Silver Standard Resources Inc. (NASDAQ:SSRM) Receives Average Rating of “Buy” from Brokerages

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) have received a consensus recommendation of “Buy” from the ten ratings firms that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $37.75.

SSRM has been the topic of a number of analyst reports. BMO Capital Markets raised shares of Silver Standard Resources from a “market perform” rating to an “outperform” rating and set a $41.00 target price on the stock in a report on Thursday, March 5th. Canadian Imperial Bank of Commerce raised Silver Standard Resources from a “neutral” rating to a “sector outperform” rating and set a $48.00 price target for the company in a report on Thursday, March 12th. Weiss Ratings lowered Silver Standard Resources from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 20th. Zacks Research raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Finally, National Bank Financial upgraded Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, March 4th.

Silver Standard Resources Price Performance

SSRM opened at $29.71 on Thursday. The firm has a 50-day moving average price of $30.24 and a 200-day moving average price of $26.55. Silver Standard Resources has a twelve month low of $11.39 and a twelve month high of $36.51. The company has a quick ratio of 4.57, a current ratio of 5.33 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $6.16 billion, a price-to-earnings ratio of 28.30, a PEG ratio of 0.39 and a beta of -0.17.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.34. The company had revenue of $581.78 million for the quarter, compared to analysts’ expectations of $524.80 million. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. Equities analysts expect that Silver Standard Resources will post 4.38 EPS for the current year.

Institutional Investors Weigh In On Silver Standard Resources

A number of institutional investors and hedge funds have recently modified their holdings of SSRM. Strs Ohio bought a new position in shares of Silver Standard Resources in the first quarter valued at approximately $50,000. AQR Capital Management LLC increased its holdings in 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 worth $863,000 after acquiring an additional 70,726 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Silver Standard Resources by 96.6% in 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 purchasing an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Silver Standard Resources by 27.1% in 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 purchasing an additional 529,035 shares in the last quarter. 68.30% of the stock is owned by hedge funds and other institutional investors.

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.