Silver Standard Resources (NASDAQ:SSRM) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s share 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.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SSRM shares. Weiss Ratings raised shares of Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Zacks Research lowered shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 29th. UBS Group decreased 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. Bank of America dropped their price objective on shares of Silver Standard Resources from $41.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Finally, Royal Bank Of Canada cut their target price on shares of Silver Standard Resources from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $41.60.

Silver Standard Resources Trading Up 2.9%

The stock has a market cap of $7.51 billion, a P/E ratio of 33.09, a price-to-earnings-growth ratio of 6.53 and a beta of -0.10. The business’s fifty day simple moving average is $28.96 and its 200 day simple moving average is $29.21.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its earnings results on Tuesday, August 4th. The basic materials company reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.01). Silver Standard Resources had a return on equity of 16.17% and a net margin of 12.30%.The company had revenue of $443.80 million during the quarter, compared to the consensus estimate of $483.84 million. On average, analysts predict that Silver Standard Resources Inc. will post 3.92 earnings per share for the current fiscal year.

Silver Standard Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Friday, August 14th. Silver Standard Resources’s dividend payout ratio (DPR) is presently 10.91%.

Hedge Funds Weigh In On Silver Standard Resources

Several hedge funds have recently added to or reduced their stakes in SSRM. Goldman Sachs Group Inc. increased its position in Silver Standard Resources by 27.1% in 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in 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 valued at $4,113,000 after purchasing an additional 201,525 shares during the period. AQR Capital Management LLC boosted its stake in shares of Silver Standard Resources by 461.5% in the 1st 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 during the last quarter. Finally, Strs Ohio bought a new position in shares of Silver Standard Resources in the 1st quarter valued at about $50,000. 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.