Vanguard Group Inc. Has $97.52 Million Stake in Silver Standard Resources Inc. $SSRM

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. reduced 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 13F filing with the Securities and Exchange Commission. The firm 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 reporting period.

Other hedge funds also recently bought and sold shares of the company. Deutsche Bank AG lifted its stake in Silver Standard Resources by 23.5% in the fourth quarter. Deutsche Bank AG now owns 363,494 shares of the basic materials company's stock valued at $2,530,000 after buying an additional 69,124 shares in the last quarter. RFG Advisory LLC acquired a new stake in Silver Standard Resources in the 1st quarter valued at $206,000. Alps Advisors Inc. bought a new stake in Silver Standard Resources during the first quarter worth about $292,000. Victory Capital Management Inc. bought a new stake in shares of Silver Standard Resources during the 1st quarter worth approximately $846,000. Finally, 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 valued at $289,000 after buying an additional 1,089 shares during the last quarter. 68.30% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on SSRM. UBS Group upgraded shares of Silver Standard Resources from a "neutral" rating to a "buy" rating and increased their price target for the company from $13.85 to $18.95 in a research note on Friday, August 15th. 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. Zacks Research upgraded Silver Standard Resources to a "strong-buy" rating in a report on Monday, August 11th. Finally, BMO Capital Markets initiated coverage on Silver Standard Resources in a research note on Friday, July 18th. They issued a "market perform" rating and a $13.50 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $12.55.

Silver Standard Resources Stock Performance

Shares of SSRM traded up $0.41 during mid-day trading on Monday, hitting $17.52. 3,642,957 shares of the company's stock were exchanged, compared to its average volume of 3,422,356. The company has a quick ratio of 1.20, a current ratio of 2.39 and a debt-to-equity ratio of 0.03. Silver Standard Resources Inc. has a 52 week low of $4.82 and a 52 week high of $17.63. The stock's 50-day simple moving average is $13.62 and its 200-day simple moving average is $11.72. The firm has a market cap of $3.55 billion, a price-to-earnings ratio of 18.40 and a beta of -0.16.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last issued its quarterly earnings results 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 analysts' expectations of $381.08 million. On average, equities research analysts expect that Silver Standard Resources Inc. will post 0.73 EPS for the current 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.