MRC Global Inc. (MRC) Stock Rating Lowered by ValuEngine
MRC Global Inc. (NYSE:MRC) was downgraded by research analysts at ValuEngine from a “hold” rating to a “sell” rating in a report issued on Thursday.
A number of other brokerages have also issued reports on MRC. Zacks Investment Research lowered MRC Global from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Stifel Nicolaus reissued a “buy” rating and issued a $20.00 target price on shares of MRC Global in a research report on Tuesday, October 17th. Robert W. Baird reissued a “hold” rating and issued a $21.00 target price on shares of MRC Global in a research report on Monday, October 9th. Cowen and Company set a $24.00 price target on MRC Global and gave the company a “buy” rating in a research note on Friday, October 6th. Finally, J P Morgan Chase & Co decreased their price target on MRC Global from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, September 12th. One investment 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. MRC Global presently has an average rating of “Hold” and a consensus price target of $20.67.
Shares of MRC Global (NYSE MRC) traded down $0.08 during trading on Thursday, reaching $15.77. The company had a trading volume of 1,097,700 shares, compared to its average volume of 710,384. MRC Global has a 1-year low of $14.78 and a 1-year high of $22.52. The company has a current ratio of 2.31, a quick ratio of 1.19 and a debt-to-equity ratio of 0.57.
MRC Global declared that its board has authorized a share buyback plan on Thursday, November 2nd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the oil and gas company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Suntrust Banks Inc. boosted its stake in shares of MRC Global by 1.2% during the 2nd quarter. Suntrust Banks Inc. now owns 18,307 shares of the oil and gas company’s stock worth $302,000 after acquiring an additional 215 shares during the period. Aperio Group LLC grew its position in MRC Global by 3.0% during the 2nd quarter. Aperio Group LLC now owns 24,078 shares of the oil and gas company’s stock worth $398,000 after acquiring an additional 698 shares during the last quarter. Broadview Advisors LLC grew its position in MRC Global by 0.8% during the 2nd quarter. Broadview Advisors LLC now owns 100,550 shares of the oil and gas company’s stock worth $1,661,000 after acquiring an additional 800 shares during the last quarter. Malaga Cove Capital LLC grew its position in MRC Global by 1.3% during the 2nd quarter. Malaga Cove Capital LLC now owns 102,397 shares of the oil and gas company’s stock worth $1,701,000 after acquiring an additional 1,335 shares during the last quarter. Finally, Redwood Investments LLC grew its position in MRC Global by 24.0% during the 2nd quarter. Redwood Investments LLC now owns 11,450 shares of the oil and gas company’s stock worth $189,000 after acquiring an additional 2,213 shares during the last quarter. Institutional investors own 96.45% of the company’s stock.
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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