Legato Capital Management LLC Trims Position in MRC Global Inc. (NYSE:MRC)

Legato Capital Management LLC lessened its stake in shares of MRC Global Inc. (NYSE:MRC) by 23.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 80,011 shares of the oil and gas company’s stock after selling 24,610 shares during the quarter. Legato Capital Management LLC owned about 0.09% of MRC Global worth $1,023,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Barclays PLC grew its holdings in MRC Global by 197.7% during the 3rd quarter. Barclays PLC now owns 151,169 shares of the oil and gas company’s stock valued at $1,927,000 after buying an additional 100,384 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in MRC Global by 12.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 156,332 shares of the oil and gas company’s stock valued at $1,992,000 after buying an additional 17,609 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in MRC Global by 20.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,575 shares of the oil and gas company’s stock valued at $198,000 after buying an additional 2,639 shares in the last quarter. Geode Capital Management LLC grew its holdings 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 valued at $24,934,000 after buying an additional 32,760 shares in the last quarter. Finally, Shaker Investments LLC OH purchased a new position in MRC Global during the 4th quarter valued at about $511,000. Hedge funds and other institutional investors own 94.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Susquehanna boosted their price objective on MRC Global from $16.00 to $17.00 and gave the stock a “positive” rating in a report on Thursday, November 7th. StockNews.com lowered MRC Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 9th.

MRC Global Stock Up 1.8 %

Shares of NYSE MRC opened at $13.08 on Friday. MRC Global Inc. has a 12 month low of $10.96 and a 12 month high of $15.41. The company has a current ratio of 1.99, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 15.03 and a beta of 1.97. The business has a 50-day moving average of $13.57 and a 200-day moving average of $13.13.

MRC Global announced that its board has authorized a share buyback program on Friday, January 3rd that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the oil and gas company to buy up to 11% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is 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.