BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Grows Position in Silver Standard Resources Inc. $SSRM

Key Points

• British Columbia Investment Management Corp increased its stake in Silver Standard Resources by 25.4%, acquiring 23,034 additional shares to hold a total of 113,709 shares worth approximately $1.14 million.
• Several institutional investors are actively investing in Silver Standard, with over 68% of the company's stock now owned by institutions.
• Silver Standard's recent earnings report showed EPS of $0.51, significantly above the expected $0.23, indicating strong performance and growth potential amidst favorable analyst ratings.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 25.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 113,709 shares of the basic materials company's stock after purchasing an additional 23,034 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.06% of Silver Standard Resources worth $1,140,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SSRM. Bleakley Financial Group LLC lifted its holdings in Silver Standard Resources by 3.9% in the first quarter. Bleakley Financial Group LLC now owns 26,466 shares of the basic materials company's stock valued at $265,000 after buying an additional 1,005 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in Silver Standard Resources by 3.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 28,794 shares of the basic materials company's stock valued at $289,000 after buying an additional 1,089 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Silver Standard Resources by 0.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 241,415 shares of the basic materials company's stock valued at $1,686,000 after buying an additional 1,200 shares during the period. Cadence Wealth Management LLC lifted its holdings in Silver Standard Resources by 2.8% in the first quarter. Cadence Wealth Management LLC now owns 50,290 shares of the basic materials company's stock valued at $504,000 after buying an additional 1,374 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Silver Standard Resources by 0.4% in the fourth quarter. Wellington Management Group LLP now owns 497,378 shares of the basic materials company's stock valued at $3,462,000 after buying an additional 1,884 shares during the period. Institutional investors and hedge funds own 68.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SSRM. Wall Street Zen upgraded shares of Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. BMO Capital Markets began coverage on shares of Silver Standard Resources in a research note on Friday, July 18th. They issued a "market perform" rating and a $13.50 price objective for the company. UBS Group upgraded shares of Silver Standard Resources from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $13.85 to $18.95 in a research note on Friday, August 15th. Finally, Zacks Research upgraded shares of Silver Standard Resources to a "strong-buy" rating in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Silver Standard Resources has a consensus rating of "Hold" and a consensus price target of $12.55.

Silver Standard Resources Stock Performance

Shares of NASDAQ:SSRM traded up $1.01 during midday trading on Friday, reaching $19.31. The company had a trading volume of 4,231,238 shares, compared to its average volume of 3,708,271. The company's 50 day moving average price is $14.07 and its 200 day moving average price is $11.94. The company has a current ratio of 2.39, a quick ratio of 1.20 and a debt-to-equity ratio of 0.03. The stock has a market cap of $3.92 billion, a P/E ratio of 24.76 and a beta of -0.16. Silver Standard Resources Inc. has a 52-week low of $4.82 and a 52-week high of $19.33.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last released its quarterly earnings data on Tuesday, August 5th. The basic materials company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.23 by $0.28. The business had revenue of $410.54 million for the quarter, compared to the consensus estimate of $381.08 million. Silver Standard Resources had a net margin of 12.66% and a return on equity of 4.99%. As a group, sell-side analysts anticipate that Silver Standard Resources Inc. will post 0.73 EPS for the current fiscal year.

Silver Standard Resources 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.