Palisade Capital Management LP Sells 1,971,150 Shares of Silver Standard Resources Inc. (NASDAQ:SSRM)

Palisade Capital Management LP cut its stake in Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 98.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,850 shares of the basic materials company's stock after selling 1,971,150 shares during the quarter. Palisade Capital Management LP's holdings in Silver Standard Resources were worth $289,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Deutsche Bank AG grew its position in shares of Silver Standard Resources by 23.5% in the 4th quarter. Deutsche Bank AG now owns 363,494 shares of the basic materials company's stock valued at $2,530,000 after purchasing an additional 69,124 shares during the period. RFG Advisory LLC acquired a new position in shares of Silver Standard Resources in the 1st quarter valued at approximately $206,000. JPMorgan Chase & Co. grew its position 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 purchasing an additional 370,006 shares during the period. American Century Companies Inc. grew its position in shares of Silver Standard Resources by 99.3% in the 4th quarter. American Century Companies Inc. now owns 506,331 shares of the basic materials company's stock valued at $3,528,000 after purchasing an additional 252,293 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Silver Standard Resources by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,378,659 shares of the basic materials company's stock valued at $9,614,000 after purchasing an additional 51,408 shares during the period. 68.30% of the stock is owned by institutional investors.

Silver Standard Resources Stock Performance

SSRM stock traded up $0.27 during trading hours on Monday, hitting $13.45. 2,670,724 shares of the stock were exchanged, compared to its average volume of 2,487,588. The company has a current ratio of 3.95, a quick ratio of 1.85 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $2.73 billion, a P/E ratio of 32.80 and a beta of -0.12. The company has a 50-day simple moving average of $11.91 and a two-hundred day simple moving average of $10.17. Silver Standard Resources Inc. has a 12 month low of $4.32 and a 12 month high of $13.48.

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. National Bankshares reiterated a "sector perform" rating on shares of Silver Standard Resources in a research report on Wednesday, April 23rd. Wall Street Zen raised Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 21st. UBS Group reissued a "neutral" rating and issued a $13.85 price objective (up previously from $12.35) on shares of Silver Standard Resources in a report on Tuesday, June 24th. National Bank Financial raised Silver Standard Resources to a "hold" rating in a report on Friday, March 21st. Finally, Cormark upgraded Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, April 22nd. Five investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Silver Standard Resources currently has an average rating of "Hold" and a consensus price target of $10.53.

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.