Rhumbline Advisers Cuts Stock Holdings in MRC Global Inc. (NYSE:MRC)

Rhumbline Advisers cut its stake in MRC Global Inc. (NYSE:MRC) by 0.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 155,143 shares of the oil and gas company’s stock after selling 1,179 shares during the period. Rhumbline Advisers owned about 0.18% of MRC Global worth $1,983,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MRC. Allspring Global Investments Holdings LLC boosted its stake in shares of MRC Global by 20.4% in 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 during the period. Longboard Asset Management LP purchased a new stake in MRC Global during the fourth quarter worth approximately $134,000. The Manufacturers Life Insurance Company boosted its holdings in MRC Global by 33.8% in the third quarter. The Manufacturers Life Insurance Company now owns 42,883 shares of the oil and gas company’s stock valued at $546,000 after purchasing an additional 10,822 shares in the last quarter. MQS Management LLC purchased a new position in MRC Global in the third quarter valued at approximately $154,000. Finally, EP Wealth Advisors LLC acquired a new stake in MRC Global during the third quarter worth approximately $167,000. 94.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MRC shares. Susquehanna upped their target price on shares of MRC Global from $16.00 to $17.00 and gave the company a “positive” rating in a report on Thursday, November 7th. StockNews.com downgraded shares of MRC Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 9th.

MRC Global Stock Performance

Shares of MRC stock opened at $11.58 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.99. The stock has a market cap of $987.11 million, a PE ratio of 13.31 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 stock has a fifty day moving average price of $13.43 and a 200 day moving average price of $13.10.

MRC Global declared that its board has authorized a stock repurchase program on Friday, January 3rd that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the oil and gas company to reacquire up to 11% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.