Silver Standard Resources (NASDAQ:SSRM) Announces Quarterly Earnings Results, Beats Estimates By $0.28 EPS

Key Points

• Silver Standard Resources reported earnings of $0.51 per share for the quarter, outperforming analysts' expectations of $0.20 by a significant margin.
• Shares of Silver Standard Resources increased by 3.3%, reaching a price of $12.99, with a market capitalization of $2.63 billion.
• Institutional investors hold 68.30% of the company's stock, with notable increases in holdings from hedge funds such as AQR Capital Management and Goldman Sachs.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO announced its quarterly earnings results on Tuesday. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.28, Zacks reports. Silver Standard Resources had a net margin of 12.66% and a return on equity of 4.99%. The company had revenue of $410.54 million for the quarter, compared to the consensus estimate of $381.08 million.

Silver Standard Resources Trading Up 2.4%

Shares of NASDAQ:SSRM traded up $0.35 during trading on Friday, reaching $15.19. The stock had a trading volume of 3,474,465 shares, compared to its average volume of 2,691,442. The business has a fifty day moving average price of $12.76 and a 200-day moving average price of $11.06. The company has a quick ratio of 1.85, a current ratio of 2.39 and a debt-to-equity ratio of 0.03. The stock has a market cap of $3.08 billion, a P/E ratio of 19.47 and a beta of -0.16. Silver Standard Resources has a fifty-two week low of $4.49 and a fifty-two week high of $15.49.

Analysts Set New Price Targets

SSRM has been the topic of several recent research reports. UBS Group reaffirmed a "neutral" rating and issued a $13.85 price target (up previously from $12.35) on shares of Silver Standard Resources in a report on Tuesday, June 24th. Wall Street Zen raised shares of Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 26th. Cormark raised shares of Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a report on Tuesday, April 22nd. National Bankshares reaffirmed a "sector perform" rating on shares of Silver Standard Resources in a report on Wednesday, April 23rd. Finally, BMO Capital Markets assumed coverage on shares of Silver Standard Resources in a report on Friday, July 18th. They issued a "market perform" rating and a $13.50 price target on the stock. Six analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $11.28.

Hedge Funds Weigh In On Silver Standard Resources

Institutional investors have recently modified their holdings of the company. Strs Ohio acquired a new position in shares of Silver Standard Resources in the first quarter valued at approximately $50,000. AQR Capital Management LLC increased its position in Silver Standard Resources by 461.5% during the first 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Silver Standard Resources by 96.6% during the first 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 last quarter. Finally, Goldman Sachs Group Inc. increased its position in Silver Standard Resources by 27.1% during the first 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 last quarter. Institutional investors and hedge funds own 68.30% of the company's stock.

About Silver Standard Resources

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.