Silver Standard Resources (NASDAQ:SSRM) Announces Quarterly Earnings Results

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 released its quarterly earnings results on Tuesday. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.28, Zacks reports. Silver Standard Resources had a return on equity of 5.02% and a net margin of 12.66%. The company had revenue of $410.54 million during the quarter, compared to analysts' expectations of $381.08 million.

Silver Standard Resources Stock Down 4.0%

Shares of SSRM traded down $0.61 during mid-day trading on Thursday, reaching $14.64. The company had a trading volume of 2,529,555 shares, compared to its average volume of 2,654,119. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.85 and a current ratio of 3.95. The firm has a 50-day moving average price of $12.63 and a 200 day moving average price of $10.93. Silver Standard Resources has a 52 week low of $4.39 and a 52 week high of $15.49. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 18.76 and a beta of -0.16.

Institutional Investors Weigh In On Silver Standard Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Strs Ohio purchased a new stake in Silver Standard Resources in the 1st quarter worth $50,000. AQR Capital Management LLC increased its holdings 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 valued at $863,000 after buying an additional 70,726 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings 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 valued at $4,113,000 after buying an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings 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 valued at $24,895,000 after buying an additional 529,035 shares during the period. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SSRM has been the subject of several research analyst reports. Wall Street Zen raised Silver Standard Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 26th. Cormark raised Silver Standard Resources from a "hold" rating to a "moderate buy" rating in a report on Tuesday, April 22nd. BMO Capital Markets began coverage on Silver Standard Resources in a report on Friday, July 18th. They set a "market perform" rating and a $13.50 price objective on the stock. National Bankshares reissued a "sector perform" rating on shares of Silver Standard Resources in a report on Wednesday, April 23rd. Finally, UBS Group restated a "neutral" rating and set a $13.85 target price (up previously from $12.35) on shares of Silver Standard Resources in a research report on Tuesday, June 24th. Six equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $11.28.

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.