Shares of New Gold Inc. (NYSEAMERICAN:NGD – Get Free Report) rose 4.2% on Thursday . The stock traded as high as $1.24 and last traded at $1.24. Approximately 343,800 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 3,074,630 shares. The stock had previously closed at $1.19.
Wall Street Analysts Forecast Growth
NGD has been the topic of several analyst reports. BMO Capital Markets upped their price objective on New Gold from $2.00 to $2.25 and gave the company an “outperform” rating in a research note on Friday, October 6th. TD Securities boosted their target price on New Gold from $1.00 to $1.05 and gave the stock a “reduce” rating in a report on Friday, October 27th. StockNews.com downgraded New Gold from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. TheStreet raised New Gold from a “d” rating to a “c-” rating in a report on Thursday, July 27th. Finally, CSFB reduced their target price on New Gold from $1.20 to $1.15 and set a “neutral” rating on the stock in a report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $1.55.
New Gold Trading Down 3.2 %
New Gold (NYSEAMERICAN:NGD – Get Free Report) last issued its quarterly earnings results on Wednesday, October 25th. The basic materials company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. The firm had revenue of $201.30 million for the quarter. New Gold had a negative net margin of 7.20% and a positive return on equity of 5.19%. As a group, sell-side analysts expect that New Gold Inc. will post 0.06 earnings per share for the current year.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the stock. Van ECK Associates Corp lifted its position in shares of New Gold by 9.0% in the first quarter. Van ECK Associates Corp now owns 72,242,626 shares of the basic materials company’s stock valued at $79,467,000 after buying an additional 5,959,821 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of New Gold by 3.3% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 16,673,182 shares of the basic materials company’s stock valued at $18,134,000 after buying an additional 528,500 shares during the last quarter. Invesco Ltd. lifted its holdings in New Gold by 48.4% during the 1st quarter. Invesco Ltd. now owns 16,612,687 shares of the basic materials company’s stock worth $29,903,000 after purchasing an additional 5,421,488 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in New Gold by 8.0% during the 2nd quarter. Renaissance Technologies LLC now owns 15,772,864 shares of the basic materials company’s stock worth $17,035,000 after purchasing an additional 1,167,000 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in New Gold by 10.1% during the 1st quarter. American Century Companies Inc. now owns 6,894,734 shares of the basic materials company’s stock worth $7,652,000 after purchasing an additional 631,501 shares during the last quarter. 31.78% of the stock is owned by institutional investors and hedge funds.
About New Gold
New Gold Inc, an intermediate gold mining company, engages in the exploration, development, and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River mine located in Ontario, Canada; New Afton mine situated in British Columbia, Canada; and the Cerro San Pedro mine in San Luis Potosí, Mexico.
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