Meeder Asset Management Inc. Acquires New Holdings in MRC Global Inc. (NYSE:MRC)

Meeder Asset Management Inc. bought a new position in MRC Global Inc. (NYSE:MRC) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 4,381 shares of the oil and gas company’s stock, valued at approximately $56,000.

Several other hedge funds also recently modified their holdings of MRC. Swiss National Bank raised its stake in shares of MRC Global by 0.9% in the 4th quarter. Swiss National Bank now owns 167,649 shares of the oil and gas company’s stock valued at $2,143,000 after acquiring an additional 1,500 shares in the last quarter. Y Intercept Hong Kong Ltd grew its holdings in MRC Global by 7.1% during the fourth quarter. Y Intercept Hong Kong Ltd now owns 33,422 shares of the oil and gas company’s stock valued at $427,000 after purchasing an additional 2,219 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of MRC Global by 17.2% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 30,264 shares of the oil and gas company’s stock worth $387,000 after buying an additional 4,440 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in shares of MRC Global by 21.8% during the 4th quarter. New York State Common Retirement Fund now owns 27,900 shares of the oil and gas company’s stock worth $357,000 after buying an additional 4,992 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of MRC Global by 0.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,214,254 shares of the oil and gas company’s stock worth $15,518,000 after buying an additional 7,001 shares during the period. Institutional investors and hedge funds own 94.97% of the company’s stock.

MRC Global Price Performance

Shares of MRC stock opened at $11.61 on Wednesday. The company has a market capitalization of $999.17 million, a P/E ratio of 13.34 and a beta of 1.96. 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 Inc. has a 12 month low of $9.42 and a 12 month high of $15.41. The stock has a 50 day moving average of $12.74 and a two-hundred day moving average of $12.97.

MRC Global (NYSE:MRC) last posted its quarterly earnings results on Friday, March 14th. The oil and gas company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The firm had revenue of $736.80 million for the quarter, compared to the consensus estimate of $726.90 million. During the same quarter in the previous year, the company earned $0.23 earnings per share. The business’s revenue was down 10.3% compared to the same quarter last year. As a group, equities analysts expect that MRC Global Inc. will post 0.86 EPS for the current year.

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

Analyst Upgrades and Downgrades

MRC has been the topic of a number of research analyst reports. Susquehanna lowered their target price on MRC Global from $17.00 to $15.00 and set a “positive” rating on the stock in a report on Monday, March 17th. StockNews.com downgraded shares of MRC Global from a “buy” rating to a “hold” rating in a research note on Monday, March 17th. Stifel Nicolaus cut their target price on shares of MRC Global from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, March 17th. Finally, Loop Capital decreased their price target on shares of MRC Global from $18.00 to $17.00 and set a “buy” rating on the stock in a research report 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.