Acadian Asset Management LLC Lowers Stake in MRC Global Inc. (NYSE:MRC)
Acadian Asset Management LLC reduced its stake in MRC Global Inc. (NYSE:MRC) by 91.8% during the second quarter, Holdings Channel reports. The firm owned 40,383 shares of the oil and gas company’s stock after selling 454,169 shares during the period. Acadian Asset Management LLC’s holdings in MRC Global were worth $667,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of MRC. Ameritas Investment Partners Inc. acquired a new position in shares of MRC Global during the first quarter valued at $148,000. Envestnet Asset Management Inc. increased its position in shares of 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 valued at $156,000 after buying an additional 321 shares during the period. Redwood Investments LLC increased its position in shares of 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 valued at $169,000 after buying an additional 1,554 shares during the period. Tudor Investment Corp ET AL acquired a new position in shares of MRC Global during the first quarter valued at $202,000. Finally, Laurion Capital Management LP acquired a new position in shares of MRC Global during the first quarter valued at $227,000. Institutional investors own 96.97% of the company’s stock.
Shares of MRC Global Inc. (NYSE:MRC) traded down 2.06% during midday trading on Friday, hitting $15.71. 637,495 shares of the stock were exchanged. MRC Global Inc. has a one year low of $13.50 and a one year high of $22.52. The firm has a 50 day moving average of $16.27 and a 200-day moving average of $18.36. The company’s market cap is $1.48 billion.
MRC Global (NYSE:MRC) last announced its quarterly earnings data on Thursday, August 3rd. The oil and gas company reported $0.02 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.01. MRC Global had a positive return on equity of 0.39% and a negative net margin of 1.40%. The business had revenue of $922 million for the quarter, compared to analyst estimates of $916.82 million. During the same period in the prior year, the company earned ($0.15) EPS. The company’s revenue was up 23.6% on a year-over-year basis. Equities analysts expect that MRC Global Inc. will post $0.15 EPS for the current year.
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MRC has been the topic of several research reports. Stifel Nicolaus initiated coverage on shares of MRC Global in a report on Tuesday, June 6th. They issued a “buy” rating and a $22.00 price target on the stock. Raymond James Financial, Inc. upgraded shares of MRC Global from a “market perform” rating to a “buy” rating and set a $21.00 price target on the stock in a report on Wednesday, April 19th. BidaskClub raised shares of MRC Global from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. Wells Fargo & Company reaffirmed a “market perform” rating and set a $17.00 price objective (down previously from $20.00) on shares of MRC Global in a research note on Wednesday, July 12th. Finally, Seaport Global Securities cut shares of MRC Global from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $25.00 to $17.00 in a research note on Wednesday, June 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $21.50.
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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