Wellington Management Group LLP Trims Holdings in MRC Global Inc. (NYSE:MRC)

Wellington Management Group LLP lowered its stake in shares of MRC Global Inc. (NYSE:MRC) by 8.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,946,806 shares of the oil and gas company’s stock after selling 262,445 shares during the period. Wellington Management Group LLP’s holdings in MRC Global were worth $37,660,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Longboard Asset Management LP purchased a new position in shares of MRC Global during the fourth quarter worth $134,000. EP Wealth Advisors LLC purchased a new position in MRC Global during the 3rd quarter valued at about $167,000. Ieq Capital LLC purchased a new position in MRC Global during the 4th quarter valued at about $187,000. Walleye Capital LLC acquired a new position in MRC Global in the 3rd quarter valued at about $196,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in MRC Global during the fourth quarter worth about $206,000. Institutional investors and hedge funds own 94.97% of the company’s stock.

MRC Global Stock Down 7.2 %

Shares of NYSE:MRC opened at $9.80 on Monday. MRC Global Inc. has a fifty-two week low of $9.42 and a fifty-two week high of $15.41. The firm’s 50 day moving average price is $12.48 and its 200 day moving average price is $12.94. The company has a quick ratio of 1.11, a current ratio of 1.99 and a debt-to-equity ratio of 0.15. The stock has a market cap of $843.61 million, a price-to-earnings ratio of 11.26 and a beta of 1.67.

MRC Global (NYSE:MRC) last announced 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 business had revenue of $736.80 million for the quarter, compared to analyst estimates of $726.90 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The company’s revenue was down 10.3% on a year-over-year basis. During the same period last year, the business earned $0.23 EPS. As a group, equities research analysts predict that MRC Global Inc. will post 0.86 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MRC. Susquehanna lowered their price objective on shares of MRC Global from $17.00 to $15.00 and set a “positive” rating for the company in a research note on Monday, March 17th. Loop Capital dropped their price target 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, March 18th. StockNews.com lowered MRC Global from a “buy” rating to a “hold” rating in a research report on Monday, March 17th. Finally, Stifel Nicolaus decreased their target price on MRC Global from $17.00 to $16.00 and set a “buy” rating for the company in a report on Monday, March 17th.

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.