Silver Standard Resources Inc. (NASDAQ:SSRM) Receives Consensus Rating of “Buy” from Brokerages

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) has been given an average recommendation of “Buy” by the ten analysts that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $37.75.

SSRM has been the subject of several recent analyst reports. Bank of America raised Silver Standard Resources from an “underperform” rating to a “buy” rating in a report on Wednesday, March 4th. National Bank Financial upgraded shares of Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, March 4th. Wall Street Zen upgraded shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. BMO Capital Markets raised shares of Silver Standard Resources from a “market perform” rating to an “outperform” rating and set a $41.00 price target for the company in a research note on Thursday, March 5th. Finally, Canadian Imperial Bank of Commerce raised shares of Silver Standard Resources from a “neutral” rating to a “sector outperform” rating and set a $48.00 price target on the stock in a report on Thursday, March 12th.

Silver Standard Resources Price Performance

Silver Standard Resources stock opened at $29.71 on Thursday. Silver Standard Resources has a 52 week low of $11.39 and a 52 week high of $36.51. The business has a 50-day simple moving average of $30.24 and a 200 day simple moving average of $26.55. The company has a quick ratio of 4.57, a current ratio of 5.33 and a debt-to-equity ratio of 0.01. The stock has a market cap of $6.16 billion, a price-to-earnings ratio of 28.30, a PEG ratio of 0.39 and a beta of -0.17.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $1.15 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.34. Silver Standard Resources had a return on equity of 14.87% and a net margin of 12.17%.The firm had revenue of $581.78 million for the quarter, compared to analysts’ expectations of $524.80 million. On average, research analysts forecast that Silver Standard Resources will post 4.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SSRM. Strs Ohio purchased a new stake in Silver Standard Resources during the first quarter valued at about $50,000. AQR Capital Management LLC lifted 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 purchasing an additional 70,726 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of 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. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of 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 worth $24,895,000 after purchasing an additional 529,035 shares in 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.