Martingale Asset Management L P Has $2.60 Million Stock Holdings in Silver Standard Resources Inc. $SSRM

Key Points

• Martingale Asset Management L P has sold 118,221 shares of Silver Standard Resources, reducing its stake by 31.3% to approximately 259,068 shares.
• Silver Standard Resources reported earnings of $0.51 EPS for the quarter, exceeding analysts' expectations of $0.23 EPS, and had a revenue of $410.54 million compared to a consensus estimate of $381.08 million.
• Several firms, including UBS Group and Zacks Research, have upgraded their ratings for Silver Standard Resources, with one report setting a new price target of $18.95.

Martingale Asset Management L P decreased its position in Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 31.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 259,068 shares of the basic materials company's stock after selling 118,221 shares during the period. Martingale Asset Management L P owned about 0.13% of Silver Standard Resources worth $2,598,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Bleakley Financial Group LLC boosted its stake in shares of Silver Standard Resources by 3.9% in the 1st quarter. Bleakley Financial Group LLC now owns 26,466 shares of the basic materials company's stock worth $265,000 after buying an additional 1,005 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Silver Standard Resources by 3.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 28,794 shares of the basic materials company's stock worth $289,000 after purchasing an additional 1,089 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Silver Standard Resources by 0.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 241,415 shares of the basic materials company's stock worth $1,686,000 after acquiring an additional 1,200 shares during the last quarter. Cadence Wealth Management LLC increased its holdings in 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 worth $504,000 after purchasing an additional 1,374 shares during the period. Finally, Wellington Management Group LLP boosted its position in Silver Standard Resources by 0.4% during the 4th quarter. Wellington Management Group LLP now owns 497,378 shares of the basic materials company's stock valued at $3,462,000 after acquiring an additional 1,884 shares in the last quarter. Institutional investors own 68.30% of the company's stock.

Wall Street Analysts Forecast Growth

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

Silver Standard Resources Stock Down 1.1%

SSRM stock traded down $0.20 during midday trading on Thursday, reaching $18.25. The company had a trading volume of 1,149,891 shares, compared to its average volume of 2,724,098. The company has a 50 day moving average of $13.84 and a two-hundred day moving average of $11.81. Silver Standard Resources Inc. has a 1 year low of $4.82 and a 1 year high of $18.55. The company has a market capitalization of $3.70 billion, a P/E ratio of 23.39 and a beta of -0.16. 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 released 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 business 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%. On average, equities research analysts expect that Silver Standard Resources Inc. will post 0.73 earnings per share 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.