Wellington Management Group LLP Invests $22.13 Million in Ramaco Resources, Inc. (NASDAQ:METC)

Wellington Management Group LLP bought a new position in Ramaco Resources, Inc. (NASDAQ:METC) during the third quarter, Holdings Channel reports. The fund bought 1,891,234 shares of the energy company’s stock, valued at approximately $22,127,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Innealta Capital LLC bought a new position in Ramaco Resources in the 2nd quarter worth about $28,000. Pingora Partners LLC boosted its stake in Ramaco Resources by 330.2% in the 3rd 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 in the last quarter. Point72 DIFC Ltd bought a new position in Ramaco Resources in the 3rd quarter worth about $45,000. Segall Bryant & Hamill LLC boosted its stake 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 purchasing an additional 4,460 shares in the last quarter. Finally, Empowered Funds LLC boosted its stake in 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 in the last quarter. 74.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

METC has been the topic of several research analyst reports. B. Riley lowered their target price on shares of Ramaco Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Benchmark restated 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 Price Performance

NASDAQ METC opened at $12.02 on Friday. Ramaco Resources, Inc. has a 52 week low of $9.03 and a 52 week high of $22.70. The firm has a market capitalization of $631.41 million, a P/E ratio of 18.49 and a beta of 1.14. The company has a quick ratio of 0.86, a current ratio of 1.35 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average price of $11.65 and a 200-day moving average price of $12.18.

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 analysts’ expectations of $156.41 million. Ramaco Resources had a return on equity of 10.17% and a net margin of 5.35%. The company’s revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 earnings per share. Equities research analysts anticipate that Ramaco Resources, Inc. will post 0.86 earnings per share for the current year.

Ramaco Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.1375 dividend. This represents a $0.55 annualized dividend and a yield of 4.58%. The ex-dividend date of this dividend is Monday, December 2nd. Ramaco Resources’s dividend payout ratio is 84.62%.

About Ramaco Resources

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.