Arrowstreet Capital Limited Partnership Increases Holdings in MRC Global Inc. (NYSE:MRC)

Arrowstreet Capital Limited Partnership boosted its position in MRC Global Inc. (NYSE:MRC) by 0.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 1,214,254 shares of the oil and gas company’s stock after buying an additional 7,001 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in MRC Global were worth $15,518,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MRC. Longboard Asset Management LP acquired a new stake in MRC Global in the fourth quarter valued at $134,000. EP Wealth Advisors LLC purchased a new position in MRC Global during the 3rd quarter valued at about $167,000. Ieq Capital LLC purchased a new position in MRC Global during the 4th quarter valued at about $187,000. Intech Investment Management LLC acquired a new position in MRC Global during the third quarter worth about $193,000. Finally, Walleye Capital LLC acquired a new stake in shares of MRC Global in the third quarter valued at approximately $196,000. 94.97% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MRC has been the topic of a number of recent research reports. Susquehanna reduced their target price on MRC Global from $17.00 to $15.00 and set a “positive” rating on the stock in a research note on Monday, March 17th. Stifel Nicolaus reduced 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, March 17th. Loop Capital decreased their price objective on MRC Global from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, March 18th. Finally, StockNews.com downgraded shares of MRC Global from a “buy” rating to a “hold” rating in a research note on Monday, March 17th.

MRC Global Stock Down 7.2 %

MRC stock opened at $9.80 on Friday. The company has a 50 day moving average price of $12.48 and a two-hundred day moving average price of $12.93. 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 market capitalization of $843.61 million, a P/E ratio of 11.26 and a beta of 1.96. MRC Global Inc. has a one year low of $9.42 and a one year high of $15.41.

MRC Global (NYSE:MRC) last released its earnings results on Friday, March 14th. The oil and gas company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The firm had revenue of $736.80 million during the quarter, compared to analyst estimates of $726.90 million. During the same period in the prior year, the firm posted $0.23 earnings per share. The business’s quarterly revenue was down 10.3% compared to the same quarter last year. As a group, sell-side analysts expect that MRC Global Inc. will post 0.86 EPS for the current year.

MRC Global announced that its board has initiated a stock buyback program on Friday, January 3rd that authorizes the company to repurchase $125.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board 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.