Bank of New York Mellon Corp Buys 298,898 Shares of SSR Mining Inc. (NASDAQ:SSRM)

Bank of New York Mellon Corp grew its stake in SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) by 62.2% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 779,778 shares of the basic materials company’s stock after purchasing an additional 298,898 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.39% of SSR Mining worth $3,517,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its stake in SSR Mining by 17.9% during the 4th quarter. Russell Investments Group Ltd. now owns 62,462 shares of the basic materials company’s stock valued at $673,000 after acquiring an additional 9,481 shares in the last quarter. Private Advisor Group LLC purchased a new position in SSR Mining during the fourth quarter worth about $127,000. Fiera Capital Corp grew its position in SSR Mining by 39.8% in the 4th quarter. Fiera Capital Corp now owns 39,375 shares of the basic materials company’s stock worth $424,000 after purchasing an additional 11,200 shares in the last quarter. Norges Bank purchased a new stake in SSR Mining in the 4th quarter valued at about $24,398,000. Finally, Trexquant Investment LP lifted its position in shares of SSR Mining by 1,181.2% during the 4th quarter. Trexquant Investment LP now owns 340,645 shares of the basic materials company’s stock worth $3,665,000 after buying an additional 314,057 shares in the last quarter. Hedge funds and other institutional investors own 68.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. UBS Group reduced their target price on SSR Mining from $6.50 to $6.30 and set a “buy” rating for the company in a report on Thursday, August 8th. StockNews.com upgraded SSR Mining from a “sell” rating to a “hold” rating in a research note on Friday, May 24th. Finally, CIBC lifted their target price on SSR Mining from $5.50 to $5.75 and gave the stock a “neutral” rating in a research note on Wednesday, July 10th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, SSR Mining has an average rating of “Hold” and an average target price of $6.89.

SSR Mining Stock Performance

Shares of SSRM opened at $5.93 on Friday. SSR Mining Inc. has a 1 year low of $3.76 and a 1 year high of $15.24. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.54 and a quick ratio of 1.78. The stock’s fifty day moving average price is $5.15 and its two-hundred day moving average price is $4.97. The firm has a market cap of $1.20 billion, a PE ratio of -2.86, a PEG ratio of 0.52 and a beta of 0.73.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last released its quarterly earnings data on Wednesday, July 31st. The basic materials company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.02 by $0.02. The business had revenue of $184.84 million for the quarter. SSR Mining had a negative net margin of 39.15% and a positive return on equity of 5.01%. On average, equities research analysts forecast that SSR Mining Inc. will post 0.58 EPS for the current year.

About SSR Mining

SSR Mining Inc, together with its subsidiaries, engages in the operation, acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina. The company explores for gold doré, copper, silver, lead, and zinc deposits. Its mines include the Çöpler, located in Erzincan province, Turkey; the Marigold, located in Nevada, the United States; the Seabee, located in Saskatchewan, Canada; and the Puna, located in Jujuy province, Argentina.