Federated Hermes Inc. Cuts Stock Holdings in Silver Standard Resources Inc. (NASDAQ:SSRM)

Key Points

• Federated Hermes Inc. decreased its position in Silver Standard Resources by 16.0%, selling 587,659 shares and holding a total of 3,083,479 shares valued at approximately $30.9 million.
• Despite Federated Hermes' reduction, several other institutional investors, including Bleakley Financial Group and Wealth Enhancement Advisory Services, increased their stakes in Silver Standard Resources during the same period.
• Silver Standard Resources reported $0.29 earnings per share for the last quarter, significantly surpassing the consensus estimate of $0.08, but had revenue of $303.43 million, falling short of the predicted $332.64 million.

Federated Hermes Inc. cut its stake in shares of Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 16.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,083,479 shares of the basic materials company's stock after selling 587,659 shares during the quarter. Federated Hermes Inc. owned approximately 1.52% of Silver Standard Resources worth $30,927,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. American Century Companies Inc. raised its stake 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 worth $3,528,000 after buying an additional 252,293 shares during the last quarter. Sei Investments Co. increased its stake in shares of Silver Standard Resources by 36.1% in the 4th quarter. Sei Investments Co. now owns 253,733 shares of the basic materials company's stock valued at $1,766,000 after acquiring an additional 67,369 shares during the last quarter. LPL Financial LLC increased its stake in shares of Silver Standard Resources by 13.7% in the 4th quarter. LPL Financial LLC now owns 85,931 shares of the basic materials company's stock valued at $598,000 after acquiring an additional 10,326 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Silver Standard Resources by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 10,346,480 shares of the basic materials company's stock valued at $72,216,000 after acquiring an additional 71,364 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Silver Standard Resources by 23.9% in the 4th quarter. JPMorgan Chase & Co. now owns 1,918,258 shares of the basic materials company's stock valued at $13,351,000 after acquiring an additional 370,006 shares during the last quarter. 68.30% of the stock is owned by institutional investors.

Silver Standard Resources Trading Up 1.0%

Shares of SSRM stock traded up $0.12 during mid-day trading on Friday, reaching $12.07. 1,937,934 shares of the stock traded hands, compared to its average volume of 2,052,745. The stock's fifty day simple moving average is $12.50 and its two-hundred day simple moving average is $10.81. Silver Standard Resources Inc. has a 1-year low of $4.32 and a 1-year high of $13.48. The company has a market cap of $2.45 billion, a price-to-earnings ratio of 29.44 and a beta of -0.16. The company has a quick ratio of 1.85, a current ratio of 3.95 and a debt-to-equity ratio of 0.08.

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

Analyst Upgrades and Downgrades

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