Silver Standard Resources (NASDAQ:SSRM) Downgraded to “Buy” Rating by Wall Street Zen

Wall Street Zen cut shares of Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) from a strong-buy rating to a buy rating in a report released on Saturday morning.

Several other equities research analysts have also recently commented on the company. Weiss Ratings cut Silver Standard Resources from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday. Zacks Research lowered Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 29th. Royal Bank Of Canada lowered their price target on Silver Standard Resources from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. UBS Group dropped their price objective on 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. Finally, Bank of America cut their price objective on Silver Standard Resources from $41.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, July 9th. One equities research 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $41.60.

Silver Standard Resources Stock Down 1.2%

Silver Standard Resources stock opened at $25.57 on Friday. Silver Standard Resources has a 52 week low of $11.70 and a 52 week high of $36.51. The stock has a market cap of $5.28 billion, a price-to-earnings ratio of 24.35, a PEG ratio of 2.22 and a beta of -0.10. The company’s 50-day moving average price is $29.54 and its two-hundred day moving average price is $28.33. 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 issued its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.34. The company had revenue of $418.46 million during the quarter, compared to analyst estimates of $524.79 million. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. On average, analysts expect that Silver Standard Resources will post 3.92 EPS for the current fiscal year.

Institutional Trading of Silver Standard Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its holdings in Silver Standard Resources by 27.1% during 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 buying an additional 529,035 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew 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 worth $4,113,000 after buying an additional 201,525 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Silver Standard Resources by 461.5% in the first 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 in the last quarter. Finally, Strs Ohio bought a new position in shares of Silver Standard Resources in the first quarter valued at $50,000. 68.30% of the stock is 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.