Short Interest in MRC Global Inc. (NYSE:MRC) Increases By 21.5%

MRC Global Inc. (NYSE:MRC) was the recipient of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 1,750,000 shares, an increase of 21.5% from the March 15th total of 1,440,000 shares. Approximately 2.6% of the shares of the stock are short sold. Based on an average daily volume of 791,200 shares, the short-interest ratio is presently 2.2 days.

Hedge Funds Weigh In On MRC Global

A number of hedge funds have recently bought and sold shares of MRC. Huntington National Bank purchased a new stake in shares of MRC Global during the 4th quarter valued at about $34,000. Sterling Capital Management LLC boosted its holdings in MRC Global by 821.2% in the fourth quarter. Sterling Capital Management LLC now owns 2,699 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 2,406 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in MRC Global in the 4th quarter worth approximately $56,000. Quantinno Capital Management LP purchased a new stake in MRC Global during the 4th quarter valued at $129,000. Finally, Longboard Asset Management LP purchased a new stake in MRC Global during the 4th quarter valued at $134,000. Hedge funds and other institutional investors own 94.97% of the company’s stock.

MRC Global Trading Down 1.4 %

NYSE MRC traded down $0.15 during trading on Monday, hitting $10.70. 633,811 shares of the company’s stock traded hands, compared to its average volume of 631,259. The firm has a market cap of $921.09 million, a P/E ratio of 12.30 and a beta of 1.67. The stock has a fifty day moving average of $11.48 and a two-hundred day moving average of $12.72. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.99 and a quick ratio of 1.11. MRC Global has a 12-month low of $9.23 and a 12-month high of $15.41.

MRC Global (NYSE:MRC) last issued its quarterly earnings data on Friday, March 14th. The oil and gas company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The business had revenue of $736.80 million during the quarter, compared to analyst estimates of $726.90 million. During the same period last year, the business posted $0.23 earnings per share. MRC Global’s quarterly revenue was down 10.3% compared to the same quarter last year. As a group, sell-side analysts expect that MRC Global will post 0.86 EPS for the current year.

MRC Global announced that its board has approved a stock repurchase program on Friday, January 3rd that allows the company to repurchase $125.00 million in shares. This repurchase authorization allows the oil and gas company to purchase up to 11% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on MRC shares. Susquehanna decreased their price target on shares of MRC Global from $15.00 to $13.00 and set a “positive” rating on the stock in a report on Monday, April 14th. Loop Capital lowered their price objective on shares of MRC Global from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. StockNews.com lowered shares of MRC Global from a “buy” rating to a “hold” rating in a research report on Monday, March 17th. Finally, Stifel Nicolaus lowered their price target on MRC Global from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, March 17th.

About MRC Global

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.