Bank of America Cuts Silver Standard Resources (NASDAQ:SSRM) Price Target to $40.00

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) had its price objective cut by Bank of America from $41.00 to $40.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. Bank of America‘s price target points to a potential upside of 41.84% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Royal Bank Of Canada upgraded shares of Silver Standard Resources from a “sector perform” rating to an “outperform” rating and reduced their price objective for the stock from $45.00 to $40.00 in a research report on Wednesday, June 3rd. Wall Street Zen upgraded shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. UBS Group cut their price objective on shares of Silver Standard Resources from $43.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Weiss Ratings raised shares of Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. Finally, Canadian Imperial Bank of Commerce raised shares of Silver Standard Resources from a “neutral” rating to a “sector outperform” rating and set a $48.00 target price for the company in a report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $41.80.

Silver Standard Resources Stock Down 5.7%

Shares of Silver Standard Resources stock opened at $28.20 on Thursday. The company has a quick ratio of 4.57, a current ratio of 5.33 and a debt-to-equity ratio of 0.01. Silver Standard Resources has a 52-week low of $11.70 and a 52-week high of $36.51. The company has a market capitalization of $5.85 billion, a P/E ratio of 26.86, a P/E/G ratio of 0.37 and a beta of -0.10. The company has a 50 day moving average of $29.98 and a 200 day moving average of $28.15.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its earnings results on Tuesday, May 5th. The basic materials company reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.34. The firm had revenue of $418.46 million during the quarter, compared to the consensus estimate of $524.79 million. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. As a group, research analysts forecast that Silver Standard Resources will post 4.53 EPS for the current fiscal year.

Hedge Funds Weigh In On Silver Standard Resources

Several hedge funds and other institutional investors have recently modified their holdings of SSRM. Strs Ohio purchased a new stake in shares of Silver Standard Resources in the first quarter worth about $50,000. AQR Capital Management LLC raised its holdings in shares of Silver Standard Resources by 461.5% during the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company’s stock valued at $863,000 after buying an additional 70,726 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Silver Standard Resources by 96.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 410,046 shares of the basic materials company’s stock worth $4,113,000 after acquiring an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Silver Standard Resources by 27.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company’s stock worth $24,895,000 after acquiring an additional 529,035 shares in the last quarter. 68.30% of the stock is owned by institutional investors and hedge funds.

About Silver Standard Resources

Silver Standard Resources Inc (NASDAQ: SSRM) is a Vancouver‐based precious metals company engaged in the acquisition, exploration, development and production of silver and gold deposits primarily across the Americas. The company’s strategy centers on advancing high‐quality projects into production while maintaining a portfolio of operating mines that deliver consistent metal output. Silver Standard emphasizes sustainable resource development and community partnership at each stage of its operations.

The company’s principal producing assets include the Marigold gold mine in Nevada, which entered commercial production in 2006; the Seabee gold operation in Saskatchewan, Canada, acquired in 2016; and the Pirquitas silver‐gold mine in Argentina, which began producing in 2009.