Boston Advisors LLC boosted its stake in MRC Global Inc. (NYSE:MRC) by 9.6% during the second quarter, Holdings Channel reports. The institutional investor owned 424,849 shares of the company’s stock after buying an additional 37,220 shares during the period. Boston Advisors LLC’s holdings in MRC Global were worth $6,037,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Springbok Capital Management LLC bought a new position in MRC Global during the first quarter worth $108,000. Kempen Capital Management N.V. raised its position in MRC Global by 27.3% in the first quarter. Kempen Capital Management N.V. now owns 8,485 shares of the company’s stock worth $111,000 after buying an additional 1,821 shares during the period. Envestnet Asset Management Inc. raised its position in MRC Global by 115.1% in the first quarter. Envestnet Asset Management Inc. now owns 9,495 shares of the company’s stock worth $125,000 after buying an additional 5,080 shares during the period. Bessemer Group Inc. bought a new position in MRC Global during the first quarter worth $140,000. Finally, Seven Eight Capital LLC bought a new position in MRC Global during the first quarter worth $330,000. 99.30% of the stock is owned by hedge funds and other institutional investors.
MRC Global Inc. (NYSE:MRC) traded up 5.00% during trading on Wednesday, hitting $15.11. The stock had a trading volume of 921,197 shares. MRC Global Inc. has a 52-week low of $8.50 and a 52-week high of $15.59. The firm’s market cap is $1.46 billion. The company’s 50 day moving average is $14.72 and its 200 day moving average is $14.01.
MRC Global (NYSE:MRC) last released its earnings results on Tuesday, August 2nd. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by $0.07. MRC Global had a negative net margin of 11.27% and a positive return on equity of 1.60%. The firm earned $746 million during the quarter, compared to analyst estimates of $747.81 million. During the same period in the previous year, the company earned $0.22 earnings per share. MRC Global’s revenue was down 37.7% on a year-over-year basis. Equities research analysts forecast that MRC Global Inc. will post ($0.59) earnings per share for the current year.
MRC has been the topic of several recent analyst reports. Capital One Financial Corp. upgraded MRC Global from an “equal weight” rating to an “overweight” rating in a research note 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. Cowen and Company initiated coverage on MRC Global in a research note on Friday, September 16th. They set a “market perform” rating and a $16.00 target price on the stock. Finally, JPMorgan Chase & Co. reiterated a “buy” rating on shares of MRC Global in a research note on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. MRC Global currently has an average rating of “Hold” and a consensus target price of $16.00.
In related news, EVP Daniel J. Churay sold 5,350 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 46,292 shares of the company’s stock, valued at approximately $683,732.84. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Gerard Pieter Krans sold 23,000 shares of the company’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $15.33, for a total value of $352,590.00. Following the completion of the transaction, the director now directly owns 18,802 shares in the company, valued at $288,234.66. The disclosure for this sale can be found here. 6.10% of the stock is owned by corporate insiders.
MRC Global Company Profile
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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