Nuveen LLC Takes Position in MRC Global Inc. $MRC

Key Points

• Nuveen LLC has acquired 1,226,562 shares of MRC Global Inc., valued at approximately $14.08 million, now owning about 1.43% of the company.
• Several institutional investors, such as Meeder Asset Management Inc. and Hsbc Holdings PLC, have also adjusted their stakes in MRC Global, showing strong interest among hedge funds, which own 94.97% of the stock.
• MRC Global recently reported earnings of $0.25 per share, surpassing analyst expectations, though revenue decreased by 4.1% year-over-year.

Nuveen LLC acquired a new position in shares of MRC Global Inc. (NYSE:MRC - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,226,562 shares of the oil and gas company's stock, valued at approximately $14,081,000. Nuveen LLC owned 1.43% of MRC Global at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MRC. Meeder Asset Management Inc. boosted its position in shares of MRC Global by 24.7% in the first quarter. Meeder Asset Management Inc. now owns 5,462 shares of the oil and gas company's stock valued at $63,000 after acquiring an additional 1,081 shares during the period. Hsbc Holdings PLC boosted its position in shares of MRC Global by 3.7% in the fourth quarter. Hsbc Holdings PLC now owns 34,562 shares of the oil and gas company's stock valued at $440,000 after acquiring an additional 1,234 shares during the period. MetLife Investment Management LLC boosted its position in shares of MRC Global by 3.8% in the fourth quarter. MetLife Investment Management LLC now owns 51,551 shares of the oil and gas company's stock valued at $659,000 after acquiring an additional 1,886 shares during the period. Sterling Capital Management LLC lifted its position in MRC Global by 821.2% during the fourth quarter. Sterling Capital Management LLC now owns 2,699 shares of the oil and gas company's stock worth $34,000 after purchasing an additional 2,406 shares during the period. Finally, EP Wealth Advisors LLC lifted its position in MRC Global by 19.6% during the fourth quarter. EP Wealth Advisors LLC now owns 15,682 shares of the oil and gas company's stock worth $200,000 after purchasing an additional 2,567 shares during the period. 94.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of MRC Global from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. Stifel Nicolaus dropped their target price on shares of MRC Global from $17.00 to $16.00 and set a "buy" rating for the company in a report on Monday, July 21st. Susquehanna increased their target price on shares of MRC Global from $14.00 to $15.00 and gave the stock a "positive" rating in a report on Thursday, August 7th. Finally, Zacks Research raised shares of MRC Global to a "hold" rating in a report on Friday, August 8th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $16.00.

MRC Global Trading Up 0.4%

NYSE:MRC traded up $0.06 on Wednesday, reaching $15.13. 370,764 shares of the stock traded hands, compared to its average volume of 730,898. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of -63.02 and a beta of 1.65. The company's 50 day moving average is $13.88 and its 200-day moving average is $12.60. The company has a current ratio of 1.84, a quick ratio of 1.00 and a debt-to-equity ratio of 0.83. MRC Global Inc. has a 1-year low of $9.23 and a 1-year high of $15.59.

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