Pekin Hardy Strauss Inc. Decreases Position in New Gold Inc. $NGD

Pekin Hardy Strauss Inc. decreased its position in shares of New Gold Inc. (NYSE:NGD) by 12.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 474,250 shares of the company’s stock after selling 67,500 shares during the quarter. Pekin Hardy Strauss Inc. owned 0.06% of New Gold worth $2,348,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in NGD. Cary Street Partners Financial LLC bought a new position in New Gold in the 1st quarter valued at approximately $37,000. Nwam LLC purchased a new position in shares of New Gold in the first quarter worth $45,000. Private Advisor Group LLC bought a new position in shares of New Gold during the first quarter valued at $50,000. Banque Cantonale Vaudoise purchased a new stake in shares of New Gold during the first quarter valued at $56,000. Finally, Tradition Wealth Management LLC bought a new stake in New Gold in the 1st quarter worth about $56,000. Institutional investors own 42.82% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on NGD shares. National Bankshares restated an “outperform” rating on shares of New Gold in a research note on Thursday, October 30th. TD Securities restated a “hold” rating and issued a $7.50 target price on shares of New Gold in a report on Thursday, October 30th. CIBC boosted their target price on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research note on Friday, October 10th. Raymond James Financial reissued a “market perform” rating and set a $7.00 price target on shares of New Gold in a report on Friday, October 10th. Finally, Scotiabank lifted their price objective on New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a report on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, New Gold presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.63.

New Gold Stock Up 1.8%

NGD opened at $6.92 on Friday. The firm’s 50 day simple moving average is $6.77 and its two-hundred day simple moving average is $5.31. The company has a market capitalization of $5.48 billion, a PE ratio of 53.23 and a beta of 0.52. New Gold Inc. has a 1-year low of $2.43 and a 1-year high of $7.71. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

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.