Bank of Nova Scotia cut its stake in Silver Standard Resources Inc. (NASDAQ:SSRI) (TSE:SSO) by 5.6% during the first quarter, Holdings Channel reports. The institutional investor owned 198,989 shares of the basic materials company’s stock after selling 11,768 shares during the period. Bank of Nova Scotia’s holdings in Silver Standard Resources were worth $2,113,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of SSRI. Harbour Capital Advisors LLC bought a new stake in Silver Standard Resources during the first quarter valued at about $116,000. Koch Industries Inc. bought a new stake in Silver Standard Resources during the first quarter valued at about $120,000. Legal & General Group Plc raised its stake in Silver Standard Resources by 85.4% in the first quarter. Legal & General Group Plc now owns 15,200 shares of the basic materials company’s stock valued at $161,000 after buying an additional 7,000 shares in the last quarter. A.R.T. Advisors LLC raised its stake in Silver Standard Resources by 84.0% in the fourth quarter. A.R.T. Advisors LLC now owns 19,500 shares of the basic materials company’s stock valued at $173,000 after buying an additional 8,900 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in Silver Standard Resources during the first quarter valued at about $215,000. Institutional investors own 46.21% of the company’s stock.

Shares of Silver Standard Resources Inc. (NASDAQ SSRI) opened at 9.30 on Friday. Silver Standard Resources Inc. has a 12 month low of $7.70 and a 12 month high of $15.84. The stock’s 50 day moving average is $9.79 and its 200 day moving average is $10.14. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 13.84 and a beta of -0.11.

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Several analysts have issued reports on SSRI shares. BMO Capital Markets set a $14.00 price target on shares of Silver Standard Resources and gave the stock a “buy” rating in a research report on Saturday, April 1st. Royal Bank Of Canada set a $13.00 price target on shares of Silver Standard Resources and gave the stock a “hold” rating in a research report on Monday, June 12th. ValuEngine lowered shares of Silver Standard Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, June 6th. Credit Suisse Group reiterated a “neutral” rating on shares of Silver Standard Resources in a research report on Tuesday, April 18th. Finally, Scotiabank reiterated a “sector perform” rating and set a $15.00 target price on shares of Silver Standard Resources in a research report on Thursday, April 13th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Silver Standard Resources currently has a consensus rating of “Hold” and an average target price of $13.40.

About Silver Standard Resources

Silver Standard Resources Inc is a resource company. The Company is engaged in the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. The Company’s segments include Pirquitas mine, Marigold mine, Seabee Gold Operation, and Exploration and evaluation properties.

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Institutional Ownership by Quarter for Silver Standard Resources (NASDAQ:SSRI)

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