Canada Pension Plan Investment Board reduced its stake in shares of MRC Global Inc. (NYSE:MRC) by 45.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 300,820 shares of the oil and gas company’s stock after selling 248,500 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.32% of MRC Global worth $5,261,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of MRC. Vanguard Group Inc. boosted its stake in shares of MRC Global by 12.5% during the first quarter. Vanguard Group Inc. now owns 8,073,947 shares of the oil and gas company’s stock valued at $147,994,000 after purchasing an additional 894,581 shares during the period. Geode Capital Management LLC lifted its stake in MRC Global by 3.2% in the first quarter. Geode Capital Management LLC now owns 708,461 shares of the oil and gas company’s stock worth $12,986,000 after acquiring an additional 22,177 shares during the period. BlackRock Inc. lifted its stake in MRC Global by 17,937.8% in the first quarter. BlackRock Inc. now owns 7,126,027 shares of the oil and gas company’s stock worth $130,618,000 after acquiring an additional 7,086,521 shares during the period. Bank of America Corp DE lifted its stake in MRC Global by 36.3% in the first quarter. Bank of America Corp DE now owns 627,269 shares of the oil and gas company’s stock worth $11,499,000 after acquiring an additional 167,116 shares during the period. Finally, Tudor Investment Corp ET AL purchased a new stake in MRC Global in the first quarter worth about $202,000. 95.48% of the stock is owned by hedge funds and other institutional investors.
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Shares of MRC Global Inc. (NYSE MRC) opened at $14.61 on Wednesday. MRC Global Inc. has a 1 year low of $14.61 and a 1 year high of $22.52. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.16 and a current ratio of 2.31.
MRC Global announced that its board has approved a stock buyback plan on Thursday, November 2nd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the oil and gas company to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
MRC has been the subject of a number of research reports. Robert W. Baird reaffirmed a “hold” rating and issued a $21.00 price objective on shares of MRC Global in a research note on Sunday, September 10th. Zacks Investment Research lowered shares of MRC Global from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $20.00 price objective on shares of MRC Global in a research note on Tuesday, October 17th. ValuEngine lowered shares of MRC Global from a “hold” rating to a “sell” rating in a research note on Thursday, November 9th. Finally, Cowen and Company upped their price objective on shares of MRC Global from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Monday, August 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $20.67.
MRC Global Company Profile
MRC Global Inc is an industrial distributor of pipe, valves and fittings and related products and services to the energy industry. The Company’s segments include the U.S., Canada and International. Its U.S. segment includes the United States Eastern Region and Gulf Coast, and the United States Western Region.
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