New Gold (NYSEAMERICAN:NGD) Trading 5.5% Higher

New Gold Inc. (NYSEAMERICAN:NGD – Get Rating)’s share price traded up 5.5% during mid-day trading on Friday . The stock traded as high as $0.89 and last traded at $0.88. 2,460,413 shares changed hands during trading, a decline of 17% from the average session volume of 2,970,581 shares. The stock had previously closed at $0.84.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Scotiabank assumed coverage on New Gold in a report on Friday, March 3rd. They set a “sector perform” rating for the company. TheStreet downgraded New Gold from a “c” rating to a “d” rating in a report on Tuesday, February 21st. TD Securities decreased their price target on New Gold from $0.95 to $0.90 and set a “reduce” rating for the company in a report on Friday, February 17th. Finally, National Bank Financial upped their price objective on New Gold from C$1.60 to C$1.75 in a research note on Friday, January 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $1.48.

New Gold Price Performance

The company has a market cap of $607.67 million, a PE ratio of -8.90, a price-to-earnings-growth ratio of 2.20 and a beta of 1.49. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.20 and a quick ratio of 1.53.

New Gold (NYSEAMERICAN:NGD – Get Rating) last announced its quarterly earnings data on Thursday, February 16th. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). New Gold had a negative return on equity of 2.67% and a negative net margin of 11.05%. The firm had revenue of $162.80 million during the quarter. On average, equities research analysts expect that New Gold Inc. will post 0.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Citigroup Inc. lifted its holdings in New Gold by 127.1% during the 1st quarter. Citigroup Inc. now owns 22,707 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 12,707 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in New Gold by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 806,010 shares of the basic materials company’s stock worth $1,451,000 after purchasing an additional 13,914 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in New Gold by 47.4% during the 1st quarter. Bank of New York Mellon Corp now owns 43,611 shares of the basic materials company’s stock worth $78,000 after purchasing an additional 14,033 shares in the last quarter. UBS Group AG lifted its holdings in New Gold by 4.4% during the 3rd quarter. UBS Group AG now owns 334,796 shares of the basic materials company’s stock worth $294,000 after purchasing an additional 14,179 shares in the last quarter. Finally, Moors & Cabot Inc. lifted its holdings in New Gold by 19.5% during the 4th quarter. Moors & Cabot Inc. now owns 87,250 shares of the basic materials company’s stock worth $131,000 after purchasing an additional 14,250 shares in the last quarter. Hedge funds and other institutional investors own 31.92% of the company’s stock.

About New Gold

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New Gold, Inc is a gold mining company, which engages in the operation, development and exploration of mineral properties. Its portfolio includes Rainy RIver, New Afton, and Cerro San Pedro. The company was founded on January 31, 1980 and is headquartered in Toronto, Canada.