Essex Investment Management Co. LLC Sells 31,709 Shares of MRC Global Inc. (NYSE:MRC)

Essex Investment Management Co. LLC reduced its position in shares of MRC Global Inc. (NYSE:MRC) by 10.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 268,486 shares of the oil and gas company’s stock after selling 31,709 shares during the quarter. Essex Investment Management Co. LLC owned 0.31% of MRC Global worth $3,431,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Longboard Asset Management LP bought a new position in shares of MRC Global in the fourth quarter valued at about $134,000. MQS Management LLC bought a new position in shares of MRC Global in the third quarter valued at about $154,000. EP Wealth Advisors LLC bought a new position in shares of MRC Global in the third quarter valued at about $167,000. Ieq Capital LLC bought a new position in shares of MRC Global in the fourth quarter valued at about $187,000. Finally, Intech Investment Management LLC bought a new position in shares of MRC Global in the third quarter valued at about $193,000. 94.97% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, StockNews.com cut shares of MRC Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 9th.

MRC Global Trading Up 1.8 %

Shares of NYSE:MRC opened at $11.56 on Friday. The company has a market capitalization of $984.98 million, a P/E ratio of 13.28 and a beta of 1.96. MRC Global Inc. has a 1 year low of $11.08 and a 1 year high of $15.41. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.99 and a quick ratio of 1.11. The business’s 50 day simple moving average is $13.32 and its 200 day simple moving average is $13.06.

MRC Global announced that its Board of Directors has initiated 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 reacquire up to 11% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

About MRC Global

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.