Pinnacle Wealth Management Group Inc. Lowers Position in New Gold Inc. (NYSE:NGD)

Pinnacle Wealth Management Group Inc. cut its stake in shares of New Gold Inc. (NYSE:NGD) by 3.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 363,100 shares of the company’s stock after selling 12,450 shares during the period. Pinnacle Wealth Management Group Inc.’s holdings in New Gold were worth $1,046,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Morton Capital Management LLC CA grew its stake in New Gold by 23.3% during the second quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock worth $52,000 after buying an additional 5,000 shares during the period. Vanguard Personalized Indexing Management LLC lifted its stake in shares of New Gold by 15.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 47,722 shares of the company’s stock worth $93,000 after purchasing an additional 6,252 shares in the last quarter. Cubist Systematic Strategies LLC boosted its position in shares of New Gold by 7.2% in the second quarter. Cubist Systematic Strategies LLC now owns 179,209 shares of the company’s stock worth $354,000 after buying an additional 11,995 shares during the period. Scientech Research LLC acquired a new stake in shares of New Gold in the second quarter valued at about $28,000. Finally, Coppell Advisory Solutions Corp. purchased a new stake in shares of New Gold during the 1st quarter valued at about $30,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Scotiabank boosted their target price on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. Royal Bank of Canada increased their price target on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a report on Tuesday, September 10th. CIBC increased their target price on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Tuesday, October 1st. Finally, Cibc World Mkts raised New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, New Gold currently has a consensus rating of “Buy” and an average price target of $2.74.

New Gold Trading Up 0.4 %

NYSE NGD traded up $0.01 during trading on Friday, reaching $2.82. 9,525,841 shares of the company’s stock were exchanged, compared to its average volume of 8,043,182. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of -28.20 and a beta of 1.30. New Gold Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $3.25. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52. The stock has a fifty day moving average price of $2.67.

New Gold (NYSE:NGD) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The business had revenue of $218.20 million for the quarter. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. Equities analysts forecast that New Gold Inc. will post 0.15 EPS for the current fiscal year.

New Gold Company 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.