Silver Standard Resources (NASDAQ:SSRM) Trading Up 10.3% After Dividend Announcement

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shot up 10.3% on Wednesday after the company announced a dividend. The stock traded as high as $29.33 and last traded at $29.33. Approximately 2,162,626 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 3,672,156 shares. The stock had previously closed at $26.58.

The newly announced dividend which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.12 dividend on an annualized basis and a yield of 0.4%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SSRM shares. Bank of America dropped their target price on shares of Silver Standard Resources from $41.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. UBS Group cut their target price on shares of Silver Standard Resources from $43.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Royal Bank Of Canada decreased their target price on Silver Standard Resources from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Zacks Research lowered Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 29th. Finally, Wall Street Zen lowered Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Silver Standard Resources has an average rating of “Moderate Buy” and a consensus target price of $41.60.

Silver Standard Resources Stock Performance

The firm’s fifty day moving average price is $28.23 and its 200 day moving average price is $28.71. The company has a current ratio of 5.33, a quick ratio of 4.57 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $6.05 billion, a PE ratio of 27.93, a PEG ratio of 5.55 and a beta of -0.09.

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) last posted its quarterly earnings results on Tuesday, August 4th. The basic materials company reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.01). Silver Standard Resources had a return on equity of 14.87% and a net margin of 12.17%.The company had revenue of $443.80 million during the quarter, compared to analyst estimates of $483.84 million. On average, research analysts anticipate that Silver Standard Resources Inc. will post 3.92 earnings per share for the current year.

Institutional Investors Weigh In On Silver Standard Resources

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