyst Ratings Changes
MRC has been the topic of several recent research reports. StockNews.com lowered shares of MRC Global from a "buy" rating to a "hold" rating in a research report on Monday, March 17th. Stifel Nicolaus cut their target price on shares of 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 lowered their price objective on MRC Global from $15.00 to $13.00 and set a "positive" rating on the stock in a research report on Monday, April 14th. Finally, Loop Capital decreased their target price on shares of MRC Global from $18.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, March 18th.
Read Our Latest Research Report on MRC
About MRC Global
(
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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