Silver Standard Resources (NASDAQ:SSRM) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) from a hold rating to a strong-buy rating in a report issued on Thursday morning,Zacks.com reports.

A number of other brokerages have also commented on SSRM. BMO Capital Markets upgraded 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. Weiss Ratings upgraded Silver Standard Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, April 2nd. TD Securities upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Canadian Imperial Bank of Commerce upgraded 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, Bank of America upgraded Silver Standard Resources from an “underperform” rating to a “buy” rating in a report on Wednesday, March 4th. Two analysts have rated the stock with a Strong Buy rating and eight have issued a Buy rating to the stock. Based on data from MarketBeat.com, Silver Standard Resources presently has an average rating of “Buy” and an average target price of $37.25.

Silver Standard Resources Stock Performance

Shares of SSRM stock traded up $0.38 during trading hours on Thursday, reaching $29.19. 3,017,067 shares of the company’s stock were exchanged, compared to its average volume of 3,091,869. Silver Standard Resources has a fifty-two week low of $9.88 and a fifty-two week high of $36.51. The stock has a market capitalization of $6.32 billion, a P/E ratio of 15.78, a P/E/G ratio of 0.48 and a beta of -0.17. The business has a fifty day moving average price of $29.83 and a 200-day moving average price of $25.44. The company has a quick ratio of 1.25, a current ratio of 2.08 and a debt-to-equity ratio of 0.03.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings results on Tuesday, February 17th. The basic materials company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.29. Silver Standard Resources had a return on equity of 10.40% and a net margin of 24.28%.The company had revenue of $521.73 million during the quarter, compared to analyst estimates of $436.23 million. Analysts predict that Silver Standard Resources will post 3.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its position in 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 worth $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 increased its position in 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 purchasing an additional 201,525 shares during the period. AQR Capital Management LLC increased its position in Silver Standard Resources by 461.5% in 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 during the period. Finally, Strs Ohio acquired a new stake in shares of Silver Standard Resources during the first quarter worth $50,000. 68.30% of the stock is currently owned by institutional investors and hedge funds.

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.