Ieq Capital LLC Purchases Shares of 14,600 MRC Global Inc. (NYSE:MRC)

Ieq Capital LLC acquired a new position in MRC Global Inc. (NYSE:MRC) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 14,600 shares of the oil and gas company’s stock, valued at approximately $187,000.

Other hedge funds have also modified their holdings of the company. Longboard Asset Management LP bought a new stake in MRC Global in the fourth quarter worth $134,000. MQS Management LLC bought a new stake in shares of MRC Global in the 3rd quarter worth about $154,000. EP Wealth Advisors LLC purchased a new stake in shares of MRC Global during the 3rd quarter valued at about $167,000. Intech Investment Management LLC bought a new position in shares of MRC Global in the 3rd quarter valued at about $193,000. Finally, Walleye Capital LLC purchased a new position in MRC Global in the third quarter worth about $196,000. 94.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MRC has been the topic of a number of recent research reports. Susquehanna upped their price objective on MRC Global from $16.00 to $17.00 and gave the company 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 report on Saturday, November 9th.

MRC Global Price Performance

MRC stock opened at $12.18 on Friday. The stock has a market cap of $1.04 billion, a PE ratio of 14.00 and a beta of 1.97. MRC Global Inc. has a 12 month low of $11.09 and a 12 month high of $15.41. The company has a 50-day moving average price of $13.45 and a 200 day moving average price of $13.10. 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 declared that its Board of Directors has initiated a stock buyback plan on Friday, January 3rd that allows the company to buyback $125.00 million in shares. This buyback authorization allows the oil and gas company to reacquire up to 11% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

MRC Global Company 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.