Ardevora Asset Management LLP Grows Position in MRC Global Inc. (MRC)
Ardevora Asset Management LLP boosted its position in MRC Global Inc. (NYSE:MRC) by 5.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,130,800 shares of the oil and gas company’s stock after purchasing an additional 115,700 shares during the period. MRC Global comprises approximately 1.1% of Ardevora Asset Management LLP’s holdings, making the stock its 27th largest position. Ardevora Asset Management LLP owned about 2.25% of MRC Global worth $37,268,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Redwood Investments LLC lifted its position in MRC Global by 24.0% in the second quarter. Redwood Investments LLC now owns 11,450 shares of the oil and gas company’s stock valued at $189,000 after purchasing an additional 2,213 shares during the period. Tudor Investment Corp ET AL acquired a new stake in MRC Global in the first quarter valued at about $202,000. Koch Industries Inc. acquired a new stake in MRC Global in the second quarter valued at about $238,000. BNP Paribas Arbitrage SA lifted its position in MRC Global by 328.0% in the second quarter. BNP Paribas Arbitrage SA now owns 16,568 shares of the oil and gas company’s stock valued at $274,000 after purchasing an additional 12,697 shares during the period. Finally, Suntrust Banks Inc. lifted its position in MRC Global by 1.2% in the second quarter. Suntrust Banks Inc. now owns 18,307 shares of the oil and gas company’s stock valued at $302,000 after purchasing an additional 215 shares during the period. Hedge funds and other institutional investors own 95.48% of the company’s stock.
MRC Global Inc. (NYSE MRC) traded down $0.06 during mid-day trading on Tuesday, hitting $15.71. 772,000 shares of the stock were exchanged, compared to its average volume of 888,224. MRC Global Inc. has a 52 week low of $14.78 and a 52 week high of $22.52. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.31 and a quick ratio of 1.16.
MRC Global announced that its board has initiated a share buyback plan on Thursday, November 2nd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the oil and gas company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
A number of brokerages recently commented on MRC. Zacks Investment Research downgraded shares of MRC Global from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Stifel Nicolaus restated a “buy” rating and issued a $20.00 price objective on shares of MRC Global in a research report on Tuesday, October 17th. Robert W. Baird restated a “hold” rating and issued a $21.00 price objective on shares of MRC Global in a research report on Monday, October 9th. Cowen and Company set a $24.00 price objective on shares of MRC Global and gave the company a “buy” rating in a research report on Friday, October 6th. Finally, J P Morgan Chase & Co reduced 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 report on Tuesday, September 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. MRC Global has a consensus rating of “Hold” and a consensus target price of $20.67.
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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