Silver Standard Resources (NASDAQ:SSRM) Sets New 1-Year High - What's Next?

Key Points

• SSRM reached a new 52-week high of $39.43 and last traded at $39.21, with shares well above their 50-day and 200-day moving averages.
• Analysts maintain a “Moderate Buy” consensus, with one Strong Buy, eight Buy, and two Hold ratings; the average price target is $41.60 despite several recent target reductions.
• The company slightly missed quarterly earnings and revenue estimates, reporting $0.66 EPS and $443.8 million in revenue, while announcing a $0.03 quarterly dividend and institutional investors owning 68.3% of shares.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's stock price hit a new 52-week high on Wednesday . The stock traded as high as $39.43 and last traded at $39.21, with a volume of 2735977 shares. The stock had previously closed at $38.61.

Analyst Ratings Changes

SSRM has been the subject of several research analyst reports. Zacks Research cut shares of Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, May 29th. Wall Street Zen lowered shares of Silver Standard Resources from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 18th. Royal Bank Of Canada reduced their price target on shares of Silver Standard Resources from $40.00 to $39.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. UBS Group decreased their price objective on shares of Silver Standard Resources from $43.00 to $40.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Finally, Bank of America dropped their price objective on Silver Standard Resources from $41.00 to $40.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Silver Standard Resources currently has an average rating of "Moderate Buy" and an average price target of $41.60.

Silver Standard Resources Stock Performance

The company has a 50-day simple moving average of $29.72 and a 200-day simple moving average of $29.62. The company has a market cap of $8.09 billion, a price-to-earnings ratio of 35.65, a PEG ratio of 8.06 and a beta of -0.10.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last released its quarterly earnings results on Tuesday, August 4th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.01). The firm had revenue of $443.80 million for the quarter, compared to analyst estimates of $483.84 million. Silver Standard Resources had a return on equity of 16.17% and a net margin of 12.30%. As a group, equities research analysts forecast that Silver Standard Resources Inc. will post 3.87 EPS for the current year.

Silver Standard Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, August 14th. Silver Standard Resources's dividend payout ratio (DPR) is currently 10.91%.

Institutional Investors Weigh In On Silver Standard Resources

Several hedge funds have recently modified their holdings of SSRM. Strs Ohio purchased a new position in shares of Silver Standard Resources in the first quarter valued at $50,000. AQR Capital Management LLC lifted its holdings in Silver Standard Resources by 461.5% during the 1st quarter. AQR Capital Management LLC now owns 86,050 shares of the basic materials company's stock worth $863,000 after purchasing an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Silver Standard Resources by 96.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 410,046 shares of the basic materials company's stock worth $4,113,000 after purchasing an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in Silver Standard Resources by 27.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company's stock worth $24,895,000 after purchasing an additional 529,035 shares during the period. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

About Silver Standard Resources

Silver Standard Resources Inc NASDAQ: SSRM is a Vancouver‐based precious metals company engaged in the acquisition, exploration, development and production of silver and gold deposits primarily across the Americas. The company’s strategy centers on advancing high‐quality projects into production while maintaining a portfolio of operating mines that deliver consistent metal output. Silver Standard emphasizes sustainable resource development and community partnership at each stage of its operations.

The company’s principal producing assets include the Marigold gold mine in Nevada, which entered commercial production in 2006; the Seabee gold operation in Saskatchewan, Canada, acquired in 2016; and the Pirquitas silver‐gold mine in Argentina, which began producing in 2009.

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