Invesco Ltd. Decreases Stock Holdings in Silver Standard Resources Inc. $SSRM

Key Points

• Invesco Ltd. reduced its stake in Silver Standard Resources Inc. by 79.3%, selling over one million shares, leaving it with approximately 267,317 shares valued at $2.68 million.
• Silver Standard's stock has shown a 5.5% gain recently, with a current trading price of $19.31, significantly up from its 52-week low of $4.82.
• Analysts have a consensus rating of "Hold" on Silver Standard Resources, with Zacks and UBS upgrading the stock's rating to "strong-buy" and "buy," respectively.

Invesco Ltd. lessened its holdings in shares of Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 79.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 267,317 shares of the basic materials company's stock after selling 1,025,532 shares during the quarter. Invesco Ltd. owned approximately 0.13% of Silver Standard Resources worth $2,681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of SSRM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Silver Standard Resources by 21.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,079,816 shares of the basic materials company's stock valued at $70,265,000 after purchasing an additional 1,802,821 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Silver Standard Resources by 413.1% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 930,200 shares of the basic materials company's stock worth $9,323,000 after acquiring an additional 748,900 shares in the last quarter. Tidal Investments LLC increased its holdings in Silver Standard Resources by 14.7% in the 4th quarter. Tidal Investments LLC now owns 3,174,367 shares of the basic materials company's stock worth $22,094,000 after acquiring an additional 407,920 shares in the last quarter. Voloridge Investment Management LLC increased its holdings in Silver Standard Resources by 22.2% in the 4th quarter. Voloridge Investment Management LLC now owns 2,203,900 shares of the basic materials company's stock worth $15,339,000 after acquiring an additional 399,806 shares in the last quarter. Finally, Hsbc Holdings PLC increased its holdings in Silver Standard Resources by 533.2% in the 4th quarter. Hsbc Holdings PLC now owns 204,493 shares of the basic materials company's stock worth $1,420,000 after acquiring an additional 172,196 shares in the last quarter. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Silver Standard Resources Price Performance

SSRM traded up $1.01 during trading on Monday, hitting $19.31. 4,231,238 shares of the company traded hands, compared to its average volume of 3,823,197. The company has a market cap of $3.92 billion, a PE ratio of 24.76 and a beta of -0.08. The stock's 50-day simple moving average is $14.20 and its two-hundred day simple moving average is $12.05. Silver Standard Resources Inc. has a 1 year low of $4.82 and a 1 year high of $19.33. The company has a current ratio of 2.39, a quick ratio of 1.20 and a debt-to-equity ratio of 0.03.

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 the consensus estimate of $0.23 by $0.28. The company had revenue of $410.54 million during the quarter, compared to analysts' expectations 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 earnings per share 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.