Silver Standard Resources (NASDAQ:SSRM) Hits New 12-Month High – Should You Buy?

Silver Standard Resources Inc. (NASDAQ:SSRM) (TSE:SSO) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $39.44 and last traded at $38.3360, with a volume of 457217 shares trading hands. The stock had previously closed at $37.75.

Wall Street Analyst Weigh In

SSRM has been the topic of several recent analyst reports. Bank of America reduced their price target on shares of Silver Standard Resources from $41.00 to $40.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Wall Street Zen downgraded shares of Silver Standard Resources from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Zacks Research lowered shares of Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 29th. Royal Bank Of Canada decreased their price target on shares of Silver Standard Resources from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Finally, UBS Group dropped their price objective on 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. One research 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 company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $41.60.

Silver Standard Resources Trading Up 2.7%

The business’s 50-day simple moving average is $30.60 and its 200 day simple moving average is $30.13. The firm has a market cap of $8.01 billion, a PE ratio of 35.15, a P/E/G ratio of 7.48 and a beta of -0.04.

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). The company had revenue of $443.80 million during the quarter, compared to analysts’ expectations of $483.84 million. Silver Standard Resources had a net margin of 12.30% and a return on equity of 16.17%. Analysts expect that Silver Standard Resources Inc. will post 3.87 earnings per share for the current year.

Silver Standard Resources Dividend Announcement

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

Hedge Funds Weigh In On Silver Standard Resources

Several hedge funds have recently made changes to their positions in SSRM. Goldman Sachs Group Inc. raised its position in 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 worth $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 stake in shares of 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 during the period. AQR Capital Management LLC raised its holdings in shares of Silver Standard Resources by 461.5% during the first 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 last quarter. Finally, Strs Ohio purchased a new position in shares of Silver Standard Resources during the first quarter worth $50,000. 68.30% of the stock is owned by institutional investors and hedge funds.

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.