Silver Standard Resources Inc. $SSRM Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in Silver Standard Resources Inc. by 6.0%, selling 616,372 shares and now owning approximately 9.73 million shares valued at $97.5 million.
• The company reported a quarterly EPS of $0.51, surpassing the consensus estimate of $0.23, and its revenue was $410.54 million, exceeding expectations.
• Analysts have recently upgraded their ratings on Silver Standard Resources, with UBS raising the price target to $18.95 and others setting a consensus price target of $12.55.

Vanguard Group Inc. lessened its stake in shares of Silver Standard Resources Inc. (NASDAQ:SSRM - Free Report) TSE: SSO by 6.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,730,108 shares of the basic materials company's stock after selling 616,372 shares during the quarter. Vanguard Group Inc. owned about 4.80% of Silver Standard Resources worth $97,522,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Deutsche Bank AG grew its holdings in Silver Standard Resources by 23.5% during the fourth quarter. Deutsche Bank AG now owns 363,494 shares of the basic materials company's stock worth $2,530,000 after acquiring an additional 69,124 shares during the period. RFG Advisory LLC acquired a new position in Silver Standard Resources during the first quarter worth $206,000. Alps Advisors Inc. acquired a new position in Silver Standard Resources during the first quarter worth $292,000. Victory Capital Management Inc. acquired a new position in Silver Standard Resources during the first quarter worth $846,000. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Silver Standard Resources by 3.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 28,794 shares of the basic materials company's stock worth $289,000 after acquiring an additional 1,089 shares during the period. Institutional investors and hedge funds own 68.30% of the company's stock.

Silver Standard Resources Price Performance

Shares of SSRM traded down $0.14 during trading hours on Thursday, reaching $18.30. 3,114,961 shares of the company traded hands, compared to its average volume of 3,655,755. 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 stock has a market capitalization of $3.71 billion, a PE ratio of 23.46 and a beta of -0.16. Silver Standard Resources Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $18.57. The stock has a fifty day simple moving average of $13.94 and a 200 day simple moving average of $11.87.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last posted its quarterly earnings data on Tuesday, August 5th. The basic materials company reported $0.51 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.28. The business had revenue of $410.54 million for the quarter, compared to analyst estimates of $381.08 million. Silver Standard Resources had a return on equity of 4.99% and a net margin of 12.66%. As a group, research analysts predict that Silver Standard Resources Inc. will post 0.73 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SSRM has been the topic of a number of recent analyst reports. Wall Street Zen raised Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. BMO Capital Markets began coverage on Silver Standard Resources in a report on Friday, July 18th. They set a "market perform" rating and a $13.50 price objective on the stock. UBS Group raised 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 report on Friday, August 15th. Finally, Zacks Research raised Silver Standard Resources to a "strong-buy" rating in a report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $12.55.

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.