Brokerages Set Silver Standard Resources Inc. (NASDAQ:SSRM) Price Target at $41.60

Shares of Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) have been assigned a consensus rating of “Moderate Buy” from the eleven analysts that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $41.60.

A number of analysts have recently issued reports on SSRM shares. Zacks Research cut Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 29th. Bank of America reduced their target price on Silver Standard Resources from $41.00 to $40.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Weiss Ratings upgraded shares of Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. UBS Group lowered their price target on shares of Silver Standard Resources from $43.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Finally, 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.

Silver Standard Resources Stock Up 0.1%

SSRM stock opened at $36.24 on Friday. Silver Standard Resources has a twelve month low of $18.19 and a twelve month high of $39.44. The company has a market cap of $7.39 billion, a PE ratio of 32.95, a price-to-earnings-growth ratio of 7.56 and a beta of -0.04. The business’s 50-day simple moving average is $31.71 and its 200 day simple moving average is $30.56.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its quarterly earnings results on Tuesday, August 4th. The basic materials company reported $0.66 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.01). The firm had revenue of $443.80 million during the quarter, compared to analyst estimates 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 research analysts anticipate that Silver Standard Resources will post 3.87 EPS for the current year.

Silver Standard Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Friday, August 14th were paid a $0.03 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. Silver Standard Resources’s payout ratio is presently 10.91%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its holdings in 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 purchasing an additional 529,035 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Silver Standard Resources by 96.6% in the 1st 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 buying an additional 201,525 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of 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 worth $863,000 after buying an additional 70,726 shares in the last quarter. Finally, Strs Ohio bought a new position in shares of Silver Standard Resources during the 1st quarter worth approximately $50,000. Institutional investors own 68.30% of the company’s stock.

About Silver Standard Resources

Silver Standard Resources Inc was a precious-metals mining company focused primarily on the exploration, development and production of silver and gold. The company also produced associated metals, including lead and zinc, from certain operations. Its assets included the Pirquitas silver mine and the Chinchillas silver-lead-zinc project in Argentina, which were combined into the Puna Operations.

Silver Standard expanded its portfolio through acquisitions, including the Marigold gold mine in Nevada and the Seabee gold operation in Saskatchewan.