Invenomic Capital Management LP Trims Position in New Gold Inc. (NYSE:NGD)

Invenomic Capital Management LP trimmed its position in shares of New Gold Inc. (NYSE:NGD) by 63.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,020,380 shares of the company’s stock after selling 6,921,235 shares during the quarter. Invenomic Capital Management LP owned 0.51% of New Gold worth $11,579,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. HighTower Advisors LLC increased its stake in shares of New Gold by 505.1% during the third quarter. HighTower Advisors LLC now owns 111,360 shares of the company’s stock worth $320,000 after acquiring an additional 92,956 shares during the period. Centiva Capital LP acquired a new position in shares of New Gold during the third quarter worth about $595,000. ArrowMark Colorado Holdings LLC acquired a new position in shares of New Gold during the third quarter worth about $4,787,000. Captrust Financial Advisors increased its stake in shares of New Gold by 17.6% during the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock worth $129,000 after acquiring an additional 6,700 shares during the period. Finally, Walleye Capital LLC acquired a new position in shares of New Gold during the third quarter worth about $287,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

New Gold Stock Up 3.7 %

NGD stock opened at $2.82 on Tuesday. The company’s 50 day simple moving average is $2.81 and its 200-day simple moving average is $2.47. The firm has a market capitalization of $2.23 billion, a PE ratio of 136.00 and a beta of 1.32. New Gold Inc. has a 12 month low of $1.09 and a 12 month high of $3.25. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84.

New Gold (NYSE:NGD) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.04 by $0.04. The business had revenue of $252.00 million for the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. Equities analysts expect that New Gold Inc. will post 0.18 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NGD has been the topic of a number of recent analyst reports. Royal Bank of Canada boosted their price target on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, Scotiabank upped 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. One research analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $3.41.

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.