Wellington Management Group LLP Has $5.30 Million Stock Position in Silver Standard Resources Inc. $SSRM

Key Points

• Wellington Management Group LLP increased its stake in Silver Standard Resources by 6.3%, owning approximately 528,774 shares valued at about $5.3 million as of their latest SEC filing.
• Silver Standard Resources reported an EPS of $0.51 for the recent quarter, significantly beating analyst expectations of $0.23, while revenue was also higher than projected at $410.54 million.
• Multiple analysts have upgraded Silver Standard Resources, with UBS raising its target price from $13.85 to $18.95 and Zacks upgrading it to a "strong-buy" rating.

Wellington Management Group LLP lifted its holdings in Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 6.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 528,774 shares of the basic materials company's stock after buying an additional 31,396 shares during the quarter. Wellington Management Group LLP owned about 0.26% of Silver Standard Resources worth $5,304,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Silver Standard Resources in the first quarter valued at about $32,000. Tacita Capital Inc bought a new stake in Silver Standard Resources during the 1st quarter worth about $48,000. Northwest & Ethical Investments L.P. bought a new stake in Silver Standard Resources during the 1st quarter worth about $72,000. Simplicity Wealth LLC bought a new stake in Silver Standard Resources during the 1st quarter worth about $109,000. Finally, Merit Financial Group LLC bought a new stake in Silver Standard Resources during the 1st quarter worth about $113,000. 68.30% of the stock is owned by institutional investors.

Silver Standard Resources Stock Up 5.5%

Shares of SSRM traded up $1.01 on Monday, hitting $19.31. The company's stock had a trading volume of 4,231,238 shares, compared to its average volume of 3,823,197. The company has a quick ratio of 1.20, a current ratio of 2.39 and a debt-to-equity ratio of 0.03. The firm's fifty day moving average price is $14.20 and its 200-day moving average price is $12.05. Silver Standard Resources Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $19.33. The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of 24.76 and a beta of -0.08.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last issued its quarterly earnings data on Tuesday, August 5th. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $410.54 million during 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 year.

Wall Street Analyst Weigh In

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

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.