Zacks Investment Research upgraded shares of MRC Global Inc. (NYSE:MRC) from a hold rating to a strong-buy rating in a report released on Tuesday morning. They currently have $23.00 target price on the stock.
According to Zacks, “Post third-quarter 2016 earnings, MRC Global's shares outperformed the Zacks Categorized Steel Pipe & tubes industry. In the quarters ahead, the company is trying to increase its revenues on the back of superior customer relationships and by solidifying its product portfolio through meaningful innovations. Also, strategic organic deals, like the EDP agreement, are likely to generate benefits in the near term. Even so, the acquired businesses are augmenting the company’s competency in the alloys & valves, MRO and downstream markets. In sync with its commitment toward shareholders, MRC Global sanctioned an increment in its ongoing share buyback program. Over the last 60 days, Zacks Consensus Estimate for the stock has been revised upward for 2017.”
Separately, Cowen and Company initiated coverage on MRC Global in a report on Friday, September 16th. They issued a market perform rating and a $16.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. MRC Global presently has an average rating of Buy and an average price target of $18.00.
MRC Global (NYSE:MRC) traded up 1.49% during trading on Tuesday, hitting $20.42. 529,644 shares of the company’s stock traded hands. The company’s market cap is $1.95 billion. MRC Global has a 52-week low of $8.50 and a 52-week high of $22.52. The company’s 50 day moving average price is $20.66 and its 200 day moving average price is $16.36.
MRC Global (NYSE:MRC) last issued its earnings results on Thursday, November 3rd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. MRC Global had a negative return on equity of 0.01% and a negative net margin of 13.92%. The company had revenue of $793 million for the quarter, compared to analysts’ expectations of $759.67 million. During the same period last year, the business earned $0.10 EPS. MRC Global’s quarterly revenue was down 26.0% compared to the same quarter last year. Analysts expect that MRC Global will post ($0.47) earnings per share for the current year.
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In other news, Director H B. Wehrle III sold 50,000 shares of MRC Global stock in a transaction on Monday, December 5th. The stock was sold at an average price of $21.19, for a total transaction of $1,059,500.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 6.10% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in shares of MRC Global by 1.3% in the third quarter. Principal Financial Group Inc. now owns 12,687 shares of the company’s stock valued at $208,000 after buying an additional 158 shares during the period. BlackRock Group LTD raised its stake in shares of MRC Global by 0.9% in the third quarter. BlackRock Group LTD now owns 50,103 shares of the company’s stock valued at $823,000 after buying an additional 434 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of MRC Global by 11.8% in the third quarter. BNP Paribas Arbitrage SA now owns 9,180 shares of the company’s stock valued at $151,000 after buying an additional 970 shares during the period. Clinton Group Inc. raised its stake in shares of MRC Global by 0.6% in the second quarter. Clinton Group Inc. now owns 155,926 shares of the company’s stock valued at $2,216,000 after buying an additional 991 shares during the period. Finally, Bridgeway Capital Management Inc. raised its stake in shares of MRC Global by 0.3% in the second quarter. Bridgeway Capital Management Inc. now owns 334,570 shares of the company’s stock valued at $4,754,000 after buying an additional 1,050 shares during the period. Institutional investors own 99.31% of the company’s stock.
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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