Silver Standard Resources (NASDAQ:SSRM) Reaches New 52-Week High – Here’s Why

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $39.44 and last traded at $38.3360, with a volume of 457217 shares trading hands. The stock had previously closed at $37.75.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Zacks Research downgraded Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 29th. Weiss Ratings raised shares of Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Royal Bank Of Canada lowered their target price on shares of Silver Standard Resources from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Wall Street Zen cut shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. Finally, UBS Group cut their price target on shares of Silver Standard Resources from $43.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. One equities 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.60.

Silver Standard Resources Stock Down 4.5%

The company’s 50-day moving average price is $30.96 and its 200-day moving average price is $30.25. The firm has a market cap of $7.58 billion, a price-to-earnings ratio of 33.77, a price-to-earnings-growth ratio of 8.11 and a beta of -0.04.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings data on Tuesday, August 4th. The basic materials company reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.01). Silver Standard Resources had a return on equity of 16.17% and a net margin of 12.30%.The company had revenue of $443.80 million for the quarter, compared to analyst estimates of $483.84 million. Analysts predict that Silver Standard Resources Inc. will post 3.87 earnings per share for the current fiscal year.

Silver Standard Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be issued a $0.03 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. Silver Standard Resources’s dividend payout ratio is currently 10.91%.

Hedge Funds Weigh In On Silver Standard Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC increased 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 worth $863,000 after buying an additional 70,726 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Silver Standard Resources by 27.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company’s stock valued at $24,895,000 after acquiring an additional 529,035 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Silver Standard Resources by 96.6% in the first 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 during the period. Finally, Strs Ohio acquired a new stake in Silver Standard Resources during the first quarter worth $50,000. 68.30% of the stock is currently owned by institutional investors and hedge funds.

Silver Standard Resources Company Profile

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.