DAVENPORT & Co LLC Reduces Position in Ramaco Resources, Inc. $METC

DAVENPORT & Co LLC lessened its holdings in shares of Ramaco Resources, Inc. (NASDAQ:METC) by 9.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,073 shares of the energy company’s stock after selling 2,384 shares during the quarter. DAVENPORT & Co LLC’s holdings in Ramaco Resources were worth $290,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of METC. Exchange Traded Concepts LLC boosted its stake in shares of Ramaco Resources by 59.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 69,763 shares of the energy company’s stock worth $574,000 after acquiring an additional 25,992 shares during the last quarter. Acuitas Investments LLC lifted its stake in shares of Ramaco Resources by 103.8% during the 1st quarter. Acuitas Investments LLC now owns 309,957 shares of the energy company’s stock valued at $2,551,000 after buying an additional 157,860 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Ramaco Resources by 15.6% during the 1st quarter. Victory Capital Management Inc. now owns 127,062 shares of the energy company’s stock valued at $1,046,000 after buying an additional 17,121 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Ramaco Resources during the 1st quarter valued at $806,000. Finally, Readystate Asset Management LP purchased a new position in shares of Ramaco Resources during the 1st quarter valued at $196,000. Hedge funds and other institutional investors own 74.49% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. B. Riley lifted their target price on Ramaco Resources from $14.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Northland Securities assumed coverage on Ramaco Resources in a research note on Thursday, October 9th. They set an “outperform” rating and a $50.00 target price on the stock. Zacks Research raised Ramaco Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, August 29th. Jefferies Financial Group lifted their target price on Ramaco Resources from $27.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, September 18th. Finally, Northland Capmk raised Ramaco Resources to a “strong-buy” rating in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.25.

Insider Activity at Ramaco Resources

In other news, Director Peter A. Leidel sold 1,600,000 shares of Ramaco Resources stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $18.75, for a total value of $30,000,000.00. Following the completion of the transaction, the director owned 2,502,930 shares in the company, valued at approximately $46,929,937.50. The trade was a 39.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 36.20% of the company’s stock.

Ramaco Resources Stock Performance

Ramaco Resources stock opened at $52.42 on Tuesday. The company has a market cap of $2.90 billion, a PE ratio of -116.49 and a beta of 1.37. The company has a quick ratio of 0.84, a current ratio of 1.36 and a debt-to-equity ratio of 0.36. The company’s 50-day moving average price is $28.83 and its 200-day moving average price is $17.83. Ramaco Resources, Inc. has a twelve month low of $6.30 and a twelve month high of $54.10.

Ramaco Resources (NASDAQ:METC) last announced its earnings results on Thursday, July 31st. The energy company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). The company had revenue of $152.96 million during the quarter, compared to analysts’ expectations of $131.55 million. Ramaco Resources had a negative return on equity of 5.55% and a negative net margin of 3.17%.Ramaco Resources’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.08 EPS. On average, equities research analysts forecast that Ramaco Resources, Inc. will post 0.05 EPS for the current fiscal year.

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.