Silver Standard Resources (NASDAQ:SSRM) Upgraded by Canadian Imperial Bank of Commerce to Sector Outperform Rating

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) was upgraded by stock analysts at Canadian Imperial Bank of Commerce from a “neutral” rating to a “sector outperform” rating in a report released on Thursday, Marketbeat Ratings reports. The firm presently has a $48.00 price target on the basic materials company’s stock. Canadian Imperial Bank of Commerce’s target price would indicate a potential upside of 58.36% from the company’s previous close.

A number of other research firms have also recently issued reports on SSRM. TD Securities upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. TD Cowen upgraded Silver Standard Resources from a “hold” rating to a “buy” rating in a research report on Thursday, January 22nd. UBS Group boosted 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. Weiss Ratings upgraded shares of Silver Standard Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 6th. Finally, Wall Street Zen upgraded shares of Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Silver Standard Resources has a consensus rating of “Buy” and a consensus target price of $36.00.

Silver Standard Resources Stock Performance

Silver Standard Resources stock opened at $30.31 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.08 and a quick ratio of 1.25. The firm has a market capitalization of $6.15 billion, a P/E ratio of 16.38, a price-to-earnings-growth ratio of 0.50 and a beta of -0.18. Silver Standard Resources has a 1-year low of $8.65 and a 1-year high of $33.49. The company’s 50-day moving average is $26.44 and its 200 day moving average is $23.57.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Strs Ohio purchased a new position in Silver Standard Resources during the 1st quarter valued at about $50,000. AQR Capital Management LLC lifted its position 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 purchasing an additional 70,726 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Silver Standard Resources by 96.6% during 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 valued at $4,113,000 after purchasing an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake 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 purchasing an additional 529,035 shares in the last quarter. 68.30% of the stock is currently owned by institutional investors.

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.