Silver Standard Resources (NASDAQ:SSRM) Hits New 12-Month High – Here’s What Happened

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $39.43 and last traded at $39.21, with a volume of 2735977 shares traded. The stock had previously closed at $38.61.

Analyst Ratings Changes

A number of research firms recently weighed in on SSRM. Wall Street Zen lowered shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. UBS Group decreased their target price 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 lowered their target price 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. Weiss Ratings upgraded Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Finally, Bank of America dropped their price target on Silver Standard Resources from $41.00 to $40.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned 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 Up 2.4%

The company’s 50-day moving average is $30.01 and its 200-day moving average is $29.83. The stock has a market capitalization of $8.05 billion, a price-to-earnings ratio of 35.46, a PEG ratio of 7.95 and a beta of -0.10.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its earnings results on Tuesday, August 4th. The basic materials company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.01). The firm had revenue of $443.80 million during the quarter, compared to analyst estimates of $483.84 million. Silver Standard Resources had a net margin of 12.30% and a return on equity of 16.17%. Sell-side analysts anticipate that Silver Standard Resources Inc. will post 3.87 EPS for the current year.

Silver Standard Resources Announces Dividend

The firm 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 is Friday, August 14th. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. Silver Standard Resources’s dividend payout ratio is currently 10.91%.

Institutional Investors Weigh In On Silver Standard Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew 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 purchasing an additional 70,726 shares during the period. Goldman Sachs Group Inc. raised its holdings in Silver Standard Resources by 27.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company’s stock valued at $24,895,000 after buying an additional 529,035 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted 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 valued at $4,113,000 after buying an additional 201,525 shares during the last quarter. Finally, Strs Ohio purchased a new position in Silver Standard Resources during the first quarter worth about $50,000. Institutional investors and hedge funds 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.