National Bank Financial Upgrades Silver Standard Resources (NASDAQ:SSRM) to “Outperform”

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) was upgraded by investment analysts at National Bank Financial from a “sector perform” rating to an “outperform” rating in a note issued to investors on Wednesday, Marketbeat.com reports.

A number of other research firms have also recently weighed in on SSRM. Zacks Research cut shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. UBS Group lifted their target price on shares of Silver Standard Resources from $36.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, February 18th. Wall Street Zen raised Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. TD Securities raised Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Silver Standard Resources in a report on Thursday, January 22nd. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Silver Standard Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.38.

Silver Standard Resources Stock Performance

Shares of SSRM stock traded up $3.47 during mid-day trading on Wednesday, reaching $32.40. The stock had a trading volume of 2,941,713 shares, compared to its average volume of 4,075,725. The firm’s 50 day simple moving average is $25.40 and its 200 day simple moving average is $23.01. 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 has a one year low of $8.65 and a one year high of $33.21. The firm has a market cap of $6.58 billion, a PE ratio of 17.51, a P/E/G ratio of 0.53 and a beta of -0.18.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings data on Tuesday, February 17th. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.29. The business had revenue of $521.73 million for the quarter, compared to analysts’ expectations of $436.23 million. Silver Standard Resources had a return on equity of 10.40% and a net margin of 24.28%. On average, analysts forecast that Silver Standard Resources will post 0.73 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SSRM. Strs Ohio bought a new stake in Silver Standard Resources during the first quarter worth about $50,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings 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 acquiring an additional 201,525 shares in the last quarter. 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 valued at $24,895,000 after buying an additional 529,035 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake 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 worth $863,000 after purchasing an additional 70,726 shares during the period. Institutional investors own 68.30% of the company’s stock.

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.