The stock of MRC Global Inc (NYSE:MRC) hit a new 52-week high and has $21.83 target or 33.00% above today’s $16.41 share price. The 6 months bullish chart indicates low risk for the $1.62B company. The 1-year high was reported on Oct, 3 by Barchart.com. If the $21.83 price target is reached, the company will be worth $534.60M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 596,793 shares traded hands. MRC Global Inc (NYSE:MRC) has risen 37.49% since February 29, 2016 and is uptrending. It has outperformed by 25.27% the S&P500.
Analysts await MRC Global Inc (NYSE:MRC) to report earnings on November, 3. They expect $-0.16 earnings per share, down 260.00% or $0.26 from last year’s $0.1 per share. After $-0.21 actual earnings per share reported by MRC Global Inc for the previous quarter, Wall Street now forecasts -23.81% EPS growth.
MRC Global Inc (NYSE:MRC) Ratings Coverage
Out of 7 analysts covering MRC Global (NYSE:MRC), 3 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 43% are positive. MRC Global has been the topic of 10 analyst reports since August 6, 2015 according to StockzIntelligence Inc. On Thursday, February 25 the stock rating was downgraded by Capital One to “Equal-Weight”. The firm has “Hold” rating given on Tuesday, November 10 by Maxim Group. Maxim Group upgraded the shares of MRC in a report on Thursday, August 4 to “Buy” rating. The stock of MRC Global Inc (NYSE:MRC) has “Buy” rating given on Thursday, August 6 by Maxim Group. On Tuesday, December 29 the stock rating was initiated by CapitalOne with “Overweight”. The rating was initiated by Cowen & Co on Friday, September 16 with “Market Perform”. The stock of MRC Global Inc (NYSE:MRC) earned “Sector Weight” rating by KeyBanc Capital Markets on Friday, December 18. The rating was downgraded by Longbow on Thursday, February 25 to “Neutral”. The stock has “Sector Perform” rating given by KeyBanc Capital Markets on Monday, November 9.
According to Zacks Investment Research, “MRC Global Inc. operates as a distributor of pipe, valve, and fittings and related products and services to the energy industry. The Company serves various industries such as chemical and petrochemical, food processing, gas distribution, gas transmission, oil and gas exploration and production, pharmaceutical, pulp and paper, refining, steel manufacturing, and power generation. The products offered by MRC include Valves and Specialty Products, Line Pipe, OCTG, Carbon Steel Fittings and Flanges and Stainless Steel and Alloy Pipe and Fittings and others. MRC Global Inc. is headquartered in Houston, Texas.”
Insitutional Activity: The institutional sentiment decreased to 0.71 in 2016 Q2. Its down 0.92, from 1.63 in 2016Q1. The ratio worsened, as 27 funds sold all MRC Global Inc shares owned while 67 reduced positions. 15 funds bought stakes while 52 increased positions. They now own 93.67 million shares or 6.21% less from 99.87 million shares in 2016Q1.
Art Llc has 264,834 shares for 0.19% of their US portfolio. Meeder Asset Management Inc, a Ohio-based fund reported 1,705 shares. Moreover, Vident Investment Advisory Limited Liability Corp has 0.35% invested in MRC Global Inc (NYSE:MRC) for 174,858 shares. Northern Corp last reported 1.23M shares in the company. Lucus Advisors Ltd Liability Corp holds 0.29% or 25,191 shares in its portfolio. Panagora Asset Mgmt has 522,086 shares for 0.04% of their US portfolio. Blackrock Grp Limited has 49,669 shares for 0% of their US portfolio. Envestnet Asset Mngmt holds 0% of its portfolio in MRC Global Inc (NYSE:MRC) for 9,693 shares. Cornerstone Capital Mgmt Llc has 0.05% invested in the company for 470,612 shares. Nomura Asset Management holds 5,300 shares or 0% of its portfolio. Principal Fin holds 0% of its portfolio in MRC Global Inc (NYSE:MRC) for 12,529 shares. Brown Brothers Harriman & Com holds 0% or 500 shares in its portfolio. Blackrock Fund Advisors last reported 2.32M shares in the company. Highbridge Cap Ltd accumulated 0% or 12,670 shares. Frontier Limited Liability owns 2.18M shares or 0.25% of their US portfolio.
Insider Transactions: Since May 6, 2016, the stock had 1 buying transaction, and 8 insider sales for $2.24 million net activity. On Friday, August 12 CHURAY DANIEL J sold $79,041 worth of the stock or 5,350 shares. Krans Gerard Pieter sold $337,531 worth of MRC Global Inc (NYSE:MRC) on Friday, June 10. Witt Karl bought $24,621 worth of stock or 1,740 shares.
More news for MRC Global Inc (NYSE:MRC) were recently published by: Prnewswire.com, which released: “MRC Global Announces Exclusive Measurement and Instrumentation Distribution …” on October 03, 2016. Nasdaq.com‘s article titled: “MRC Global Reaches Analyst Target Price” and published on September 30, 2016 is yet another important article.
MRC Company Profile
MRC Global Inc., incorporated on November 20, 2006, is an industrial distributor of pipe, valves and fittings (PVF) and related services and products to the energy industry. The Firm operates through three divisions: the United States of America, Canada and International. The Firm has branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia, Australasia, the Middle East and Kazakhstan. The Firm offers over 230,000 stock keeping units (SKUs), including an array of PVF, oilfield supply, automation, instrumentation and other general and specialty industry supply products from its global network of suppliers. The Firm provides services, such as product testing, maker assessments, multiple daily deliveries, volume purchasing, inventory and zone store management and warehousing, technical support, training, just-in-time delivery, truck stocking, order consolidation, product tagging and system interfaces customized to customer and supplier specifications for tracking and replenishing inventory, engineering of control packages, and valve inspection and repair.
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