Silver Standard Resources (NASDAQ:SSRM) Hits New 52-Week High – Here’s What Happened

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shares hit a new 52-week high during trading on Thursday . The company traded as high as $39.44 and last traded at $38.3360, with a volume of 457217 shares. The stock had previously closed at $37.75.

Analysts Set New Price Targets

SSRM has been the topic of a number of analyst reports. Wall Street Zen cut shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Weiss Ratings raised shares of Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Zacks Research lowered shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 29th. UBS Group cut their price objective on shares of Silver Standard Resources from $43.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Finally, Royal Bank Of Canada decreased 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 research report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Silver Standard Resources presently has an average rating of “Moderate Buy” and a consensus target price of $41.60.

Silver Standard Resources Stock Performance

The company has a 50 day moving average of $30.60 and a 200 day moving average of $30.13. The stock has a market capitalization of $8.01 billion, a price-to-earnings ratio of 35.15, a P/E/G ratio of 7.48 and a beta of -0.04.

Silver Standard Resources (NASDAQ:SSRM) (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 the consensus estimate of $0.67 by ($0.01). The business had revenue of $443.80 million for 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%. On average, equities analysts predict that Silver Standard Resources Inc. will post 3.87 EPS for the current fiscal year.

Silver Standard Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis 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 (DPR) is presently 10.91%.

Institutional Trading of Silver Standard Resources

Several institutional investors have recently added to or reduced their stakes in SSRM. AQR Capital Management LLC grew its position in Silver Standard Resources by 461.5% in 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 in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of 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 valued at $24,895,000 after purchasing an additional 529,035 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings 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 valued at $4,113,000 after purchasing an additional 201,525 shares in the last quarter. Finally, Strs Ohio acquired a new position in shares of Silver Standard Resources in the first quarter valued at approximately $50,000. Institutional investors and hedge funds own 68.30% of the company’s stock.

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.