Silver Standard Resources (NASDAQ:SSRM) Reaches New 12-Month High - Here's Why

Key Points

• Silver Standard Resources reached a new 52-week high, trading as high as $36.54 and closing near $36.38, up 1.3% from its prior close.
• Analysts remain broadly positive, with an average rating of “Moderate Buy” and an average price target of $41.60, despite several firms trimming their targets.
• The company narrowly missed quarterly expectations, reporting $0.66 in EPS versus $0.67 expected and revenue of $443.8 million versus $483.84 million expected. It also declared a quarterly dividend of $0.03 per share, while institutional investors own 68.3% of the stock.

Silver Standard Resources Inc. (NASDAQ:SSRM - Get Free Report) TSE: SSO reached a new 52-week high during trading on Thursday . The stock traded as high as $36.54 and last traded at $36.38, with a volume of 818757 shares trading hands. The stock had previously closed at $35.38.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Bank of America lowered 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 note on Thursday, July 9th. UBS Group decreased their price target on shares of Silver Standard Resources from $43.00 to $40.00 and set a "buy" rating on the stock in a research note 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. Royal Bank Of Canada cut their price objective on shares of Silver Standard Resources from $40.00 to $39.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Finally, Weiss Ratings raised shares of Silver Standard Resources from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $41.60.

Silver Standard Resources Trading Up 1.3%

The firm has a fifty day moving average price of $28.96 and a 200 day moving average price of $29.21. The firm has a market cap of $7.40 billion, a PE ratio of 32.59, a price-to-earnings-growth ratio of 6.53 and a beta of -0.10.

Silver Standard Resources (NASDAQ:SSRM - Get Free Report) TSE: SSO last announced its quarterly earnings data on Tuesday, August 4th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.67 by ($0.01). The firm had revenue of $443.80 million during the quarter, compared to analysts' expectations of $483.84 million. Silver Standard Resources had a net margin of 12.30% and a return on equity of 16.17%. As a group, equities analysts predict that Silver Standard Resources Inc. will post 3.92 earnings per share for the current year.

Silver Standard Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, August 14th. Silver Standard Resources's dividend payout ratio is 10.91%.

Institutional Trading of Silver Standard Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. Strs Ohio acquired a new position in Silver Standard Resources in the first quarter valued at about $50,000. AQR Capital Management LLC increased its position in shares of 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 acquiring an additional 70,726 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Silver Standard Resources by 96.6% in 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 valued at $4,113,000 after acquiring an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Silver Standard Resources by 27.1% in 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 period. 68.30% of the stock is owned by institutional investors and hedge funds.

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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