Silver Standard Resources (NASDAQ:SSRM) Stock Price Passes Above 200 Day Moving Average – Here’s What Happened

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $29.15 and traded as high as $32.65. Silver Standard Resources shares last traded at $31.69, with a volume of 1,665,036 shares traded.

Analysts Set New Price Targets

Several analysts have commented on SSRM shares. UBS Group decreased 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 research note on Tuesday, June 30th. Wall Street Zen lowered Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. Bank of America reduced their target price on Silver Standard Resources from $41.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Zacks Research downgraded Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 29th. Finally, Weiss Ratings raised Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Silver Standard Resources has an average rating of “Moderate Buy” and an average target price of $41.60.

Silver Standard Resources Stock Down 3.3%

The business’s fifty day moving average is $28.75 and its two-hundred day moving average is $29.15. The stock has a market capitalization of $6.54 billion, a PE ratio of 28.81, a price-to-earnings-growth ratio of 6.63 and a beta of -0.09.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings results on Tuesday, August 4th. The basic materials company reported $0.66 earnings per share (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 business had revenue of $443.80 million for the quarter, compared to analysts’ expectations of $483.84 million. Sell-side analysts expect that Silver Standard Resources Inc. will post 3.92 EPS for the current fiscal year.

Silver Standard Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be issued a $0.03 dividend. The ex-dividend date is Friday, August 14th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. Silver Standard Resources’s payout ratio is 10.91%.

Hedge Funds Weigh In On Silver Standard Resources

Several large investors have recently modified their holdings of SSRM. Strs Ohio purchased a new stake in Silver Standard Resources during the 1st quarter valued at $50,000. AQR Capital Management LLC boosted its stake in Silver Standard Resources by 461.5% during 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased 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 valued at $4,113,000 after acquiring an additional 201,525 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position 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 last quarter. Institutional investors own 68.30% of the company’s stock.

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.