Ramaco Resources, Inc. (NASDAQ:METCB) Sees Significant Growth in Short Interest

Ramaco Resources, Inc. (NASDAQ:METCB) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 51,700 shares, a growth of 48.6% from the August 15th total of 34,800 shares. Based on an average daily volume of 22,000 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.0% of the company’s shares are sold short.

Ramaco Resources Price Performance

METCB stock traded down $0.05 during mid-day trading on Monday, reaching $9.83. The company had a trading volume of 42,279 shares, compared to its average volume of 25,636. The firm has a fifty day simple moving average of $10.93 and a 200 day simple moving average of $11.29. Ramaco Resources has a fifty-two week low of $9.42 and a fifty-two week high of $17.90.

Ramaco Resources (NASDAQ:METCB) last issued its earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter. The company had revenue of $155.32 million for the quarter.

Ramaco Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a dividend of $0.2246 per share. This represents a $0.90 dividend on an annualized basis and a yield of 9.14%. The ex-dividend date of this dividend was Friday, August 30th.

Hedge Funds Weigh In On Ramaco Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in METCB. Global Trust Asset Management LLC boosted its stake in Ramaco Resources by 1,237.6% during the 1st quarter. Global Trust Asset Management LLC now owns 14,647 shares of the company’s stock valued at $184,000 after purchasing an additional 13,552 shares during the period. Renaissance Technologies LLC lifted its position in Ramaco Resources by 17.3% during the 2nd quarter. Renaissance Technologies LLC now owns 65,900 shares of the company’s stock valued at $716,000 after purchasing an additional 9,696 shares during the period. Corsair Capital Management L.P. boosted its holdings in Ramaco Resources by 11.7% during the fourth quarter. Corsair Capital Management L.P. now owns 79,573 shares of the company’s stock worth $1,059,000 after buying an additional 8,328 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in 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 acquiring an additional 11,997 shares during the period. 9.63% of the stock is owned by institutional investors.

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.