Jennison Associates LLC Purchases New Stake in MRC Global Inc. (NYSE:MRC)

Jennison Associates LLC acquired a new position in shares of MRC Global Inc. (NYSE:MRC) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 86,712 shares of the oil and gas company’s stock, valued at approximately $1,108,000. Jennison Associates LLC owned 0.10% of MRC Global at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Barclays PLC increased its position in shares of MRC Global by 197.7% in the third quarter. Barclays PLC now owns 151,169 shares of the oil and gas company’s stock worth $1,927,000 after purchasing an additional 100,384 shares during the period. JPMorgan Chase & Co. increased its position in shares of MRC Global by 12.7% in the third quarter. JPMorgan Chase & Co. now owns 156,332 shares of the oil and gas company’s stock worth $1,992,000 after purchasing an additional 17,609 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of MRC Global by 20.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 15,575 shares of the oil and gas company’s stock worth $198,000 after purchasing an additional 2,639 shares during the period. Geode Capital Management LLC increased its position in shares of MRC Global by 1.7% in the third quarter. Geode Capital Management LLC now owns 1,956,725 shares of the oil and gas company’s stock worth $24,934,000 after purchasing an additional 32,760 shares during the period. Finally, Intech Investment Management LLC bought a new position in shares of MRC Global in the third quarter worth $193,000. Institutional investors own 94.97% of the company’s stock.

MRC Global Stock Performance

Shares of MRC stock opened at $13.38 on Friday. The business’s 50-day moving average price is $13.68 and its 200-day moving average price is $13.19. MRC Global Inc. has a 12 month low of $10.29 and a 12 month high of $15.41. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 15.37 and a beta of 1.97. The company has a current ratio of 1.99, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15.

MRC Global (NYSE:MRC) last announced its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The firm had revenue of $797.00 million for the quarter, compared to analyst estimates of $794.17 million. During the same period last year, the firm posted $0.32 earnings per share. The business’s revenue for the quarter was down 10.2% on a year-over-year basis. Equities research analysts forecast that MRC Global Inc. will post 0.86 EPS for the current year.

MRC Global announced that its Board of Directors has approved a share buyback plan on Friday, January 3rd that permits the company to buyback $125.00 million in outstanding shares. This buyback authorization permits the oil and gas company to repurchase up to 11% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Susquehanna raised their price target on MRC Global from $16.00 to $17.00 and gave the stock a “positive” rating in a research report on Thursday, November 7th. StockNews.com lowered MRC Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 9th. Finally, Stifel Nicolaus raised their price objective on MRC Global from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th.

MRC Global Profile

MRC Global Inc, through its subsidiaries, distributes pipes, valves, fittings, and other infrastructure products and services in the United States, Canada, and internationally. It offers ball, butterfly, gate, globe, check, diaphragm, needle, and plug valves; other products, such as lined corrosion resistant piping systems, control valves, valve automation, and top work components; and valve modification services, including valve control extensions, welding, hydrotesting, painting, coating, x-raying, and actuation assembly.