Silver Standard Resources (NASDAQ:SSRM) Stock Gets Price Target Reduction from UBS Group

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) had its price target lowered by UBS Group from $39.00 to $37.00 in a research note released on Wednesday,Benzinga reports. UBS Group currently has a buy rating on the basic materials company’s stock.

A number of other equities research analysts have also issued reports on SSRM. Canadian Imperial Bank of Commerce increased their target price on Silver Standard Resources from $48.00 to $50.00 and gave the company an “outperformer” rating in a research note on Monday, October 5th. Bank of America reduced their price target on shares of Silver Standard Resources from $41.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Wall Street Zen downgraded Silver Standard Resources from a “buy” rating to a “hold” rating in a research note on Saturday, October 17th. Royal Bank Of Canada boosted their price objective on Silver Standard Resources from $39.00 to $43.00 and gave the company an “outperform” rating in a report on Wednesday, September 16th. Finally, Weiss Ratings downgraded Silver Standard Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $42.20.

Silver Standard Resources Stock Up 1.6%

Shares of NASDAQ SSRM traded up $0.46 during trading on Wednesday, hitting $28.38. 2,824,381 shares of the company traded hands, compared to its average volume of 2,227,162. Silver Standard Resources has a 1 year low of $19.56 and a 1 year high of $39.44. The firm has a market capitalization of $5.72 billion, a P/E ratio of 24.05, a P/E/G ratio of 5.65 and a beta of -0.09. The company has a 50-day moving average price of $33.28 and a 200-day moving average price of $30.38.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings results on Tuesday, November 3rd. The basic materials company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.63 by $0.01. The company had revenue of $447.65 million during the quarter, compared to analyst estimates of $454.47 million. Silver Standard Resources had a return on equity of 16.17% and a net margin of 12.30%. Research analysts predict that Silver Standard Resources will post 3.82 EPS for the current fiscal year.

Silver Standard Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, November 13th. Silver Standard Resources’s dividend payout ratio (DPR) is presently 10.17%.

Institutional Investors Weigh In On Silver Standard Resources

An institutional investor recently raised its position in Silver Standard Resources stock. Parallel Advisors LLC increased its holdings in shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) by 132.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,453 shares of the basic materials company’s stock after acquiring an additional 828 shares during the quarter. Parallel Advisors LLC’s holdings in Silver Standard Resources were worth $48,000 at the end of the most recent quarter. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

About Silver Standard Resources

Silver Standard Resources, now known as SSR Mining Inc (NASDAQ: SSRM), is a precious metals mining company focused primarily on the exploration, development and production of gold and silver. The company’s operations have included open-pit and underground mines, processing facilities and exploration properties in the Americas and Türkiye.

SSR Mining has historically operated the Marigold gold mine in Nevada, the Seabee gold operation in Saskatchewan, Canada, and the Puna silver-lead-zinc complex in Jujuy, Argentina.