Silver Standard Resources (NASDAQ:SSRM) Upgraded by Royal Bank Of Canada to “Outperform” Rating

Royal Bank Of Canada upgraded shares of Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) from a sector perform rating to an outperform rating in a research report sent to investors on Wednesday morning, Marketbeat.com reports. The brokerage currently has $40.00 target price on the basic materials company’s stock, down from their prior target price of $45.00.

A number of other analysts also recently weighed in on SSRM. 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 on the stock in a research report on Thursday, March 12th. Zacks Research downgraded shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 29th. National Bank Financial raised shares of Silver Standard Resources from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, March 4th. 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 on the stock in a research report on Thursday, March 5th. Finally, Wall Street Zen raised shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $38.20.

Silver Standard Resources Stock Down 3.1%

NASDAQ:SSRM opened at $28.89 on Wednesday. The firm’s 50-day moving average price is $30.73 and its 200-day moving average price is $26.87. The company has a market capitalization of $5.99 billion, a PE ratio of 27.51, a P/E/G ratio of 0.38 and a beta of -0.14. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.33 and a quick ratio of 4.57. Silver Standard Resources has a 1-year low of $11.67 and a 1-year high of $36.51.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its earnings results on Tuesday, May 5th. The basic materials company reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.34. The firm had revenue of $581.78 million for the quarter, compared to the consensus estimate of $524.80 million. Silver Standard Resources had a net margin of 12.17% and a return on equity of 14.87%. On average, equities analysts predict that Silver Standard Resources will post 4.38 EPS for the current fiscal year.

Institutional Trading of Silver Standard Resources

Several institutional investors have recently bought and sold shares of SSRM. Strs Ohio bought a new position in Silver Standard Resources during the 1st quarter valued at about $50,000. AQR Capital Management LLC boosted its holdings in shares of 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of 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 acquiring an additional 201,525 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of 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 purchasing an additional 529,035 shares during the last quarter. 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.