JPMorgan Chase & Co. Raises Position in MRC Global Inc. (NYSE:MRC)

JPMorgan Chase & Co. raised its stake in shares of MRC Global Inc. (NYSE:MRC) by 419.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 811,787 shares of the oil and gas company’s stock after purchasing an additional 655,455 shares during the period. JPMorgan Chase & Co.’s holdings in MRC Global were worth $10,375,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MRC. FMR LLC raised its position in MRC Global by 25.3% in the third quarter. FMR LLC now owns 100,976 shares of the oil and gas company’s stock valued at $1,286,000 after purchasing an additional 20,406 shares during the period. State Street Corp lifted its holdings in MRC Global by 1.2% during the 3rd quarter. State Street Corp now owns 1,923,272 shares of the oil and gas company’s stock worth $24,502,000 after buying an additional 23,125 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in MRC Global in the third quarter worth $167,000. Barclays PLC boosted its stake in MRC Global by 197.7% in the third quarter. Barclays PLC now owns 151,169 shares of the oil and gas company’s stock valued at $1,927,000 after acquiring an additional 100,384 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of MRC Global by 1.7% during the third quarter. Geode Capital Management LLC now owns 1,956,725 shares of the oil and gas company’s stock valued at $24,934,000 after acquiring an additional 32,760 shares during the period. 94.97% of the stock is currently owned by institutional investors and hedge funds.

MRC Global Trading Down 0.3 %

NYSE:MRC opened at $10.23 on Tuesday. The firm has a market cap of $880.63 million, a price-to-earnings ratio of 11.76 and a beta of 1.67. 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 Inc. has a 12 month low of $9.23 and a 12 month high of $15.41. The company’s 50 day moving average is $11.72 and its 200-day moving average is $12.79.

MRC Global (NYSE:MRC) last released its earnings results on Friday, March 14th. The oil and gas company reported $0.08 EPS for the quarter, meeting the consensus estimate 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 prior year, the company earned $0.23 EPS. The business’s quarterly revenue was down 10.3% compared to the same quarter last year. Equities analysts anticipate that MRC Global Inc. will post 0.86 EPS for the current year.

MRC Global announced that its board has authorized a share buyback 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 buy up to 11% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MRC. Stifel Nicolaus decreased their price target on MRC Global from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, March 17th. StockNews.com lowered shares of MRC Global from a “buy” rating to a “hold” rating in a report on Monday, March 17th. Loop Capital dropped their target price on MRC Global from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Finally, Susquehanna reduced their price objective on MRC Global from $15.00 to $13.00 and set a “positive” rating for the company in a research report on Monday.

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.