JPMorgan Chase & Co. Buys 655,455 Shares of MRC Global Inc. (NYSE:MRC)

JPMorgan Chase & Co. lifted its holdings in MRC Global Inc. (NYSE:MRC) by 419.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 811,787 shares of the oil and gas company’s stock after purchasing an additional 655,455 shares during the quarter. JPMorgan Chase & Co. owned about 0.95% of MRC Global worth $10,375,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in MRC. Proficio Capital Partners LLC purchased a new stake in MRC Global in the fourth quarter valued at approximately $233,000. Shaker Investments LLC OH acquired a new stake in shares of MRC Global in the fourth quarter valued at about $511,000. Barclays PLC lifted its position in shares of MRC Global by 197.7% in the third quarter. Barclays PLC now owns 151,169 shares of the oil and gas company’s stock valued at $1,927,000 after acquiring an additional 100,384 shares in the last quarter. Geode Capital Management LLC boosted its stake in MRC Global by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,956,725 shares of the oil and gas company’s stock worth $24,934,000 after purchasing an additional 32,760 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in MRC Global by 32.8% during the 4th quarter. Empowered Funds LLC now owns 376,014 shares of the oil and gas company’s stock valued at $4,805,000 after acquiring an additional 92,874 shares in the last quarter. 94.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on MRC shares. Loop Capital dropped their target price on MRC Global from $18.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Stifel Nicolaus lowered their target price on MRC Global from $17.00 to $16.00 and set a “buy” rating for the company in a report on Monday, March 17th. Susquehanna cut their price target on MRC Global from $15.00 to $13.00 and set a “positive” rating on the stock in a report on Monday. 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 Performance

NYSE MRC opened at $10.23 on Tuesday. The stock has a market capitalization of $880.63 million, a price-to-earnings ratio of 11.76 and a beta of 1.67. MRC Global Inc. has a 12-month low of $9.23 and a 12-month high of $15.41. The business’s 50 day moving average is $11.72 and its two-hundred day moving average is $12.79. The company has a current ratio of 1.99, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15.

MRC Global (NYSE:MRC) last posted its earnings results on Friday, March 14th. The oil and gas company reported $0.08 EPS for the quarter, hitting analysts’ consensus estimates of $0.08. The company had revenue of $736.80 million for the quarter, compared to the consensus estimate of $726.90 million. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. MRC Global’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.23 earnings per share. Research 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 permits the company to buyback $125.00 million in outstanding shares. This buyback authorization permits the oil and gas company to purchase up to 11% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

MRC Global Company 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.