Silver Standard Resources (NASDAQ:SSRM) Sets New 1-Year High – Here’s Why

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shares hit a new 52-week high on Thursday . The stock traded as high as $36.54 and last traded at $36.38, with a volume of 818757 shares. The stock had previously closed at $35.38.

Analysts Set New Price Targets

SSRM has been the topic of several recent research reports. 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. Wall Street Zen downgraded shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Royal Bank Of Canada lowered their price target on shares of 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. Zacks Research cut shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 29th. Finally, UBS Group cut their price objective on shares of Silver Standard Resources from $43.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.60.

Silver Standard Resources Trading Up 2.6%

The business has a fifty day moving average of $29.38 and a 200-day moving average of $29.36. The firm has a market cap of $7.80 billion, a PE ratio of 34.34, a PEG ratio of 7.59 and a beta of -0.10.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted 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 net margin of 12.30% and a return on equity of 16.17%. The company had revenue of $443.80 million for the quarter, compared to analysts’ expectations of $483.84 million. On average, equities analysts forecast that Silver Standard Resources Inc. will post 3.92 EPS for the current year.

Silver Standard Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.12 annualized dividend and a yield of 0.3%. Silver Standard Resources’s payout ratio is currently 10.91%.

Institutional Trading of Silver Standard Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC lifted 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 worth $863,000 after purchasing an additional 70,726 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Silver Standard Resources by 27.1% during 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 purchasing 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 shares of 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 in the last quarter. Finally, Strs Ohio bought a new position in shares of Silver Standard Resources in the first quarter worth $50,000. Institutional investors own 68.30% of the company’s stock.

Silver Standard Resources Company Profile

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.