Arrowstreet Capital Limited Partnership Raises Stock Position in MRC Global Inc. (NYSE:MRC)

Arrowstreet Capital Limited Partnership grew its stake in MRC Global Inc. (NYSE:MRC) by 0.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor 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 owned 1.42% of MRC Global worth $15,518,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in shares of MRC Global by 419.3% in the 4th quarter. JPMorgan Chase & Co. now owns 811,787 shares of the oil and gas company’s stock valued at $10,375,000 after purchasing an additional 655,455 shares during the last quarter. Norges Bank acquired a new position in MRC Global during the fourth quarter worth approximately $4,555,000. American Century Companies Inc. lifted its stake in MRC Global by 18.5% in the fourth quarter. American Century Companies Inc. now owns 2,281,646 shares of the oil and gas company’s stock valued at $29,159,000 after buying an additional 356,372 shares during the last quarter. Prudential Financial Inc. boosted its holdings in shares of MRC Global by 43.2% in the fourth quarter. Prudential Financial Inc. now owns 626,415 shares of the oil and gas company’s stock valued at $8,006,000 after acquiring an additional 188,863 shares during the period. Finally, Teacher Retirement System of Texas grew its position in shares of MRC Global by 98.7% during the fourth quarter. Teacher Retirement System of Texas now owns 242,735 shares of the oil and gas company’s stock worth $3,102,000 after acquiring an additional 120,588 shares during the last quarter. 94.97% of the stock is owned by hedge funds and other institutional investors.

MRC Global Trading Down 7.2 %

Shares of MRC Global stock opened at $9.80 on Friday. The firm has a market cap of $843.61 million, a price-to-earnings ratio of 11.26 and a beta of 1.96. MRC Global Inc. has a 52-week low of $9.42 and a 52-week high of $15.41. The company’s 50-day simple moving average is $12.48 and its 200-day simple moving average is $12.93. The company has a quick ratio of 1.11, a current ratio of 1.99 and a debt-to-equity ratio of 0.15.

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, hitting the consensus estimate of $0.08. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The company had revenue of $736.80 million for the quarter, compared to analysts’ expectations of $726.90 million. During the same quarter in the previous year, the firm posted $0.23 EPS. The firm’s quarterly revenue was down 10.3% on a year-over-year basis. As a group, equities research analysts anticipate that MRC Global Inc. will post 0.86 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. StockNews.com cut shares of MRC Global from a “buy” rating to a “hold” rating in a research note on Monday, March 17th. 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. Susquehanna dropped their price target on MRC Global from $17.00 to $15.00 and set a “positive” rating on the stock in a research report on Monday, March 17th. Finally, Loop Capital lowered their target price 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.

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.