Victory Capital Management Inc. Buys Shares of 84,380 Silver Standard Resources Inc. (NASDAQ:SSRM)

Key Points

• Victory Capital Management Inc. has acquired 84,380 shares of Silver Standard Resources Inc. for approximately $846,000, as reported in a recent SEC filing.
• Other institutional investors, including JPMorgan Chase & Co. and American Century Companies Inc., have significantly increased their positions in Silver Standard Resources during the fourth quarter.
• Silver Standard Resources currently has a consensus rating of "Hold" from analysts, with a price target averaging $11.28, despite a recent upgrade to a "strong-buy" rating by one research firm.

Victory Capital Management Inc. purchased a new stake in Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 84,380 shares of the basic materials company's stock, valued at approximately $846,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SSRM. American Century Companies Inc. raised its stake in Silver Standard Resources by 99.3% in the fourth quarter. American Century Companies Inc. now owns 506,331 shares of the basic materials company's stock valued at $3,528,000 after buying an additional 252,293 shares during the last quarter. Sei Investments Co. raised its stake in shares of Silver Standard Resources by 36.1% in the fourth quarter. Sei Investments Co. now owns 253,733 shares of the basic materials company's stock worth $1,766,000 after purchasing an additional 67,369 shares during the last quarter. LPL Financial LLC raised its stake in shares of Silver Standard Resources by 13.7% in the fourth quarter. LPL Financial LLC now owns 85,931 shares of the basic materials company's stock worth $598,000 after purchasing an additional 10,326 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Silver Standard Resources by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 10,346,480 shares of the basic materials company's stock worth $72,216,000 after purchasing an additional 71,364 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Silver Standard Resources by 23.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,918,258 shares of the basic materials company's stock worth $13,351,000 after purchasing an additional 370,006 shares during the last quarter. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SSRM shares. Wall Street Zen upgraded Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. National Bankshares restated a "sector perform" rating on shares of Silver Standard Resources in a research note on Wednesday, April 23rd. UBS Group restated a "neutral" rating and issued a $13.85 price objective (up from $12.35) on shares of Silver Standard Resources in a research note on Tuesday, June 24th. BMO Capital Markets assumed coverage on Silver Standard Resources in a research report on Friday, July 18th. They set a "market perform" rating and a $13.50 price target for the company. Finally, Cormark upgraded Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, April 22nd. Six investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $11.28.

Silver Standard Resources Price Performance

SSRM traded up $0.39 during trading on Tuesday, hitting $12.96. The company's stock had a trading volume of 2,407,078 shares, compared to its average volume of 2,589,273. The company has a current ratio of 3.95, a quick ratio of 1.85 and a debt-to-equity ratio of 0.08. Silver Standard Resources Inc. has a twelve month low of $4.32 and a twelve month high of $13.48. The business's fifty day simple moving average is $12.50 and its 200 day simple moving average is $10.86. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of 31.62 and a beta of -0.16.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last released its earnings results on Tuesday, May 6th. The basic materials company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.21. The business had revenue of $303.43 million for the quarter, compared to the consensus estimate of $332.64 million. Silver Standard Resources had a return on equity of 2.44% and a net margin of 7.82%. On average, equities research analysts forecast that Silver Standard Resources Inc. will post 0.73 EPS for the current fiscal year.

About Silver Standard Resources

SSR Mining Inc, together with its subsidiaries, engages in the operation, acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina. The company explores for gold doré, copper, silver, lead, and zinc deposits. Its mines include the Çöpler, located in Erzincan province, Turkey; the Marigold, located in Nevada, the United States; the Seabee, located in Saskatchewan, Canada; and the Puna, located in Jujuy province, Argentina.