Anthony Leonard, a director at MRC Global Inc. (NYSE:MRC), a $1.12 billion market cap industrial distribution company, recently sold 40,000 shares of the company's common stock. According to InvestingPro data, MRC's stock has shown significant volatility with a beta of 1.98, making insider transactions particularly noteworthy. The shares were sold at a weighted average price of $12.47, totaling approximately $498,800. Following this transaction, Leonard holds 61,120 shares directly. The sales occurred in multiple transactions with prices ranging from $12.23 to $12.57. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with a GOOD overall financial health score. For deeper insights into insider trading patterns and access to 8 additional ProTips, including valuable metrics on shareholder yield and volatility, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, MRC Global has been the subject of a positive update from Loop Capital, which increased its price target on the company's shares to $18 from $16, maintaining a Buy rating. This upgrade follows MRC Global's recent retirement of preferred shares, a move Loop Capital believes will streamline the company's capital structure and enhance operating cash flow and earnings. Loop Capital also highlighted growth in gas utility and downstream, industrial, energy, and transmission (DIET) activity as potential catalysts for MRC Global's operating leverage into 2025.
Moreover, MRC Global recently held its third quarter 2024 earnings conference call, led by President and CEO Rob Saltiel and EVP and CFO Kelly Youngblood. While specific financial details were not provided in the summaries, the company indicated it is scheduled to file its quarterly report on Form 10-Q.
These are the recent developments surrounding MRC Global, reflecting confidence in the company's strategic financial management and potential for growth. The company's actions are expected to support improved capital deployment and argue for a stronger valuation multiple, according to Loop Capital.
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