Connor Clark & Lunn Investment Management Ltd. Buys 748,900 Shares of Silver Standard Resources Inc. (NASDAQ:SSRM)

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly increased its stake in Silver Standard Resources Inc. by 413.1%, purchasing an additional 748,900 shares, bringing its total holdings to 930,200 shares valued at approximately $9.32 million.
• Other institutional investors including MIRAE ASSET GLOBAL ETFS HOLDINGS and Tidal Investments LLC also increased their positions in Silver Standard Resources during the recent quarters, highlighting a trend of growing investor interest in the company.
• Silver Standard Resources reported strong earnings, with an EPS of $0.51 for the last quarter, significantly exceeding analyst expectations, and has a consensus target price of $11.28 among analysts.

Connor Clark & Lunn Investment Management Ltd. boosted its position in Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 413.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 930,200 shares of the basic materials company's stock after purchasing an additional 748,900 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.46% of Silver Standard Resources worth $9,323,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its stake in shares of Silver Standard Resources by 2.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,409,521 shares of the basic materials company's stock valued at $14,128,000 after buying an additional 30,862 shares during the period. Bayforest Capital Ltd bought a new stake in shares of Silver Standard Resources during the 1st quarter valued at about $147,000. Mackenzie Financial Corp boosted its position in shares of Silver Standard Resources by 6.4% during the 1st quarter. Mackenzie Financial Corp now owns 126,717 shares of the basic materials company's stock valued at $1,270,000 after purchasing an additional 7,646 shares in the last quarter. TD Asset Management Inc boosted its position in shares of Silver Standard Resources by 2.5% during the 1st quarter. TD Asset Management Inc now owns 578,386 shares of the basic materials company's stock valued at $5,795,000 after purchasing an additional 14,214 shares in the last quarter. Finally, Cadence Wealth Management LLC boosted its position in shares of Silver Standard Resources by 2.8% during the 1st quarter. Cadence Wealth Management LLC now owns 50,290 shares of the basic materials company's stock valued at $504,000 after purchasing an additional 1,374 shares in the last quarter. Institutional investors and hedge funds own 68.30% of the company's stock.

Silver Standard Resources Stock Up 1.4%

NASDAQ:SSRM traded up $0.22 on Wednesday, hitting $16.35. The stock had a trading volume of 4,116,191 shares, compared to its average volume of 2,948,297. The business's fifty day moving average is $12.96 and its 200 day moving average is $11.20. The company has a market cap of $3.32 billion, a PE ratio of 20.96 and a beta of -0.16. The company has a quick ratio of 1.20, a current ratio of 2.39 and a debt-to-equity ratio of 0.03. Silver Standard Resources Inc. has a 52 week low of $4.76 and a 52 week high of $16.46.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its earnings results on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.28. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%. The company had revenue of $410.54 million for the quarter, compared to analyst estimates of $381.08 million. On average, equities research analysts expect that Silver Standard Resources Inc. will post 0.73 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.