Royal Bank Of Canada Upgrades Silver Standard Resources (NASDAQ:SSRM) to “Outperform”

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) was upgraded by Royal Bank Of Canada from a “sector perform” rating to an “outperform” rating in a report issued on Wednesday, MarketBeat reports. The brokerage currently has a $40.00 price objective on the basic materials company’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 34.18% from the company’s previous close.

Several other equities research analysts have also recently commented on the stock. National Bank Financial raised shares of Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, March 4th. Bank of America raised shares of Silver Standard Resources from an “underperform” rating to a “buy” rating in a research report on Wednesday, March 4th. Zacks Research cut shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 29th. Wall Street Zen raised shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings cut shares of Silver Standard Resources from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $38.20.

Silver Standard Resources Trading Down 0.0%

SSRM opened at $29.81 on Wednesday. The stock has a market capitalization of $6.19 billion, a P/E ratio of 28.39, a P/E/G ratio of 0.38 and a beta of -0.14. Silver Standard Resources has a 12 month low of $11.67 and a 12 month high of $36.51. The firm’s fifty day simple moving average is $30.50 and its 200 day simple moving average is $26.76. The company has a current ratio of 5.33, a quick ratio of 4.57 and a debt-to-equity ratio of 0.01.

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

Institutional Investors Weigh In On Silver Standard Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SSRM. AQR Capital Management LLC increased its stake in 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 buying an additional 70,726 shares during the last quarter. Goldman Sachs Group Inc. increased its stake 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in 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 valued at $4,113,000 after buying an additional 201,525 shares during the last quarter. Finally, Strs Ohio acquired a new stake in Silver Standard Resources in the 1st quarter valued at $50,000. 68.30% of the stock is currently owned by institutional investors and hedge funds.

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.