Silver Standard Resources (NASDAQ:SSRM) Rating Increased to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Silver Standard Resources (SSRM) from a "hold" to a strong-buy, and overall analyst coverage skews positive with 2 Strong Buy and 8 Buy ratings, an average rating of "Buy" and an average price target of $37.25 (individual targets up to $48 and $42).
• SSRM reported a strong quarter with $0.88 EPS vs. $0.59 expected and $521.7M revenue vs. $436.2M expected, the stock trades around $29.19 with a $6.32B market cap, and institutional investors (AQR, UBS AM, Goldman) have increased positions, bringing institutional ownership to about 68.3%.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Thursday,Zacks.com reports.

Other analysts have also issued reports about the stock. UBS Group boosted their target price on shares of Silver Standard Resources from $41.00 to $42.00 and gave the company a "buy" rating in a research note on Friday, March 27th. Wall Street Zen lowered shares of Silver Standard Resources from a "strong-buy" rating to a "buy" rating in a research note on Saturday, April 18th. TD Securities raised shares of Silver Standard Resources from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 22nd. 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 target price for the company in a research note on Thursday, March 12th. Finally, BMO Capital Markets raised shares of Silver Standard Resources from a "market perform" rating to an "outperform" rating and set a $41.00 target price for the company in a research note on Thursday, March 5th. Two investment analysts have rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. According to MarketBeat, Silver Standard Resources presently has an average rating of "Buy" and an average price target of $37.25.

Silver Standard Resources Stock Up 1.3%

Shares of SSRM opened at $29.19 on Thursday. The firm has a market capitalization of $6.32 billion, a P/E ratio of 15.78, a P/E/G ratio of 0.48 and a beta of -0.17. Silver Standard Resources has a 12-month low of $9.88 and a 12-month high of $36.51. The company has a current ratio of 2.08, a quick ratio of 1.25 and a debt-to-equity ratio of 0.03. The firm has a fifty day moving average price of $29.83 and a 200-day moving average price of $25.44.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last issued its earnings results on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.29. The firm had revenue of $521.73 million during the quarter, compared to analyst estimates of $436.23 million. Silver Standard Resources had a net margin of 24.28% and a return on equity of 10.40%. Equities research analysts expect that Silver Standard Resources will post 3.93 earnings per share for the current year.

Institutional Trading of Silver Standard Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. Strs Ohio bought a new stake in shares of Silver Standard Resources in the first quarter valued at about $50,000. AQR Capital Management LLC raised its holdings in Silver Standard Resources by 461.5% in 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Silver Standard Resources by 96.6% in 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 in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Silver Standard Resources by 27.1% in 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 in the last quarter. 68.30% of the stock is currently owned by 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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