Cambria Investment Management L.P. Trims Stake in MRC Global Inc. (MRC)
Cambria Investment Management L.P. lowered its holdings in shares of MRC Global Inc. (NYSE:MRC) by 11.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 66,143 shares of the oil and gas company’s stock after selling 8,800 shares during the quarter. Cambria Investment Management L.P. owned approximately 0.07% of MRC Global worth $1,093,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in MRC. Ameritas Investment Partners Inc. purchased a new stake in shares of MRC Global during the 1st quarter valued at about $148,000. Envestnet Asset Management Inc. increased its holdings in MRC Global by 3.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 8,569 shares of the oil and gas company’s stock worth $156,000 after acquiring an additional 321 shares in the last quarter. Redwood Investments LLC increased its holdings in MRC Global by 24.0% in the 2nd quarter. Redwood Investments LLC now owns 11,450 shares of the oil and gas company’s stock worth $189,000 after acquiring an additional 2,213 shares in the last quarter. Tudor Investment Corp ET AL purchased a new stake in MRC Global in the 1st quarter worth approximately $202,000. Finally, Laurion Capital Management LP purchased a new stake in MRC Global in the 1st quarter worth approximately $227,000. 97.21% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts recently issued reports on the stock. J P Morgan Chase & Co reduced their target price on shares of MRC Global from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Tuesday, September 12th. Robert W. Baird reissued a “hold” rating and issued a $21.00 target price on shares of MRC Global in a report on Sunday, September 10th. Stifel Nicolaus reissued a “buy” rating and issued a $19.00 target price on shares of MRC Global in a report on Sunday, September 3rd. Cowen and Company increased their target price on shares of MRC Global from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Monday, August 7th. Finally, Wells Fargo & Company reissued a “market perform” rating and issued a $17.00 target price (down from $20.00) on shares of MRC Global in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $21.11.
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MRC Global Inc. (NYSE MRC) traded up 0.94% during midday trading on Thursday, reaching $18.21. 74,476 shares of the company traded hands. The stock’s market capitalization is $1.72 billion. The firm has a 50-day moving average of $16.63 and a 200-day moving average of $17.41. MRC Global Inc. has a 1-year low of $13.68 and a 1-year high of $22.52.
MRC Global (NYSE:MRC) last announced its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.01). MRC Global had a negative net margin of 1.40% and a positive return on equity of 0.39%. The company had revenue of $922.00 million during the quarter, compared to analyst estimates of $916.82 million. During the same period in the previous year, the firm posted ($0.15) earnings per share. The company’s revenue was up 23.6% compared to the same quarter last year. On average, analysts predict that MRC Global Inc. will post $0.14 earnings per share for the current year.
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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