South Dakota Investment Council Sells 92,998 Shares of MRC Global Inc. (NYSE:MRC)

South Dakota Investment Council reduced its stake in MRC Global Inc. (NYSE:MRC) by 43.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 121,671 shares of the oil and gas company’s stock after selling 92,998 shares during the period. South Dakota Investment Council’s holdings in MRC Global were worth $1,555,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. 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. Victory Capital Management Inc. grew its stake in MRC Global by 2.0% during the third quarter. Victory Capital Management Inc. now owns 1,369,515 shares of the oil and gas company’s stock valued at $17,448,000 after acquiring an additional 26,619 shares in the last quarter. MQS Management LLC bought a new stake in MRC Global during the 3rd quarter worth approximately $154,000. Oppenheimer Asset Management Inc. purchased a new stake in MRC Global in the 3rd quarter worth approximately $329,000. Finally, Empowered Funds LLC bought a new position in MRC Global in the 3rd quarter valued at $3,607,000. 94.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on MRC. Susquehanna upped their price target on shares of 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 research note on Saturday, November 9th.

MRC Global Trading Down 4.5 %

Shares of MRC Global stock opened at $12.19 on Monday. The company has a 50 day simple moving average of $13.51 and a two-hundred day simple moving average of $13.09. The firm has a market cap of $1.04 billion, a PE ratio of 14.01 and a beta of 1.97. MRC Global Inc. has a 1 year low of $11.09 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.

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.

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.