Premier Fund Managers Ltd Sells 23,482 Shares of MRC Global Inc. (NYSE:MRC)

Premier Fund Managers Ltd lessened its position in shares of MRC Global Inc. (NYSE:MRC) by 77.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,741 shares of the oil and gas company’s stock after selling 23,482 shares during the period. Premier Fund Managers Ltd’s holdings in MRC Global were worth $85,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Swiss National Bank raised its stake in MRC Global by 0.9% in the 4th quarter. Swiss National Bank now owns 167,649 shares of the oil and gas company’s stock worth $2,143,000 after purchasing an additional 1,500 shares in the last quarter. Y Intercept Hong Kong Ltd increased its holdings in shares of MRC Global by 7.1% during the fourth quarter. Y Intercept Hong Kong Ltd now owns 33,422 shares of the oil and gas company’s stock worth $427,000 after purchasing an additional 2,219 shares during the period. Oppenheimer Asset Management Inc. raised its position in shares of MRC Global by 17.2% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 30,264 shares of the oil and gas company’s stock valued at $387,000 after buying an additional 4,440 shares in the last quarter. New York State Common Retirement Fund raised its position in shares of MRC Global by 21.8% in the fourth quarter. New York State Common Retirement Fund now owns 27,900 shares of the oil and gas company’s stock valued at $357,000 after buying an additional 4,992 shares in the last quarter. Finally, Longboard Asset Management LP bought a new stake in shares of MRC Global in the fourth quarter valued at approximately $134,000. Institutional investors and hedge funds own 94.97% of the company’s stock.

MRC Global Trading Down 2.2 %

Shares of MRC opened at $11.66 on Friday. The business’s fifty day moving average is $12.86 and its 200-day moving average is $12.96. The firm has a market cap of $1.00 billion, a price-to-earnings ratio of 13.41 and a beta of 1.96. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.99. MRC Global Inc. has a 52-week low of $9.42 and a 52-week high of $15.41.

MRC Global (NYSE:MRC) last issued its earnings results on Friday, March 14th. The oil and gas company reported $0.08 earnings per share for the quarter, meeting analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $726.90 million. During the same quarter last year, the business posted $0.23 earnings per share. The company’s quarterly revenue was down 10.3% on a year-over-year basis. 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 buyback program on Friday, January 3rd that allows the company to buyback $125.00 million in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 11% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

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

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.