Silver Standard Resources (NASDAQ:SSRM) Raised to Outperform at BMO Capital Markets

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) was upgraded by investment analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research report issued on Thursday. The brokerage currently has a $41.00 target price on the basic materials company’s stock. BMO Capital Markets’ target price suggests a potential upside of 23.27% from the stock’s previous close.

Several other analysts have also commented on SSRM. National Bank Financial upgraded shares of Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday. Weiss Ratings reissued a “hold (c)” rating on shares of Silver Standard Resources in a research report on Thursday, January 22nd. Canadian Imperial Bank of Commerce lifted their price target on Silver Standard Resources from $28.50 to $29.00 and gave the company a “neutral” rating in a research report on Wednesday, November 12th. Zacks Research cut Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Finally, UBS Group raised their price objective on Silver Standard Resources from $36.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, February 18th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.25.

Silver Standard Resources Stock Performance

NASDAQ:SSRM opened at $33.26 on Thursday. The company has a quick ratio of 1.25, a current ratio of 2.08 and a debt-to-equity ratio of 0.03. The firm’s fifty day simple moving average is $25.61 and its 200 day simple moving average is $23.08. The stock has a market cap of $6.75 billion, a P/E ratio of 17.98, a price-to-earnings-growth ratio of 0.48 and a beta of -0.18. Silver Standard Resources has a twelve month low of $8.65 and a twelve month high of $33.49.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its earnings results on Tuesday, February 17th. The basic materials company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.59 by $0.29. The firm had revenue of $521.73 million during the quarter, compared to analysts’ expectations of $436.23 million. Silver Standard Resources had a net margin of 24.28% and a return on equity of 10.40%. As a group, research analysts predict that Silver Standard Resources will post 0.73 EPS for the current year.

Institutional Investors Weigh In On Silver Standard Resources

A number of institutional investors have recently modified their holdings of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted 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. Goldman Sachs Group Inc. raised 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 worth $24,895,000 after buying an additional 529,035 shares during the last quarter. 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 worth $863,000 after buying an additional 70,726 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of Silver Standard Resources during the first quarter valued at approximately $50,000. 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.