MRC Global (NYSE:MRC) Cut to “Hold” at StockNews.com

StockNews.com cut shares of MRC Global (NYSE:MRC) from a buy rating to a hold rating in a research note published on Monday morning.

A number of other brokerages have also issued reports on MRC. Susquehanna dropped their target price on shares of MRC Global from $17.00 to $15.00 and set a “positive” rating on the stock in a research report on Monday. Stifel Nicolaus cut their price target on MRC Global from $17.00 to $16.00 and set a “buy” rating for the company in a report on Monday.

MRC Global Stock Up 2.4 %

Shares of MRC Global stock opened at $12.41 on Monday. The company has a market cap of $1.06 billion, a P/E ratio of 14.26 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. The stock has a 50-day moving average price of $13.10 and a 200 day moving average price of $12.99. MRC Global has a 1 year low of $9.42 and a 1 year high of $15.41.

MRC Global (NYSE:MRC) last posted 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. 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 during the quarter, compared to analysts’ expectations of $726.90 million. During the same period in the previous year, the company earned $0.23 earnings per share. The company’s revenue was down 10.3% compared to the same quarter last year. As a group, analysts expect that MRC Global will post 0.86 EPS for the current fiscal year.

MRC Global declared that its board has initiated a share repurchase plan on Friday, January 3rd that allows the company to buyback $125.00 million in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 11% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On MRC Global

Institutional investors and hedge funds have recently modified their holdings of the business. Huntington National Bank bought a new stake in MRC Global in the fourth quarter valued at about $34,000. Sterling Capital Management LLC boosted its position in shares of MRC Global by 821.2% during the fourth quarter. Sterling Capital Management LLC now owns 2,699 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 2,406 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of MRC Global in the 4th quarter valued at $56,000. Quantinno Capital Management LP acquired a new stake in MRC Global during the 4th quarter worth approximately $129,000. Finally, Longboard Asset Management LP bought a new stake in shares of MRC Global in the fourth quarter valued at about $134,000. 94.97% of the stock is owned by institutional investors.

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.