Geode Capital Management LLC Lowers Holdings in MRC Global Inc. (NYSE:MRC)

Geode Capital Management LLC trimmed its position in shares of MRC Global Inc. (NYSE:MRC) by 1.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,936,112 shares of the oil and gas company’s stock after selling 20,613 shares during the period. Geode Capital Management LLC owned approximately 2.27% of MRC Global worth $24,750,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MRC. State Street Corp grew its stake in shares of MRC Global by 1.2% in the third quarter. State Street Corp now owns 1,923,272 shares of the oil and gas company’s stock valued at $24,502,000 after buying an additional 23,125 shares in the last quarter. Barclays PLC raised its holdings in shares of MRC Global by 197.7% during the third quarter. Barclays PLC now owns 151,169 shares of the oil and gas company’s stock worth $1,927,000 after purchasing an additional 100,384 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of MRC Global by 12.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 156,332 shares of the oil and gas company’s stock worth $1,992,000 after purchasing an additional 17,609 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of MRC Global during the fourth quarter worth about $477,000. Finally, Jennison Associates LLC bought a new position in MRC Global in the 4th quarter worth about $1,108,000. 94.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MRC. Stifel Nicolaus lowered their price target on MRC Global from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, March 17th. StockNews.com cut MRC Global from a “buy” rating to a “hold” rating in a report on Monday, March 17th. Loop Capital reduced their price target on shares of MRC Global from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th. Finally, Susquehanna dropped their target price on MRC Global from $15.00 to $13.00 and set a “positive” rating on the stock in a report on Monday, April 14th.

MRC Global Stock Up 6.1 %

MRC opened at $10.87 on Friday. 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 business has a 50 day moving average price of $11.52 and a 200 day moving average price of $12.73. The firm has a market cap of $935.29 million, a P/E ratio of 12.49 and a beta of 1.67. MRC Global Inc. has a twelve month low of $9.23 and a twelve month 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 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. The firm had revenue of $736.80 million for the quarter, compared to analyst estimates of $726.90 million. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The company’s revenue was down 10.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.23 EPS. Research analysts forecast that MRC Global Inc. will post 0.86 EPS for the current year.

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