Ramaco Resources, Inc. (NASDAQ:METC) Shares Sold by Millennium Management LLC

Millennium Management LLC cut its holdings in shares of Ramaco Resources, Inc. (NASDAQ:METC - Free Report) by 84.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,117 shares of the energy company's stock after selling 71,642 shares during the quarter. Millennium Management LLC's holdings in Ramaco Resources were worth $135,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. AlphaQuest LLC purchased a new position in shares of Ramaco Resources during the 4th quarter worth $50,000. Campbell Capital Management Inc. purchased a new position in shares of Ramaco Resources during the 4th quarter worth $51,000. Jones Financial Companies Lllp purchased a new position in shares of Ramaco Resources during the 4th quarter worth $56,000. BNP Paribas Financial Markets purchased a new position in shares of Ramaco Resources during the 4th quarter worth $80,000. Finally, Royce & Associates LP purchased a new position in shares of Ramaco Resources during the 4th quarter worth $94,000. 74.49% of the stock is currently owned by hedge funds and other institutional investors.

Ramaco Resources Trading Up 3.7%

Ramaco Resources stock traded up $0.41 during midday trading on Monday, reaching $11.39. 1,200,402 shares of the stock traded hands, compared to its average volume of 628,985. The company has a 50-day simple moving average of $9.46 and a two-hundred day simple moving average of $9.68. Ramaco Resources, Inc. has a 12-month low of $6.24 and a 12-month high of $15.35. The firm has a market cap of $623.08 million, a PE ratio of 17.52 and a beta of 1.18. The company has a current ratio of 1.35, a quick ratio of 0.86 and a debt-to-equity ratio of 0.23.

Ramaco Resources (NASDAQ:METC - Get Free Report) last announced its earnings results on Monday, May 12th. The energy company reported ($0.19) EPS for the quarter, beating analysts' consensus estimates of ($0.29) by $0.10. The company had revenue of $115.61 million during the quarter, compared to analysts' expectations of $137.10 million. Ramaco Resources had a return on equity of 10.17% and a net margin of 5.35%. Ramaco Resources's revenue for the quarter was down 22.0% on a year-over-year basis. During the same period last year, the business posted $0.23 EPS. Research analysts expect that Ramaco Resources, Inc. will post 0.05 earnings per share for the current fiscal year.

Ramaco Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were paid a $0.0688 dividend. This represents a $0.28 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend was Friday, May 30th. Ramaco Resources's payout ratio is presently -337.50%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on METC. B. Riley lowered their target price on Ramaco Resources from $18.00 to $14.00 and set a "buy" rating for the company in a report on Friday, April 11th. Wall Street Zen cut Ramaco Resources from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, Benchmark lowered their target price on Ramaco Resources from $18.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday, May 13th.

Insider Activity

In other news, major shareholder Yorktown Energy Partners Xi, L sold 98,274 shares of Ramaco Resources stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $8.85, for a total value of $869,724.90. Following the completion of the transaction, the insider now owns 1,052,404 shares in the company, valued at approximately $9,313,775.40. This trade represents a 8.54% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Peter A. Leidel sold 180,936 shares of Ramaco Resources stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $8.82, for a total value of $1,595,855.52. Following the completion of the transaction, the director now owns 708,001 shares of the company's stock, valued at $6,244,568.82. The trade was a 20.35% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 922,582 shares of company stock worth $7,898,023. 36.20% of the stock is currently owned by company insiders.

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.