Silver Standard Resources (NASDAQ:SSRM) Upgraded to “Buy” at Bank of America

Bank of America upgraded shares of Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) from an underperform rating to a buy rating in a research note issued to investors on Wednesday morning, Marketbeat.com reports.

SSRM has been the subject of a number of other research reports. Canadian Imperial Bank of Commerce raised their price objective on shares of Silver Standard Resources from $28.50 to $29.00 and gave the stock a “neutral” rating in a report on Wednesday, November 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Silver Standard Resources in a research report on Thursday, January 22nd. TD Cowen raised shares of Silver Standard Resources from a “hold” rating to a “buy” rating in a report on Thursday, January 22nd. National Bank Financial upgraded Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday. Finally, Wall Street Zen raised Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Silver Standard Resources presently has an average rating of “Moderate Buy” and a consensus target price of $24.38.

Silver Standard Resources Stock Performance

Shares of Silver Standard Resources stock opened at $33.26 on Wednesday. The business’s fifty day simple moving average is $25.61 and its 200 day simple moving average is $23.08. The company has a current ratio of 2.08, a quick ratio of 1.25 and a debt-to-equity ratio of 0.03. Silver Standard Resources has a 12 month low of $8.65 and a 12 month high of $33.49. The firm has a market capitalization of $6.75 billion, a P/E ratio of 17.98, a price-to-earnings-growth ratio of 0.48 and a beta of -0.18.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its earnings results on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.29. The firm had revenue of $521.73 million during the quarter, compared to analyst estimates of $436.23 million. Silver Standard Resources had a return on equity of 10.40% and a net margin of 24.28%. As a group, analysts anticipate that Silver Standard Resources will post 0.73 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio purchased a new stake in shares of Silver Standard Resources in the first quarter worth about $50,000. AQR Capital Management LLC grew 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 valued at $863,000 after acquiring an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings 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 worth $4,113,000 after acquiring an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. lifted 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 worth $24,895,000 after purchasing an additional 529,035 shares in the last quarter. Hedge funds and other 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.