Silver Standard Resources (NASDAQ:SSRM) Shares Gap Up – Here’s What Happened

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $35.83, but opened at $36.97. Silver Standard Resources shares last traded at $37.6450, with a volume of 182,042 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have commented on SSRM. Bank of America decreased their target price on Silver Standard Resources from $41.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Zacks Research cut Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 29th. Wall Street Zen downgraded Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 18th. Weiss Ratings upgraded Silver Standard Resources from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Finally, Royal Bank Of Canada dropped their target price on Silver Standard Resources from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $41.60.

Silver Standard Resources Trading Up 3.0%

The stock has a market capitalization of $7.93 billion, a price-to-earnings ratio of 35.35, a PEG ratio of 7.88 and a beta of -0.04. The firm has a 50-day moving average of $30.80 and a 200 day moving average of $30.21.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings results on Tuesday, August 4th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.01). Silver Standard Resources had a return on equity of 16.17% and a net margin of 12.30%.The business had revenue of $443.80 million for the quarter, compared to analyst estimates of $483.84 million. Equities research analysts predict that Silver Standard Resources Inc. will post 3.87 EPS for the current fiscal year.

Silver Standard Resources Announces Dividend

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

Institutional Trading of Silver Standard Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Strs Ohio bought a new position in shares of Silver Standard Resources in the first quarter valued at approximately $50,000. AQR Capital Management LLC increased its position 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 valued at $863,000 after purchasing an additional 70,726 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised 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 acquiring an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Silver Standard Resources by 27.1% in the 1st 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 last quarter. 68.30% of the stock is currently owned by institutional investors.

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.