MRC Global Inc. (MRC) Shares Down 2.4%
MRC Global Inc. (NYSE:MRC) shares dropped 2.4% on Tuesday . The company traded as low as $13.94 and last traded at $14.03, with a volume of 544,655 shares trading hands. The stock had previously closed at $14.37.
MRC has been the subject of a number of analyst reports. Capital One Financial Corp. raised MRC Global from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, August 3rd. Maxim Group upgraded MRC Global from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Thursday, August 4th. Zacks Investment Research downgraded MRC Global from a “hold” rating to a “sell” rating in a research note on Tuesday, July 5th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of MRC Global in a research note on Wednesday, August 3rd. Finally, Cowen and Company started coverage on MRC Global in a research note on Friday. They set a “market perform” rating and a $16.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. MRC Global presently has a consensus rating of “Hold” and a consensus price target of $16.00.
The stock’s market cap is $1.35 billion. The stock has a 50-day moving average price of $14.56 and a 200-day moving average price of $14.01.
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MRC Global (NYSE:MRC) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by $0.07. The firm earned $746 million during the quarter, compared to analysts’ expectations of $747.81 million. MRC Global had a negative net margin of 11.27% and a positive return on equity of 1.60%. The firm’s revenue for the quarter was down 37.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.22 EPS. Analysts predict that MRC Global Inc. will post ($0.59) earnings per share for the current year.
In related news, EVP Daniel J. Churay sold 5,350 shares of the business’s stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $14.77, for a total value of $79,019.50. Following the completion of the sale, the executive vice president now owns 46,292 shares in the company, valued at $683,732.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gerard Pieter Krans sold 36,150 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $15.30, for a total transaction of $553,095.00. Following the completion of the transaction, the director now directly owns 18,802 shares of the company’s stock, valued at approximately $287,670.60. The disclosure for this sale can be found here. 6.10% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of MRC. TIAA CREF Investment Management LLC increased its position in shares of MRC Global by 10.4% in the first quarter. TIAA CREF Investment Management LLC now owns 368,655 shares of the company’s stock worth $4,844,000 after buying an additional 34,720 shares during the period. Prudential Financial Inc. increased its position in shares of MRC Global by 31.2% in the first quarter. Prudential Financial Inc. now owns 274,020 shares of the company’s stock worth $3,601,000 after buying an additional 65,200 shares during the period. Panagora Asset Management Inc. acquired a new position in shares of MRC Global during the first quarter worth approximately $6,604,000. Canada Pension Plan Investment Board increased its position in shares of MRC Global by 346.3% in the first quarter. Canada Pension Plan Investment Board now owns 465,120 shares of the company’s stock worth $6,112,000 after buying an additional 360,900 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its position in shares of MRC Global by 1.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,630,589 shares of the company’s stock worth $34,566,000 after buying an additional 42,963 shares during the period.
About MRC Global
MRC Global Inc is an industrial distributor of pipe, valves and fittings (PVF) and related products and services to the energy industry. The Company operates through three segments: the United States of America, Canada and International. It has branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia, Australasia, the Middle East and Kazakhstan.
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