JPMorgan Chase & Co. Buys 1,775,271 Shares of MRC Global Inc. (MRC)
JPMorgan Chase & Co. increased its position in shares of MRC Global Inc. (NYSE:MRC) by 779.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,003,111 shares of the company’s stock after buying an additional 1,775,271 shares during the period. JPMorgan Chase & Co. owned about 2.08% of MRC Global worth $28,465,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in MRC. Renaissance Technologies LLC increased its position in shares of MRC Global by 418.9% in the first quarter. Renaissance Technologies LLC now owns 1,654,400 shares of the company’s stock worth $21,739,000 after buying an additional 1,335,600 shares in the last quarter. Norges Bank acquired a new position in shares of MRC Global during the fourth quarter worth about $16,003,000. Fuller & Thaler Asset Management Inc. increased its position in shares of MRC Global by 20.0% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 3,620,753 shares of the company’s stock worth $51,451,000 after buying an additional 602,580 shares in the last quarter. Panagora Asset Management Inc. acquired a new position in shares of MRC Global during the first quarter worth about $6,604,000. Finally, Acadian Asset Management LLC increased its position in shares of MRC Global by 148.1% in the first quarter. Acadian Asset Management LLC now owns 816,076 shares of the company’s stock worth $10,724,000 after buying an additional 487,177 shares in the last quarter. 99.30% of the stock is owned by institutional investors.
MRC Global Inc. (NYSE:MRC) traded up 2.14% during mid-day trading on Wednesday, hitting $14.31. The company had a trading volume of 1,527,442 shares. The company has a 50 day moving average of $14.60 and a 200 day moving average of $14.02. MRC Global Inc. has a 1-year low of $8.50 and a 1-year high of $15.59. The firm’s market capitalization is $1.38 billion.
MRC Global (NYSE:MRC) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by $0.07. The firm earned $746 million during the quarter, compared to the consensus estimate of $747.81 million. MRC Global had a positive return on equity of 1.60% and a negative net margin of 11.27%. The firm’s revenue for the quarter was down 37.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.22 EPS. Analysts predict that MRC Global Inc. will post ($0.59) earnings per share for the current fiscal year.
A number of research analysts have weighed in on MRC shares. Capital One Financial Corp. upgraded MRC Global from an “equal weight” rating to an “overweight” rating in a 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 report on Thursday, August 4th. Zacks Investment Research downgraded MRC Global from a “hold” rating to a “sell” rating in a report on Tuesday, July 5th. Cowen and Company started coverage on MRC Global in a report 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 report on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $16.00.
In other MRC Global news, EVP Daniel J. Churay sold 5,350 shares of the firm’s stock in a transaction dated Friday, August 12th. The shares were 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 of the company’s stock, valued at $683,732.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gerard Pieter Krans sold 8,600 shares of the firm’s stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $15.01, for a total transaction of $129,086.00. Following the completion of the sale, the director now directly owns 18,802 shares of the company’s stock, valued at approximately $282,218.02. The disclosure for this sale can be found here. 6.10% of the stock is currently owned by company insiders.
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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