MRC Global Inc. (NYSE:MRC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in MRC Global Inc. (NYSE:MRC) by 10.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 310,048 shares of the oil and gas company’s stock after selling 36,098 shares during the period. Bank of New York Mellon Corp’s holdings in MRC Global were worth $3,962,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Longboard Asset Management LP acquired a new position in shares of MRC Global in the 4th quarter valued at $134,000. EP Wealth Advisors LLC acquired a new stake in MRC Global during the 3rd quarter worth about $167,000. Ieq Capital LLC purchased a new stake in MRC Global during the 4th quarter valued at about $187,000. Intech Investment Management LLC purchased a new stake in MRC Global during the 3rd quarter valued at about $193,000. Finally, Walleye Capital LLC acquired a new position in shares of MRC Global in the third quarter valued at about $196,000. 94.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

MRC Global Stock Up 2.5 %

Shares of MRC opened at $12.08 on Wednesday. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 13.88 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 stock’s 50-day moving average price is $13.12 and its 200-day moving average price is $12.99. 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 quarterly earnings data on Friday, March 14th. The oil and gas company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.08. The company had revenue of $736.80 million during the quarter, compared to analysts’ expectations of $726.90 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The firm’s revenue for the quarter was down 10.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.23 earnings per share. On average, sell-side analysts predict that MRC Global Inc. will post 0.86 EPS for the current year.

MRC Global announced that its board has approved a stock buyback program on Friday, January 3rd that permits the company to buyback $125.00 million in shares. This buyback authorization permits the oil and gas company to repurchase up to 11% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

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.