Northern Trust Corp Sells 32,738 Shares of MRC Global Inc. $MRC

Key Points

• Northern Trust Corp reduced its holding in MRC Global Inc. by 3.8%, selling 32,738 shares and now owning approximately 828,354 shares valued at $9.51 million.
• MRC Global reported a quarterly earnings per share (EPS) of $0.25, exceeding analyst expectations, with a revenue of $798 million, although it experienced a 4.1% decline year-over-year.
• The stock's average analyst rating is a "Moderate Buy", with target prices ranging from $15.00 to $16.00 following recent upgrades and adjustments by various research analysts.

Northern Trust Corp trimmed its position in shares of MRC Global Inc. (NYSE:MRC - Free Report) by 3.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 828,354 shares of the oil and gas company's stock after selling 32,738 shares during the quarter. Northern Trust Corp owned 0.96% of MRC Global worth $9,510,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of MRC. Lord Abbett & CO. LLC boosted its stake in MRC Global by 336.0% during the first quarter. Lord Abbett & CO. LLC now owns 3,498,499 shares of the oil and gas company's stock worth $40,163,000 after buying an additional 2,696,044 shares during the period. Nuveen LLC purchased a new position in MRC Global during the first quarter worth $14,081,000. Pacer Advisors Inc. purchased a new position in MRC Global during the first quarter worth $12,433,000. Kestrel Investment Management Corp purchased a new position in MRC Global during the first quarter worth $4,602,000. Finally, American Century Companies Inc. boosted its stake in MRC Global by 14.2% during the first quarter. American Century Companies Inc. now owns 2,605,756 shares of the oil and gas company's stock worth $29,914,000 after buying an additional 324,110 shares during the period. 94.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on MRC. Stifel Nicolaus dropped 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 lifted their price objective on shares of MRC Global from $14.00 to $15.00 and gave the stock a "positive" rating in a research note on Thursday, August 7th. Wall Street Zen raised shares of MRC Global from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. Finally, Zacks Research raised shares of MRC Global to a "hold" rating in a research note on Friday, August 8th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $16.00.

MRC Global Stock Up 2.1%

MRC Global stock traded up $0.31 during trading hours on Thursday, reaching $14.86. The stock had a trading volume of 562,155 shares, compared to its average volume of 446,294. The company has a market cap of $1.26 billion, a price-to-earnings ratio of -61.92 and a beta of 1.72. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.84 and a quick ratio of 1.00. The business's 50 day moving average price is $14.22 and its 200-day moving average price is $12.76. MRC Global Inc. has a 52 week low of $9.23 and a 52 week high of $15.59.

MRC Global (NYSE:MRC - Get Free Report) last announced its earnings results on Wednesday, August 6th. The oil and gas company reported $0.25 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.02. The business had revenue of $798.00 million during the quarter, compared to the consensus estimate of $784.60 million. MRC Global had a negative net margin of 0.10% and a positive return on equity of 11.81%. The firm's revenue was down 4.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.28 earnings per share. Sell-side analysts anticipate that MRC Global Inc. will post 0.86 EPS for the current year.

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.