Intrinsic Edge Capital Management LLC Acquires New Stake in MRC Global Inc. (MRC)
Intrinsic Edge Capital Management LLC acquired a new stake in shares of MRC Global Inc. (NYSE:MRC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 74,785 shares of the oil and gas company’s stock, valued at approximately $1,235,000. Intrinsic Edge Capital Management LLC owned 0.08% of MRC Global as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in MRC Global by 12.5% during the first quarter. Vanguard Group Inc. now owns 8,073,947 shares of the oil and gas company’s stock valued at $147,994,000 after purchasing an additional 894,581 shares during the period. BlackRock Inc. lifted its position in MRC Global by 8.9% during the second quarter. BlackRock Inc. now owns 7,758,258 shares of the oil and gas company’s stock valued at $128,164,000 after purchasing an additional 632,231 shares during the period. FMR LLC lifted its position in MRC Global by 1.8% during the second quarter. FMR LLC now owns 6,270,253 shares of the oil and gas company’s stock valued at $103,585,000 after purchasing an additional 108,278 shares during the period. JPMorgan Chase & Co. lifted its position in MRC Global by 3.4% during the second quarter. JPMorgan Chase & Co. now owns 2,892,475 shares of the oil and gas company’s stock valued at $47,784,000 after purchasing an additional 95,838 shares during the period. Finally, Ardevora Asset Management LLP lifted its position in MRC Global by 38.1% during the second quarter. Ardevora Asset Management LLP now owns 2,015,100 shares of the oil and gas company’s stock valued at $33,289,000 after purchasing an additional 556,400 shares during the period. Institutional investors own 97.21% of the company’s stock.
MRC has been the topic of a number of research analyst reports. BidaskClub upgraded shares of MRC Global from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. Robert W. Baird restated a “hold” rating and set a $21.00 price objective on shares of MRC Global in a research report on Sunday, September 10th. Cowen and Company increased their price objective on shares of MRC Global from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Monday, August 7th. Seaport Global Securities downgraded shares of MRC Global from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $25.00 to $17.00 in a research report on Wednesday, June 21st. Finally, ValuEngine downgraded shares of MRC Global from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. MRC Global presently has a consensus rating of “Hold” and an average target price of $21.11.
Shares of MRC Global Inc. (MRC) traded down 0.50% during mid-day trading on Friday, reaching $17.92. 44,508 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $16.69 and its 200-day moving average price is $17.41. The company’s market capitalization is $1.69 billion. MRC Global Inc. has a one year low of $13.68 and a one year high of $22.52.
MRC Global (NYSE:MRC) last announced its quarterly earnings data on Thursday, August 3rd. The oil and gas company reported $0.02 EPS for the quarter, missing the 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 business had revenue of $922.00 million for the quarter, compared to analyst estimates of $916.82 million. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. The business’s revenue was up 23.6% on a year-over-year basis. On average, equities analysts expect that MRC Global Inc. will post $0.14 earnings per share for the current year.
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MRC Global 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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