Silver Standard Resources (NASDAQ:SSRM) Raised to “Sector Outperform” at Canadian Imperial Bank of Commerce

Silver Standard Resources (NASDAQ:SSRM) (TSE:SSO) was upgraded by analysts at Canadian Imperial Bank of Commerce from a “neutral” rating to a “sector outperform” rating in a report issued on Thursday, Marketbeat Ratings reports. The brokerage currently has a $48.00 price objective on the basic materials company’s stock. Canadian Imperial Bank of Commerce’s price target indicates a potential upside of 70.33% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the company. Weiss Ratings upgraded Silver Standard Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 6th. UBS Group upped their target price on Silver Standard Resources from $36.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, February 18th. TD Securities upgraded Silver Standard Resources from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 22nd. Wall Street Zen raised Silver Standard Resources from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Finally, Zacks Research downgraded Silver Standard Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Silver Standard Resources has a consensus rating of “Buy” and an average price target of $36.00.

Silver Standard Resources Stock Down 4.4%

SSRM stock opened at $28.18 on Thursday. The firm has a market cap of $5.72 billion, a PE ratio of 15.23, a P/E/G ratio of 0.48 and a beta of -0.18. Silver Standard Resources has a 12 month low of $8.65 and a 12 month high of $33.49. 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 50 day simple moving average of $26.72 and a 200 day simple moving average of $23.69.

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

Institutional Trading of Silver Standard Resources

A number of hedge funds have recently modified their holdings of SSRM. Strs Ohio acquired a new stake in shares of Silver Standard Resources in the first quarter worth $50,000. AQR Capital Management LLC lifted its stake in 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 acquiring an additional 70,726 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in 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 acquiring an additional 201,525 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted 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 acquiring an additional 529,035 shares during the period. Hedge funds and other institutional investors own 68.30% of the company’s stock.

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.