Assenagon Asset Management S.A. Trims Holdings in MRC Global Inc. (NYSE:MRC)

Assenagon Asset Management S.A. cut its stake in MRC Global Inc. (NYSE:MRC) by 55.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 241,081 shares of the oil and gas company’s stock after selling 298,856 shares during the quarter. Assenagon Asset Management S.A. owned about 0.28% of MRC Global worth $3,081,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Barclays PLC grew its position in shares of 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 purchasing an additional 100,384 shares in the last quarter. Dimensional Fund Advisors LP grew its position in MRC Global by 2.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,689,511 shares of the oil and gas company’s stock worth $47,629,000 after buying an additional 97,445 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in MRC Global by 20.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 15,575 shares of the oil and gas company’s stock worth $198,000 after buying an additional 2,639 shares in the last quarter. Geode Capital Management LLC grew its position in 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 worth $24,934,000 after buying an additional 32,760 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in MRC Global during the third quarter worth about $193,000. 94.97% of the stock is currently owned by hedge funds and other institutional investors.

MRC Global Trading Up 3.1 %

Shares of MRC stock opened at $14.88 on Wednesday. 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 business has a 50-day moving average price of $13.46 and a two-hundred day moving average price of $13.09. MRC Global Inc. has a 12-month low of $10.19 and a 12-month high of $14.91. The firm has a market cap of $1.27 billion, a P/E ratio of 17.10 and a beta of 1.97.

MRC Global (NYSE:MRC) last issued its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.03. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The firm had revenue of $797.00 million during the quarter, compared to analyst estimates of $794.17 million. During the same quarter in the previous year, the company posted $0.32 earnings per share. The company’s revenue was down 10.2% compared to the same quarter last year. Equities analysts anticipate that MRC Global Inc. will post 0.86 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Stifel Nicolaus boosted their target price on MRC Global from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. StockNews.com cut MRC Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 9th. Finally, Susquehanna lifted their price target on MRC Global from $16.00 to $17.00 and gave the stock a “positive” rating in a research note on Thursday, November 7th.

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.