Silver Standard Resources (NASDAQ:SSRM) Issues Quarterly Earnings Results

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) released its quarterly earnings results on Tuesday. The basic materials company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.14, Zacks reports. Silver Standard Resources had a net margin of 15.36% and a return on equity of 6.46%.

Silver Standard Resources Stock Performance

SSRM traded down $2.20 during midday trading on Tuesday, reaching $25.91. The company’s stock had a trading volume of 3,770,855 shares, compared to its average volume of 3,851,930. Silver Standard Resources has a twelve month low of $8.65 and a twelve month high of $28.81. The stock has a market cap of $5.26 billion, a P/E ratio of 24.91 and a beta of -0.14. The company has a fifty day simple moving average of $23.73 and a 200 day simple moving average of $21.85. The company has a current ratio of 2.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.03.

Institutional Trading of Silver Standard Resources

A number of hedge funds have recently bought and sold shares of SSRM. Strs Ohio acquired a new stake in Silver Standard Resources in the 1st quarter worth $50,000. AQR Capital Management LLC lifted its stake in shares of Silver Standard Resources by 461.5% in the first 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 grew its position in Silver Standard Resources by 96.6% during 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 buying an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Silver Standard Resources by 27.1% during 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 period. 68.30% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SSRM has been the topic of several analyst reports. TD Cowen raised shares of Silver Standard Resources from a “hold” rating to a “buy” rating in a research report on Thursday, January 22nd. UBS Group increased their price objective on Silver Standard Resources from $31.50 to $34.50 and gave the company a “buy” rating in a report on Wednesday, January 14th. Canadian Imperial Bank of Commerce boosted their target price on Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a report on Wednesday, November 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Silver Standard Resources in a research report on Thursday, January 22nd. Finally, TD Securities raised shares of Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.75.

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.