MRC Global Inc. (MRC) Position Reduced by Mackenzie Financial Corp

Mackenzie Financial Corp cut its stake in MRC Global Inc. (NYSE:MRC) by 23.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 887,000 shares of the oil and gas company’s stock after selling 278,000 shares during the period. Mackenzie Financial Corp owned 0.94% of MRC Global worth $15,514,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in MRC. 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. Strs Ohio lifted its stake in MRC Global by 8.4% during the 2nd quarter. Strs Ohio now owns 63,100 shares of the oil and gas company’s stock valued at $1,042,000 after acquiring an additional 4,900 shares during the period. Mesirow Financial Investment Management Equity Management lifted its stake in MRC Global by 26.4% during the 2nd quarter. Mesirow Financial Investment Management Equity Management now owns 1,033,275 shares of the oil and gas company’s stock valued at $17,071,000 after acquiring an additional 215,880 shares during the period. Schwab Charles Investment Management Inc. lifted its stake in MRC Global by 3.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 871,788 shares of the oil and gas company’s stock valued at $14,402,000 after acquiring an additional 31,814 shares during the period. Finally, Granite Investment Partners LLC lifted its stake in MRC Global by 2.6% during the 2nd quarter. Granite Investment Partners LLC now owns 731,269 shares of the oil and gas company’s stock valued at $12,081,000 after acquiring an additional 18,592 shares during the period. Institutional investors and hedge funds own 94.66% of the company’s stock.

MRC Global Inc. (NYSE:MRC) traded down $0.24 during trading hours on Thursday, hitting $15.81. 1,501,400 shares of the stock traded hands, compared to its average volume of 908,681. The company has a quick ratio of 1.16, a current ratio of 2.31 and a debt-to-equity ratio of 0.57. MRC Global Inc. has a 52-week low of $14.01 and a 52-week high of $22.52.

MRC Global declared that its board has authorized a stock repurchase plan on Thursday, November 2nd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the oil and gas company to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Several brokerages have commented on MRC. Zacks Investment Research cut shares of MRC Global from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Stifel Nicolaus restated a “buy” rating and set a $20.00 price objective on shares of MRC Global in a research note on Tuesday, October 17th. Robert W. Baird restated a “hold” rating and set a $21.00 price objective on shares of MRC Global in a research note on Monday, October 9th. Cowen set a $24.00 price objective on shares of 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 objective on shares of 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 research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. MRC Global presently has a consensus rating of “Hold” and an average target price of $20.67.

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About MRC Global

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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Institutional Ownership by Quarter for MRC Global (NYSE:MRC)

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