Victory Capital Management Inc. Lowers Stock Position in MRC Global Inc. (NYSE:MRC)

Key Points

• Victory Capital Management Inc. significantly reduced its stake in MRC Global by selling 1,258,682 shares, now holding only 65,406 shares, which represents a 95.1% decrease.
• Several institutional investors have increased their positions in MRC Global, with Huntington National Bank and Sterling Capital Management notably acquiring new shares during the last quarter.
• Despite a decrease in quarterly revenue compared to last year, MRC Global reported earnings per share of $0.14, exceeding analysts' expectations by $0.06.

Victory Capital Management Inc. trimmed its position in shares of MRC Global Inc. (NYSE:MRC - Free Report) by 95.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 65,406 shares of the oil and gas company's stock after selling 1,258,682 shares during the period. Victory Capital Management Inc. owned about 0.08% of MRC Global worth $751,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in MRC. Huntington National Bank bought a new stake in shares of MRC Global in the fourth quarter worth approximately $34,000. Sterling Capital Management LLC boosted its stake in shares of MRC Global by 821.2% in the 4th quarter. Sterling Capital Management LLC now owns 2,699 shares of the oil and gas company's stock worth $34,000 after buying an additional 2,406 shares during the last quarter. Quantinno Capital Management LP purchased a new stake in MRC Global during the fourth quarter valued at $129,000. GAMMA Investing LLC boosted its position in MRC Global by 1,576.2% in the first quarter. GAMMA Investing LLC now owns 14,063 shares of the oil and gas company's stock worth $161,000 after purchasing an additional 13,224 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in shares of MRC Global by 35.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 14,657 shares of the oil and gas company's stock valued at $187,000 after purchasing an additional 3,855 shares during the last quarter. 94.97% of the stock is owned by hedge funds and other institutional investors.

MRC Global Price Performance

MRC traded up $0.15 during midday trading on Tuesday, hitting $14.16. 179,888 shares of the company traded hands, compared to its average volume of 863,377. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -128.55 and a beta of 1.65. The business has a 50 day simple moving average of $13.38 and a two-hundred day simple moving average of $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 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 released its quarterly earnings results on Tuesday, May 6th. The oil and gas company reported $0.14 earnings per share for the quarter, topping analysts' consensus estimates of $0.08 by $0.06. MRC Global had a return on equity of 12.82% and a net margin of 0.47%. The business had revenue of $712.00 million during the quarter, compared to analysts' expectations of $710.00 million. During the same period in the prior year, the business posted $0.20 EPS. The company's revenue was down 11.7% compared to the same quarter last year. On average, equities analysts forecast that MRC Global Inc. will post 0.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MRC. Wall Street Zen raised shares of MRC Global from a "hold" rating to a "buy" rating in a report on Friday, June 6th. Susquehanna cut their price target on MRC Global from $15.00 to $13.00 and set a "positive" rating for the company in a research note on Monday, April 14th. Finally, Stifel Nicolaus lowered their price objective on MRC Global from $17.00 to $16.00 and set a "buy" rating on the stock in a research report on Monday, July 21st.

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.