Zacks Investment Research Lowers SSR Mining (NASDAQ:SSRM) to Hold

Zacks Investment Research lowered shares of SSR Mining (NASDAQ:SSRM) (TSE:SSO) from a strong-buy rating to a hold rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “SSR Mining Inc. is a mining company. It focused on the operation, development, exploration and acquisition of precious metal projects. The company primarily explores for gold, silver, and mineral properties. It principally serves electronics, coin fabrication, dentistry, jewelry, other industrial, technology, pharmaceuticals and solar energy markets. SSR Mining Inc, formerly known as Silver Standard Resources Inc, is based in Vancouver, Canada. “

SSRM has been the topic of a number of other research reports. CIBC reiterated a buy rating and set a $19.50 price target on shares of SSR Mining in a research report on Tuesday, October 15th. BidaskClub downgraded SSR Mining from a buy rating to a hold rating in a research report on Tuesday, January 7th. B. Riley upgraded SSR Mining from a neutral rating to a buy rating and increased their price target for the stock from $16.70 to $23.00 in a research report on Wednesday, November 13th. Finally, ValuEngine downgraded SSR Mining from a hold rating to a sell rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. SSR Mining presently has an average rating of Hold and an average target price of $18.71.

SSRM stock traded up $0.49 during mid-day trading on Thursday, reaching $18.35. 1,113,500 shares of the company’s stock were exchanged, compared to its average volume of 1,135,105. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 63.79 and a beta of -0.41. The stock’s 50 day moving average is $17.68 and its 200 day moving average is $15.85. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.98 and a quick ratio of 2.86. SSR Mining has a 12-month low of $10.59 and a 12-month high of $19.42.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last issued its quarterly earnings results on Tuesday, November 5th. The basic materials company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.09. The company had revenue of $147.85 million for the quarter, compared to the consensus estimate of $195.93 million. SSR Mining had a return on equity of 6.38% and a net margin of 6.13%. SSR Mining’s revenue for the quarter was up 28.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.09 earnings per share. On average, research analysts forecast that SSR Mining will post 0.79 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of SSRM. Amundi Pioneer Asset Management Inc. increased its holdings in shares of SSR Mining by 39.7% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 666,859 shares of the basic materials company’s stock valued at $8,443,000 after purchasing an additional 189,659 shares during the last quarter. Parametric Portfolio Associates LLC acquired a new stake in SSR Mining during the second quarter worth $314,000. Vanguard Group Inc. increased its stake in SSR Mining by 3.8% during the second quarter. Vanguard Group Inc. now owns 3,234,557 shares of the basic materials company’s stock worth $44,216,000 after acquiring an additional 117,919 shares during the last quarter. Invesco Ltd. increased its stake in SSR Mining by 7,205.2% during the second quarter. Invesco Ltd. now owns 836,594 shares of the basic materials company’s stock worth $11,436,000 after acquiring an additional 825,142 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in SSR Mining by 117.7% during the second quarter. Bank of America Corp DE now owns 212,477 shares of the basic materials company’s stock worth $2,905,000 after acquiring an additional 114,878 shares during the last quarter. 58.85% of the stock is owned by hedge funds and other institutional investors.

SSR Mining Company Profile

SSR Mining Inc engages in the acquisition, exploration, development, and operation of precious metal resource properties in the Americas. The company primarily explores for gold and silver deposits. Its projects include the Marigold mine located in Humboldt County, Nevada, the United States; the Seabee Gold Operation located in Saskatchewan, Canada; and the Puna Operations in Jujuy, Argentina.

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