Granite Investment Partners LLC Raises Stake in MRC Global Inc. (MRC)
Granite Investment Partners LLC boosted its position in MRC Global Inc. (NYSE:MRC) by 2.6% during the second quarter, Holdings Channel reports. The firm owned 731,269 shares of the oil and gas company’s stock after buying an additional 18,592 shares during the period. Granite Investment Partners LLC’s holdings in MRC Global were worth $12,081,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. purchased a new position in MRC Global during the first quarter worth approximately $148,000. Envestnet Asset Management Inc. increased its position in MRC Global by 3.9% in the first quarter. Envestnet Asset Management Inc. now owns 8,569 shares of the oil and gas company’s stock worth $156,000 after buying an additional 321 shares during the period. Redwood Investments LLC increased its position in MRC Global by 20.2% in the first quarter. Redwood Investments LLC now owns 9,237 shares of the oil and gas company’s stock worth $169,000 after buying an additional 1,554 shares during the period. Tudor Investment Corp ET AL purchased a new position in MRC Global during the first quarter worth approximately $202,000. Finally, Laurion Capital Management LP purchased a new position in MRC Global during the first quarter worth approximately $227,000. Institutional investors own 96.97% of the company’s stock.
Shares of MRC Global Inc. (NYSE MRC) opened at 16.11 on Thursday. The firm’s market cap is $1.52 billion. MRC Global Inc. has a 52 week low of $13.50 and a 52 week high of $22.52. The firm’s 50-day moving average price is $16.23 and its 200-day moving average price is $18.41.
MRC Global (NYSE:MRC) last issued its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by $0.01. MRC Global had a negative net margin of 1.40% and a positive return on equity of 0.39%. The firm had revenue of $922 million for the quarter, compared to the consensus estimate of $916.82 million. During the same quarter in the prior year, the firm earned ($0.15) earnings per share. The company’s revenue was up 23.6% on a year-over-year basis. Equities research analysts expect that MRC Global Inc. will post $0.16 EPS for the current fiscal year.
ILLEGAL ACTIVITY NOTICE: This report was first posted by Daily Political and is the property of of Daily Political. If you are reading this report on another domain, it was stolen and republished in violation of international copyright law. The original version of this report can be read at https://www.dailypolitical.com/2017/08/10/granite-investment-partners-llc-raises-stake-in-mrc-global-inc-mrc.html.
MRC has been the subject of a number of recent research reports. BidaskClub upgraded MRC Global from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. Raymond James Financial, Inc. upgraded MRC Global from a “market perform” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Wednesday, April 19th. Cowen and Company increased their target price on MRC Global from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Monday. Seaport Global Securities lowered MRC Global from a “buy” rating to a “neutral” rating and lowered their target price for the company from $25.00 to $17.00 in a research note on Wednesday, June 21st. Finally, ValuEngine lowered MRC Global from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. MRC Global currently has an average rating of “Hold” and a consensus price target of $21.50.
About MRC Global
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.
Want to see what other hedge funds are holding MRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MRC Global Inc. (NYSE:MRC).
Receive News & Ratings for MRC Global Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MRC Global Inc. and related companies with MarketBeat.com's FREE daily email newsletter.