Principal Financial Group Inc. Lowers Stake in SSR Mining Inc. (NASDAQ:SSRM)

Principal Financial Group Inc. lessened its stake in shares of SSR Mining Inc. (NASDAQ:SSRM) (TSE:SSO) by 20.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,263 shares of the basic materials company’s stock after selling 2,889 shares during the period. Principal Financial Group Inc.’s holdings in SSR Mining were worth $78,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Cibc World Market Inc. raised its position in shares of SSR Mining by 22.1% during the 4th quarter. Cibc World Market Inc. now owns 3,730,876 shares of the basic materials company’s stock worth $25,967,000 after purchasing an additional 674,793 shares during the last quarter. Two Sigma Advisers LP raised its position in shares of SSR Mining by 16.2% during the 3rd quarter. Two Sigma Advisers LP now owns 3,320,384 shares of the basic materials company’s stock worth $18,860,000 after purchasing an additional 462,000 shares during the last quarter. Tidal Investments LLC raised its position in shares of SSR Mining by 6.4% during the 3rd quarter. Tidal Investments LLC now owns 2,766,447 shares of the basic materials company’s stock worth $15,713,000 after purchasing an additional 166,130 shares during the last quarter. National Bank of Canada FI raised its position in shares of SSR Mining by 3.8% during the 3rd quarter. National Bank of Canada FI now owns 2,737,848 shares of the basic materials company’s stock worth $15,551,000 after purchasing an additional 100,946 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of SSR Mining by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,548,252 shares of the basic materials company’s stock worth $8,794,000 after purchasing an additional 220,349 shares during the last quarter. Institutional investors and hedge funds own 68.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. UBS Group upped their price target on shares of SSR Mining from $7.15 to $12.05 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Royal Bank of Canada upgraded shares of SSR Mining from an “underperform” rating to a “sector perform” rating and increased their price objective for the company from $5.50 to $8.00 in a report on Wednesday, February 5th. CIBC increased their price objective on shares of SSR Mining from $8.25 to $9.75 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, StockNews.com upgraded shares of SSR Mining from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $9.93.

SSR Mining Stock Down 2.4 %

SSRM stock opened at $9.91 on Friday. The company has a market cap of $2.01 billion, a price-to-earnings ratio of -7.68, a PEG ratio of 0.37 and a beta of 0.53. The company has a current ratio of 4.70, a quick ratio of 1.97 and a debt-to-equity ratio of 0.08. SSR Mining Inc. has a 12 month low of $3.91 and a 12 month high of $10.91. The firm has a 50-day moving average of $8.55 and a two-hundred day moving average of $6.88.

SSR Mining (NASDAQ:SSRM) (TSE:SSO) last announced its quarterly earnings results on Tuesday, February 18th. The basic materials company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.08). The firm had revenue of $323.19 million for the quarter, compared to analyst estimates of $262.20 million. SSR Mining had a positive return on equity of 1.46% and a negative net margin of 26.24%. As a group, analysts forecast that SSR Mining Inc. will post 0.73 earnings per share for the current fiscal year.

SSR Mining Company Profile

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.