Silver Standard Resources (NASDAQ:SSRM) Shares Gap Up – What’s Next?

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) gapped up prior to trading on Wednesday . The stock had previously closed at $31.69, but opened at $33.76. Silver Standard Resources shares last traded at $34.2750, with a volume of 300,165 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have commented on SSRM. Zacks Research cut shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 29th. Wall Street Zen lowered shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. UBS Group dropped their price objective on shares of Silver Standard Resources from $43.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Royal Bank Of Canada cut their price target on Silver Standard Resources from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Finally, Weiss Ratings upgraded shares of Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Silver Standard Resources presently has an average rating of “Moderate Buy” and a consensus target price of $41.60.

Silver Standard Resources Trading Up 10.7%

The company has a fifty day moving average price of $28.75 and a 200-day moving average price of $29.15. The firm has a market capitalization of $7.24 billion, a price-to-earnings ratio of 31.88, a price-to-earnings-growth ratio of 6.63 and a beta of -0.09.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings data on Tuesday, August 4th. The basic materials company reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.01). Silver Standard Resources had a net margin of 12.30% and a return on equity of 16.17%. The company had revenue of $443.80 million for the quarter, compared to analyst estimates of $483.84 million. As a group, sell-side analysts predict that Silver Standard Resources Inc. will post 3.92 EPS for the current fiscal year.

Silver Standard Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Friday, August 14th. Silver Standard Resources’s payout ratio is 10.91%.

Institutional Investors Weigh In On Silver Standard Resources

A number of hedge funds have recently added to or reduced their stakes in SSRM. Strs Ohio acquired a new stake in Silver Standard Resources in the first quarter worth about $50,000. AQR Capital Management LLC grew its stake in 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 purchasing an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of 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 during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of 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 worth $24,895,000 after purchasing an additional 529,035 shares during the period. Institutional investors own 68.30% of the company’s stock.

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.