New Gold (NYSE:NGD) Cut to Hold at StockNews.com

StockNews.com lowered shares of New Gold (NYSE:NGD) from a buy rating to a hold rating in a research report released on Thursday morning.

Other equities research analysts have also issued research reports about the company. Royal Bank of Canada raised their target price on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Scotiabank boosted their price objective 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. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. Finally, CIBC boosted their price target on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $2.74.

New Gold Stock Up 5.2 %

Shares of New Gold stock opened at $3.03 on Thursday. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52. New Gold has a 52-week low of $1.03 and a 52-week high of $3.25. The stock has a market capitalization of $2.40 billion, a P/E ratio of -30.30 and a beta of 1.30. The business has a 50 day moving average price of $2.74.

New Gold (NYSE:NGD) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate 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, research analysts anticipate that New Gold will post 0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp grew its holdings in shares of New Gold by 8.4% during the first quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock worth $123,249,000 after buying an additional 5,613,145 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of New Gold by 13.5% in the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after purchasing an additional 2,399,200 shares during the period. Mackenzie Financial Corp raised its stake in shares of New Gold by 57.3% during the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after purchasing an additional 5,948,394 shares during the last quarter. Herr Investment Group LLC lifted its holdings in shares of New Gold by 40.4% during the second quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock worth $10,160,000 after purchasing an additional 1,499,745 shares during the period. Finally, TD Asset Management Inc grew its position in New Gold by 9.8% in the 2nd quarter. TD Asset Management Inc now owns 4,129,508 shares of the company’s stock valued at $8,148,000 after buying an additional 369,354 shares during the last quarter. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.