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

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) was upgraded by analysts at Royal Bank Of Canada from a “sector perform” rating to an “outperform” rating in a research note issued on Wednesday, MarketBeat Ratings reports. The firm currently has a $40.00 price target on the basic materials company’s stock. Royal Bank Of Canada’s price target points to a potential upside of 34.18% from the company’s current price.

A number of other analysts have also weighed in on SSRM. BMO Capital Markets raised shares of Silver Standard Resources from a “market perform” rating to an “outperform” rating and set a $41.00 price target for the company in a report on Thursday, March 5th. Wall Street Zen raised shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Bank of America raised shares of Silver Standard Resources from an “underperform” rating to a “buy” rating in a report on Wednesday, March 4th. 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 price target for the company in a report on Thursday, March 12th. Finally, Weiss Ratings lowered shares of Silver Standard Resources from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Silver Standard Resources currently has an average rating of “Moderate Buy” and an average price target of $38.20.

Silver Standard Resources Stock Performance

NASDAQ SSRM opened at $29.81 on Wednesday. The firm has a market cap of $6.19 billion, a price-to-earnings ratio of 28.39, a PEG ratio of 0.38 and a beta of -0.14. The company has a 50 day moving average of $30.50 and a 200-day moving average of $26.76. The company has a current ratio of 5.33, a quick ratio of 4.57 and a debt-to-equity ratio of 0.01. 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 posted its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.34. The company had revenue of $581.78 million during the quarter, compared to analyst estimates 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 forecast that Silver Standard Resources will post 4.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silver Standard Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. boosted its position 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 worth $24,895,000 after purchasing an additional 529,035 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of 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 worth $4,113,000 after purchasing an additional 201,525 shares in the last quarter. AQR Capital Management LLC boosted 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 worth $863,000 after purchasing an additional 70,726 shares in the last quarter. Finally, Strs Ohio bought a new position in shares of Silver Standard Resources during the first quarter worth $50,000. 68.30% of the stock is owned by institutional investors.

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.