Empyrean Capital Partners LP Sells 309,000 Shares of New Gold Inc. (NYSE:NGD)

Empyrean Capital Partners LP decreased its holdings in New Gold Inc. (NYSE:NGD) by 10.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,610,000 shares of the company’s stock after selling 309,000 shares during the period. Empyrean Capital Partners LP owned about 0.33% of New Gold worth $6,473,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in shares of New Gold by 2.0% during the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock worth $1,084,000 after purchasing an additional 7,394 shares in the last quarter. DGS Capital Management LLC acquired a new stake in New Gold in the fourth quarter worth about $30,000. Caprock Group LLC boosted its holdings in New Gold by 118.2% in the fourth quarter. Caprock Group LLC now owns 1,745,627 shares of the company’s stock worth $4,329,000 after acquiring an additional 945,453 shares in the last quarter. JGP Global Gestao de Recursos Ltda. grew its position in New Gold by 27.8% during the 4th quarter. JGP Global Gestao de Recursos Ltda. now owns 6,500,000 shares of the company’s stock worth $16,120,000 after purchasing an additional 1,412,003 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in New Gold by 0.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock worth $3,669,000 after acquiring an additional 4,500 shares during the last quarter. Institutional investors own 42.82% of the company’s stock.

New Gold Stock Down 1.5 %

Shares of NYSE:NGD opened at $4.02 on Friday. The business has a 50-day moving average price of $3.41 and a 200 day moving average price of $2.99. New Gold Inc. has a 12-month low of $1.74 and a 12-month high of $4.21. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of 30.93 and a beta of 0.54.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on NGD shares. Scotiabank reiterated an “outperform” rating on shares of New Gold in a research report on Monday, April 14th. National Bank Financial raised shares of New Gold to a “strong-buy” rating in a report on Friday, March 21st. CIBC upped their price target on shares of New Gold from $3.40 to $4.75 and gave the company an “outperformer” rating in a report on Thursday. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research report on Friday. Finally, National Bankshares reissued an “outperform” rating on shares of New Gold in a report on Wednesday, April 2nd. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $4.04.

New Gold 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.