Allianz Asset Management GmbH Trims Stock Position in MRC Global Inc. (NYSE:MRC)

Key Points

• Allianz Asset Management GmbH significantly reduced its stake in MRC Global by 82.5% in Q1, now holding about 0.10% of the company worth $992,000 after selling over 407,000 shares.
• Other institutional investors have also increased their positions, with 94.97% of MRC Global's stock owned by institutional investors and hedge funds, reflecting strong market interest.
• MRC Global reported better-than-expected quarterly earnings with an EPS of $0.14, exceeding analyst estimates, despite a 11.7% decline in revenue compared to the prior year.

Allianz Asset Management GmbH lowered its stake in MRC Global Inc. (NYSE:MRC - Free Report) by 82.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 86,409 shares of the oil and gas company's stock after selling 407,029 shares during the quarter. Allianz Asset Management GmbH owned 0.10% of MRC Global worth $992,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Lord Abbett & CO. LLC purchased a new position in MRC Global during the fourth quarter valued at $10,255,000. JPMorgan Chase & Co. boosted its position in MRC Global by 419.3% in the 4th quarter. JPMorgan Chase & Co. now owns 811,787 shares of the oil and gas company's stock valued at $10,375,000 after buying an additional 655,455 shares during the period. Norges Bank purchased a new stake in MRC Global in the 4th quarter valued at about $4,555,000. Barclays PLC raised its holdings in shares of MRC Global by 218.0% in the 4th quarter. Barclays PLC now owns 480,669 shares of the oil and gas company's stock valued at $6,143,000 after purchasing an additional 329,500 shares in the last quarter. Finally, Moore Capital Management LP bought a new stake in shares of MRC Global in the 4th quarter valued at about $3,191,000. 94.97% of the stock is currently owned by institutional investors.

MRC Global Trading Up 0.8%

MRC Global stock traded up $0.11 during midday trading on Monday, hitting $13.98. 172,706 shares of the stock were exchanged, compared to its average volume of 863,793. MRC Global Inc. has a fifty-two week low of $9.23 and a fifty-two week high of $15.59. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -127.14 and a beta of 1.65. The stock's 50-day simple moving average is $13.34 and its 200 day simple moving average is $12.62. The company has a current ratio of 1.68, a quick ratio of 0.91 and a debt-to-equity ratio of 0.70.

MRC Global (NYSE:MRC - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The oil and gas company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.08 by $0.06. MRC Global had a net margin of 0.47% and a return on equity of 12.82%. The business had revenue of $712.00 million during the quarter, compared to analyst estimates of $710.00 million. During the same quarter last year, the firm posted $0.20 earnings per share. The business's revenue for the quarter was down 11.7% 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.

Wall Street Analyst Weigh In

Several research firms recently commented on MRC. Stifel Nicolaus reduced their price objective 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, July 21st. Susquehanna lowered their price target on shares of MRC Global from $15.00 to $13.00 and set a "positive" rating on the stock in a report on Monday, April 14th. Finally, Wall Street Zen raised shares of MRC Global from a "hold" rating to a "buy" rating in a report on Friday, June 6th.

About MRC Global

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.