Essex Investment Management Co. LLC decreased its holdings in New Gold Inc (NYSEAMERICAN:NGD) by 67.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 250,000 shares of the basic materials company’s stock after selling 525,000 shares during the period. Essex Investment Management Co. LLC’s holdings in New Gold were worth $220,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in NGD. State Street Corp purchased a new stake in New Gold during the third quarter valued at approximately $35,000. Oxbow Advisors LLC increased its position in shares of New Gold by 96.5% during the 4th quarter. Oxbow Advisors LLC now owns 61,500 shares of the basic materials company’s stock valued at $54,000 after purchasing an additional 30,200 shares during the last quarter. Stifel Financial Corp increased its position in shares of New Gold by 238.3% during the 3rd quarter. Stifel Financial Corp now owns 59,626 shares of the basic materials company’s stock valued at $61,000 after purchasing an additional 42,000 shares during the last quarter. Financial Counselors Inc. raised its holdings in New Gold by 33.8% during the 4th quarter. Financial Counselors Inc. now owns 79,100 shares of the basic materials company’s stock valued at $70,000 after buying an additional 20,000 shares during the period. Finally, Signition LP raised its holdings in New Gold by 96.4% during the 3rd quarter. Signition LP now owns 70,100 shares of the basic materials company’s stock valued at $71,000 after buying an additional 34,400 shares during the period. 51.53% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have commented on NGD shares. CIBC lowered shares of New Gold from a “neutral” rating to a “sector underperform” rating and set a $0.60 price objective for the company. in a research note on Friday, February 14th. Raymond James boosted their price objective on shares of New Gold from $1.25 to $1.50 and gave the company a “market perform” rating in a research report on Wednesday. Canaccord Genuity reissued a “buy” rating and issued a $1.50 target price on shares of New Gold in a research note on Friday, February 14th. TD Securities lowered their target price on shares of New Gold from $1.15 to $0.95 and set a “hold” rating for the company in a report on Friday, February 14th. Finally, Zacks Investment Research raised shares of New Gold from a “strong sell” rating to a “hold” rating in a research note on Saturday, February 22nd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. New Gold currently has a consensus rating of “Hold” and an average target price of $1.03.
New Gold (NYSEAMERICAN:NGD) last posted its quarterly earnings data on Thursday, February 13th. The basic materials company reported ($0.04) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.04). The business had revenue of $139.20 million for the quarter.
About New Gold
New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.
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