Silver Standard Resources (NASDAQ:SSRM) Shares Break Above 200 Day Moving Average - Here's What Happened

Key Points

• Silver Standard Resources shares broke above their 200-day moving average, reaching $35.88 and last trading at $35.68 on volume of about 1.75 million shares.
• Analyst sentiment remains positive overall, with an average “Moderate Buy” rating and a consensus price target of $42.40. Recent targets ranged from UBS’s $40 to Royal Bank of Canada’s $43.
• The company’s latest quarterly results slightly missed expectations, reporting $0.66 in EPS versus $0.67 expected and revenue of $443.8 million versus $483.84 million forecast. It also paid a quarterly dividend of C$0.03 per share, representing a 0.3% yield.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO's stock price crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $30.90 and traded as high as $35.88. Silver Standard Resources shares last traded at $35.68, with a volume of 1,745,709 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SSRM. Zacks Research lowered Silver Standard Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 29th. Weiss Ratings upgraded shares of Silver Standard Resources from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 6th. UBS Group lowered their target price on shares of Silver Standard Resources from $43.00 to $40.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Wall Street Zen lowered shares of Silver Standard Resources from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 18th. Finally, Royal Bank Of Canada boosted their price target on shares of Silver Standard Resources from $39.00 to $43.00 and gave the stock an "outperform" rating in a report on Wednesday, September 16th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $42.40.

Silver Standard Resources Stock Performance

The stock has a market cap of $7.19 billion, a P/E ratio of 32.44, a P/E/G ratio of 7.47 and a beta of -0.04. The business has a 50 day simple moving average of $33.30 and a 200-day simple moving average of $30.90.

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

Silver Standard Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Friday, August 14th were issued a dividend of C$0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Friday, August 14th. Silver Standard Resources's dividend payout ratio (DPR) is 10.91%.

About Silver Standard Resources

Silver Standard Resources Inc was a precious-metals mining company focused primarily on the exploration, development and production of silver and gold. The company also produced associated metals, including lead and zinc, from certain operations. Its assets included the Pirquitas silver mine and the Chinchillas silver-lead-zinc project in Argentina, which were combined into the Puna Operations.

Silver Standard expanded its portfolio through acquisitions, including the Marigold gold mine in Nevada and the Seabee gold operation in Saskatchewan.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.