Alberta Investment Management Corp Sells 103,500 Shares of Silver Standard Resources Inc. (NASDAQ:SSRM)

Key Points

• Alberta Investment Management Corp reduced its stake in Silver Standard Resources by 42.0%, selling 103,500 shares, and now owns 143,200 shares valued at approximately $1.4 million.
• Silver Standard Resources' Q1 earnings surpassed analysts' expectations with an EPS of $0.29, although revenue of $303.43 million fell short of forecasts.
• Institutional investors hold 68.30% of Silver Standard Resources' stock, highlighting significant interest from various hedge funds and investment firms.

Alberta Investment Management Corp cut its stake in shares of Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 42.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 143,200 shares of the basic materials company's stock after selling 103,500 shares during the period. Alberta Investment Management Corp owned 0.07% of Silver Standard Resources worth $1,435,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of SSRM. American Century Companies Inc. increased its position in shares of Silver Standard Resources by 99.3% during 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 period. Sei Investments Co. increased its position in shares of Silver Standard Resources by 36.1% during the fourth quarter. Sei Investments Co. now owns 253,733 shares of the basic materials company's stock valued at $1,766,000 after buying an additional 67,369 shares during the period. LPL Financial LLC increased its position in shares of Silver Standard Resources by 13.7% during the fourth quarter. LPL Financial LLC now owns 85,931 shares of the basic materials company's stock valued at $598,000 after buying an additional 10,326 shares during the period. Vanguard Group Inc. increased its position in shares of Silver Standard Resources by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 10,346,480 shares of the basic materials company's stock valued at $72,216,000 after buying an additional 71,364 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Silver Standard Resources by 23.9% during the fourth quarter. JPMorgan Chase & Co. now owns 1,918,258 shares of the basic materials company's stock valued at $13,351,000 after buying an additional 370,006 shares during the period. 68.30% of the stock is currently owned by institutional investors.

Silver Standard Resources Stock Up 1.0%

Shares of NASDAQ SSRM opened at $12.07 on Monday. Silver Standard Resources Inc. has a one year low of $4.32 and a one year high of $13.48. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.95 and a quick ratio of 1.85. The firm's 50 day simple moving average is $12.50 and its two-hundred day simple moving average is $10.86. The stock has a market capitalization of $2.45 billion, a P/E ratio of 29.44 and a beta of -0.16.

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

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SSRM shares. 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 report on Tuesday, June 24th. Cormark upgraded shares of Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, April 22nd. National Bankshares restated a "sector perform" rating on shares of Silver Standard Resources in a research report on Wednesday, April 23rd. Wall Street Zen upgraded shares of Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 26th. Finally, BMO Capital Markets started coverage on shares of Silver Standard Resources in a research report on Friday, July 18th. They issued a "market perform" rating and a $13.50 price objective on the stock. Six investment analysts have rated the stock with a hold rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $11.28.

Silver Standard Resources Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.