First Trust Advisors LP Expands Portfolio with Higher Stock Holdings in SSR Mining Inc.

SSRM Stock

First Trust Advisors LP has reported a 2,691.6% increase in its holdings in SSR Mining Inc. (SSRM:NSD) in the third quarter of 2022, according to its most recent Form 13F filing with the US Securities and Exchange Commission.

The institutional investor increased its ownership to 2,804,099 shares of the SSRM stock, worth $41,241,000 by the end of the quarter, following the purchase of an additional 2,703,652 shares.

Hedge funds and other institutional investors currently own 57.81% of the SSRM stock. Other institutional investors, including Penn Capital Management Company LLC and Prudential Financial Inc. have also modified their holdings in SSR Mining.

 

SSRM Stock Price Analysis:

SSRM stock price opened at $13.74 on Tuesday, with a market cap of $2.84 billion, a PE ratio of 15.44, and a P/E/G ratio of 4.28. SSR Mining also recently announced that it would pay a quarterly dividend of $0.07 per share on Thursday, March 30th, representing a dividend yield of 2.04%.

SSRM stock currently has a  consensus “Strong Buy” rating on with an average target price of $24.22.

SSRM Ratings by Stock Target Advisor

SSRM Stock-Analyst Ratings:

Price targets for SSR Mining have been adjusted by several analysts. On November 9th, Canaccord Genuity Group issued a research note lowering their target price from C$26.00 to C$25.00 and providing a “buy” rating for the company.

On February 14th, National Bank Financial lowered their price target from C$26.00 to C$23.00, while BMO Capital Markets also lowered their target from $23.00 to $19.00 and rated the company as “outperform.”

TD Securities lowered their target from C$36.00 to C$33.00 on February 13th, and Scotiabank lowered their target from C$30.00 to C$29.50 on January 18th.

SSRM Ratings by Stock Target Advisor

Company Profile:

SSR Mining Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and operation of precious metal resource properties in Turkey and the Americas.

The company explores gold, silver, copper, lead, and zinc deposits. Its projects include the Çöpler Gold mine located in Erzincan province, Turkey; the Marigold mine located in Nevada, the United States; the Seabee Gold Operation located in Saskatchewan, Canada; and the Puna Operations in Jujuy province, Argentina.

The company was formerly known as Silver Standard Resources Inc. and changed its name to SSR Mining Inc. in August 2017. SSR Mining Inc. was incorporated in 1946 and is based in Denver, Colorado.

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