TD Cowen Upgrades Silver Standard Resources (NASDAQ:SSRM) to Buy

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) was upgraded by stock analysts at TD Cowen from a “hold” rating to a “buy” rating in a research note issued on Thursday, MarketBeat.com reports.

A number of other equities analysts also recently weighed in on SSRM. Zacks Research downgraded Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Bank of America boosted their price objective on Silver Standard Resources from $12.75 to $18.00 and gave the stock an “underperform” rating in a research report on Thursday, October 16th. UBS Group upped their price objective on Silver Standard Resources from $31.50 to $34.50 and gave the company a “buy” rating in a research note on Wednesday, January 14th. Scotiabank upgraded Silver Standard Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Thursday, October 23rd. Finally, Wall Street Zen lowered shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 10th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.60.

Silver Standard Resources Price Performance

SSRM opened at $26.26 on Thursday. Silver Standard Resources has a 1 year low of $7.55 and a 1 year high of $26.86. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.41 and a quick ratio of 1.24. The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of 25.25 and a beta of -0.11. The firm’s fifty day moving average price is $22.36 and its two-hundred day moving average price is $20.23.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings results on Tuesday, November 4th. The basic materials company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. Silver Standard Resources had a net margin of 15.36% and a return on equity of 6.46%. The company had revenue of $390.16 million for the quarter, compared to analyst estimates of $444.80 million. As a group, analysts anticipate that Silver Standard Resources will post 0.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Silver Standard Resources

Several institutional investors have recently added to or reduced their stakes in the business. Strs Ohio purchased a new position in shares of Silver Standard Resources in the first quarter worth about $50,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in 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 buying an additional 201,525 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in 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 buying an additional 529,035 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in 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 period. 68.30% of the stock is owned by hedge funds and other 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.