MRC Global Inc. (MRC) Holdings Lifted by Cramer Rosenthal Mcglynn LLC
Cramer Rosenthal Mcglynn LLC raised its stake in MRC Global Inc. (NYSE:MRC) by 1.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 821,695 shares of the oil and gas company’s stock after buying an additional 11,405 shares during the quarter. Cramer Rosenthal Mcglynn LLC owned about 0.87% of MRC Global worth $14,371,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Prudential Financial Inc. increased its stake in MRC Global by 7.4% during the second quarter. Prudential Financial Inc. now owns 371,420 shares of the oil and gas company’s stock worth $6,135,000 after purchasing an additional 25,720 shares during the period. Aperio Group LLC increased its stake in MRC Global by 3.0% during the second quarter. Aperio Group LLC now owns 24,078 shares of the oil and gas company’s stock worth $398,000 after purchasing an additional 698 shares during the period. Artisan Partners Limited Partnership purchased a new stake in MRC Global during the second quarter worth about $17,961,000. Fox Run Management L.L.C. purchased a new stake in MRC Global during the third quarter worth about $448,000. Finally, Quantbot Technologies LP increased its stake in MRC Global by 346.3% during the second quarter. Quantbot Technologies LP now owns 65,592 shares of the oil and gas company’s stock worth $1,083,000 after purchasing an additional 50,894 shares during the period. 94.66% of the stock is currently owned by institutional investors.
MRC Global Inc. (NYSE MRC) traded down $0.24 during mid-day trading on Thursday, hitting $15.81. 1,501,400 shares of the company were exchanged, compared to its average volume of 908,681. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.16 and a current ratio of 2.31. MRC Global Inc. has a 12-month low of $14.01 and a 12-month high of $22.52.
MRC Global announced that its board has authorized a share buyback program on Thursday, November 2nd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the oil and gas company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
A number of analysts have issued reports on MRC shares. Zacks Investment Research upgraded shares of MRC Global from a “sell” rating to a “hold” rating in a research note on Thursday, October 26th. Cowen set a $24.00 price target on shares of MRC Global and gave the stock a “buy” rating in a research note on Friday, October 6th. Stifel Nicolaus reiterated a “buy” rating and set a $19.00 price target on shares of MRC Global in a research note on Sunday, September 3rd. Robert W. Baird reiterated a “hold” rating and set a $21.00 price target on shares of MRC Global in a research note on Monday, October 9th. Finally, ValuEngine lowered shares of MRC Global from a “hold” rating to a “sell” rating in a research note on Thursday, November 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. MRC Global currently has an average rating of “Hold” and a consensus target price of $20.67.
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MRC Global Company Profile
MRC Global Inc is an industrial distributor of pipe, valves and fittings and related products and services to the energy industry. The Company’s segments include the U.S., Canada and International. Its U.S. segment includes the United States Eastern Region and Gulf Coast, and the United States Western Region.
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