State Street Corp Cuts Position in Ramaco Resources, Inc. (NASDAQ:METC)

State Street Corp lessened its stake in Ramaco Resources, Inc. (NASDAQ:METC) by 21.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,283,258 shares of the energy company’s stock after selling 353,781 shares during the quarter. State Street Corp owned approximately 2.93% of Ramaco Resources worth $15,014,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Innealta Capital LLC bought a new stake in shares of Ramaco Resources during the 2nd quarter valued at about $28,000. Pingora Partners LLC grew its holdings in shares of Ramaco Resources by 330.2% in the third quarter. Pingora Partners LLC now owns 3,700 shares of the energy company’s stock worth $43,000 after purchasing an additional 2,840 shares during the last quarter. Point72 DIFC Ltd bought a new position in shares of Ramaco Resources during the third quarter valued at about $45,000. Segall Bryant & Hamill LLC lifted its holdings in Ramaco Resources by 1.5% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 310,688 shares of the energy company’s stock worth $3,635,000 after buying an additional 4,460 shares during the period. Finally, Empowered Funds LLC lifted its position in shares of Ramaco Resources by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 115,017 shares of the energy company’s stock worth $1,346,000 after purchasing an additional 5,762 shares during the period. 74.49% of the stock is currently owned by institutional investors.

Ramaco Resources Stock Performance

NASDAQ METC opened at $10.18 on Wednesday. The business has a 50 day simple moving average of $11.60 and a two-hundred day simple moving average of $12.02. Ramaco Resources, Inc. has a 1-year low of $9.03 and a 1-year high of $22.70. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.35 and a quick ratio of 0.86. The stock has a market capitalization of $534.75 million, a PE ratio of 15.66 and a beta of 1.14.

Ramaco Resources (NASDAQ:METC) last released its earnings results on Monday, November 4th. The energy company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The firm had revenue of $167.40 million during the quarter, compared to the consensus estimate of $156.41 million. Ramaco Resources had a return on equity of 10.17% and a net margin of 5.35%. Ramaco Resources’s revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. On average, research analysts predict that Ramaco Resources, Inc. will post 0.86 EPS for the current fiscal year.

Ramaco Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a dividend of $0.1375 per share. This represents a $0.55 dividend on an annualized basis and a dividend yield of 5.40%. The ex-dividend date was Monday, December 2nd. Ramaco Resources’s dividend payout ratio (DPR) is currently 84.62%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. B. Riley dropped their target price on shares of Ramaco Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Benchmark reiterated a “buy” rating and set a $20.00 target price on shares of Ramaco Resources in a research note on Thursday, August 29th.

Ramaco Resources 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.