Ramaco Resources (NASDAQ:METCB) Shares Gap Up After Dividend Announcement

Shares of Ramaco Resources, Inc. (NASDAQ:METCB) gapped up before the market opened on Friday following a dividend announcement from the company. The stock had previously closed at $9.86, but opened at $10.35. Ramaco Resources shares last traded at $10.00, with a volume of 6,546 shares trading hands.

The newly announced dividend which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.2364 per share. This represents a $0.95 annualized dividend and a yield of 9.34%. This is an increase from Ramaco Resources’s previous quarterly dividend of $0.22. The ex-dividend date is Monday, December 2nd.

Ramaco Resources Trading Up 2.6 %

The company’s fifty day simple moving average is $10.53 and its 200-day simple moving average is $10.82.

Institutional Investors Weigh In On Ramaco Resources

A number of hedge funds have recently modified their holdings of METCB. American Century Companies Inc. raised its position in shares of Ramaco Resources by 10.3% in the second quarter. American Century Companies Inc. now owns 129,040 shares of the company’s stock valued at $1,401,000 after buying an additional 11,997 shares during the last quarter. Renaissance Technologies LLC increased its position in Ramaco Resources by 17.3% during the second quarter. Renaissance Technologies LLC now owns 65,900 shares of the company’s stock worth $716,000 after purchasing an additional 9,696 shares during the last quarter. Finally, Barclays PLC increased its position in Ramaco Resources by 321.3% during the third quarter. Barclays PLC now owns 7,184 shares of the company’s stock worth $77,000 after purchasing an additional 5,479 shares during the last quarter. 9.63% of the stock is currently owned by institutional investors and hedge funds.

Ramaco Resources Company Profile

Ramaco Resources, Inc engages in the development, operation, and sale of metallurgical coal. Its development portfolio includes the Elk Creek project that covers an area of approximately 20,200 acres located in southern West Virginia; the Berwind property covering an area of approximately 62,500 acres situated on the border of West Virginia and Virginia; the Knox Creek property, which covers an area of approximately 64,050 acres is located in Virginia; the Maben property covering an area of approximately 28,000 acres situated in southwestern Pennsylvania southern West Virginia; and the Brook Mine property that covers an area of approximately 16,000 acres located in northeastern Wyoming.