MRC Global Inc. Forecasted to Earn FY2016 Earnings of ($0.44) Per Share (MRC)
MRC Global Inc. (NYSE:MRC) – Equities research analysts at KeyCorp lifted their FY2016 earnings per share estimates for shares of MRC Global in a note issued to investors on Sunday. KeyCorp analyst R. Cieslak now expects that the brokerage will post earnings of ($0.44) per share for the year, up from their previous estimate of ($0.61). KeyCorp also issued estimates for MRC Global’s Q4 2016 earnings at ($0.07) EPS and FY2017 earnings at ($0.20) EPS.
MRC has been the subject of a number of other reports. Cowen and Company initiated coverage on MRC Global in a research note on Friday, September 16th. They set a “market perform” rating and a $16.00 price target for the company. Wells Fargo & Co. reissued a “hold” rating on shares of MRC Global in a research note on Sunday, September 4th. Capital One Financial Corp. raised MRC Global from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, August 3rd. Zacks Investment Research raised MRC Global from a “hold” rating to a “strong-buy” rating and set a $18.00 price target for the company in a research note on Wednesday. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of MRC Global in a research report on Wednesday, August 3rd. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. MRC Global has a consensus rating of “Buy” and an average price target of $16.80.
Shares of MRC Global (NYSE:MRC) opened at 17.84 on Wednesday. The company’s 50 day moving average price is $15.63 and its 200 day moving average price is $14.51. MRC Global has a 52-week low of $8.50 and a 52-week high of $18.10. The stock’s market capitalization is $1.70 billion.
MRC Global (NYSE:MRC) last released its quarterly earnings data on Thursday, November 3rd. The company reported ($0.06) EPS for the quarter, beating the consensus estimate 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 firm posted $0.10 earnings per share. MRC Global’s revenue was down 26.0% compared to the same quarter last year.
In other news, Director Gerard Pieter Krans sold 23,000 shares of the business’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $15.33, for a total value of $352,590.00. Following the completion of the transaction, the director now directly owns 18,802 shares of the company’s stock, valued at approximately $288,234.66. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 6.10% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MRC. Springbok Capital Management LLC bought a new position in MRC Global during the first quarter valued at approximately $108,000. Fortaleza Asset Management Inc. bought a new position in MRC Global during the second quarter valued at approximately $118,000. BNP Paribas Arbitrage SA raised its position in 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 last quarter. Quantitative Systematic Strategies LLC bought a new position in MRC Global during the second quarter valued at approximately $167,000. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new position in MRC Global during the second quarter valued at approximately $176,000. 98.76% of the stock is owned by hedge funds and other institutional investors.
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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