Royal Bank Of Canada Cuts Silver Standard Resources (NASDAQ:SSRM) Price Target to $39.00

Key Points

• Royal Bank of Canada lowered its price target on Silver Standard Resources from $40 to $39, while keeping an outperform rating. The new target still implies about 33% upside from the prior close.
• Analyst sentiment remains broadly positive, with the stock carrying a Moderate Buy consensus and an average price target of $41.60. Recent calls from other firms were mixed but generally constructive, including several buy-side ratings and small target reductions.
• Silver Standard Resources shares rose to $29.24 on Thursday after reporting quarterly EPS of $1.15, beating estimates. However, revenue came in below expectations at $418.46 million versus the consensus of $524.79 million.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO had its target price dropped by analysts at Royal Bank Of Canada from $40.00 to $39.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the basic materials company's stock. Royal Bank Of Canada's price target suggests a potential upside of 33.37% from the stock's previous close.

SSRM has been the subject of several other reports. Wall Street Zen raised Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. UBS Group cut their price target 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. Weiss Ratings upgraded shares of Silver Standard Resources from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, July 1st. Canadian Imperial Bank of Commerce raised shares of Silver Standard Resources from a "neutral" rating to a "sector outperform" rating and set a $48.00 price objective on the stock in a report on Thursday, March 12th. Finally, Bank of America dropped their target price on shares of Silver Standard Resources from $41.00 to $40.00 and set a "buy" rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Silver Standard Resources currently has a consensus rating of "Moderate Buy" and an average target price of $41.60.

Silver Standard Resources Price Performance

Shares of Silver Standard Resources stock traded up $1.04 on Thursday, hitting $29.24. The company's stock had a trading volume of 1,035,889 shares, compared to its average volume of 3,760,143. The company has a market capitalization of $6.07 billion, a price-to-earnings ratio of 27.80, a price-to-earnings-growth ratio of 0.37 and a beta of -0.10. Silver Standard Resources has a 1 year low of $11.70 and a 1 year high of $36.51. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.57 and a current ratio of 5.33. The firm has a fifty day moving average price of $29.98 and a 200-day moving average price of $28.15.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last issued its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.81 by $0.34. Silver Standard Resources had a return on equity of 14.87% and a net margin of 12.17%.The company had revenue of $418.46 million for the quarter, compared to the consensus estimate of $524.79 million. As a group, sell-side analysts anticipate that Silver Standard Resources will post 4.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Silver Standard Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Strs Ohio purchased a new position in Silver Standard Resources during the first quarter worth approximately $50,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Silver Standard Resources by 96.6% during 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 acquiring an additional 201,525 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Silver Standard Resources by 27.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,482,100 shares of the basic materials company's stock valued at $24,895,000 after acquiring an additional 529,035 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of 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 valued at $863,000 after acquiring an additional 70,726 shares during the last quarter. Institutional investors and hedge funds own 68.30% of the company's stock.

Silver Standard Resources Company Profile

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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