Pekin Hardy Strauss Inc. Purchases Shares of 182,750 New Gold Inc. (NYSE:NGD)

Pekin Hardy Strauss Inc. acquired a new stake in New Gold Inc. (NYSE:NGD) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 182,750 shares of the company’s stock, valued at approximately $356,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CIBC Asset Management Inc purchased a new position in New Gold during the 4th quarter valued at about $893,000. Quadrature Capital Ltd lifted its stake in New Gold by 205.3% in the fourth quarter. Quadrature Capital Ltd now owns 1,635,733 shares of the company’s stock worth $2,374,000 after acquiring an additional 1,099,933 shares during the period. Edmond DE Rothschild Holding S.A. bought a new stake in New Gold in the first quarter valued at $1,074,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in New Gold during the 2nd quarter valued at $458,000. Finally, Headlands Technologies LLC bought a new position in New Gold in the 2nd quarter worth $366,000. 42.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Royal Bank of Canada boosted their price target on shares of New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. TD Securities raised New Gold from a “sell” rating to a “hold” rating in a research report on Tuesday, May 21st. BMO Capital Markets assumed coverage on New Gold in a research report on Friday, May 31st. They set an “outperform” rating and a $3.50 price target on the stock. Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Finally, Scotiabank boosted their target price on shares of New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a report on Tuesday. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, New Gold presently has a consensus rating of “Moderate Buy” and a consensus target price of $2.74.

New Gold Trading Down 3.0 %

NYSE NGD opened at $3.04 on Wednesday. The business has a fifty day moving average of $2.40. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.98 and a current ratio of 1.50. The stock has a market capitalization of $2.40 billion, a PE ratio of -30.35 and a beta of 1.29. New Gold Inc. has a 12 month low of $0.86 and a 12 month high of $3.20.

New Gold (NYSE:NGD) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $218.20 million during the quarter. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. As a group, analysts forecast that New Gold Inc. will post 0.14 earnings per share for the current fiscal year.

New Gold Profile

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.