Essex Investment Management Co. LLC Sells 31,709 Shares of MRC Global Inc. (NYSE:MRC)

Essex Investment Management Co. LLC cut its holdings in shares of MRC Global Inc. (NYSE:MRC) by 10.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 268,486 shares of the oil and gas company’s stock after selling 31,709 shares during the period. Essex Investment Management Co. LLC’s holdings in MRC Global were worth $3,431,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Longboard Asset Management LP bought a new stake in MRC Global during the fourth quarter worth $134,000. MQS Management LLC bought a new position in shares of MRC Global in the 3rd quarter valued at $154,000. EP Wealth Advisors LLC bought a new position in shares of MRC Global in the 3rd quarter valued at $167,000. Ieq Capital LLC bought a new position in shares of MRC Global in the 4th quarter valued at $187,000. Finally, Intech Investment Management LLC bought a new position in shares of MRC Global in the 3rd quarter valued at $193,000. 94.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut MRC Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 9th.

MRC Global Stock Up 1.8 %

Shares of MRC opened at $11.56 on Friday. MRC Global Inc. has a 52 week low of $11.08 and a 52 week high of $15.41. The stock has a market capitalization of $984.98 million, a price-to-earnings ratio of 13.28 and a beta of 1.96. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.99. The stock has a fifty day moving average of $13.32 and a 200-day moving average of $13.06.

MRC Global declared that its Board of Directors has initiated a stock buyback program on Friday, January 3rd that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the oil and gas company to repurchase up to 11% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

MRC Global Profile

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.