MRC Global Inc (MRC) Shares Sold by Prudential Financial Inc.
Prudential Financial Inc. lowered its stake in shares of MRC Global Inc (NYSE:MRC) by 90.5% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 35,440 shares of the oil and gas company’s stock after selling 335,980 shares during the period. Prudential Financial Inc.’s holdings in MRC Global were worth $620,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Aperio Group LLC lifted its stake 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 valued at $398,000 after acquiring an additional 698 shares during the period. Artisan Partners Limited Partnership purchased a new stake in shares of MRC Global during the 2nd quarter valued at about $17,961,000. Fox Run Management L.L.C. purchased a new stake in shares of MRC Global during the 3rd quarter valued at about $448,000. Quantbot Technologies LP increased its position in shares of MRC Global by 346.3% during the 2nd quarter. Quantbot Technologies LP now owns 65,592 shares of the oil and gas company’s stock valued at $1,083,000 after purchasing an additional 50,894 shares during the last quarter. Finally, Intrinsic Edge Capital Management LLC purchased a new stake in shares of MRC Global during the 2nd quarter valued at about $1,235,000. Institutional investors and hedge funds own 94.66% of the company’s stock.
Several equities research analysts have recently commented on the stock. Zacks Investment Research lowered shares of MRC Global from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Stifel Nicolaus reaffirmed a “buy” rating and set a $20.00 price target on shares of MRC Global in a research report on Tuesday, October 17th. Robert W. Baird reaffirmed a “hold” rating and set a $21.00 price target on shares of MRC Global in a research report on Monday, October 9th. Cowen set a $24.00 price target on shares of MRC Global and gave the company a “buy” rating in a research report on Friday, October 6th. Finally, J P Morgan Chase & Co reduced their price target on shares of MRC Global from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, September 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $20.67.
MRC Global announced that its board has initiated a stock buyback program on Thursday, November 2nd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the oil and gas company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
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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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