New Gold Inc. $NGD Shares Acquired by Eschler Asset Management LLP

Eschler Asset Management LLP raised its stake in New Gold Inc. (NYSE:NGD) by 304.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,579,297 shares of the company’s stock after buying an additional 1,189,249 shares during the quarter. New Gold accounts for about 5.8% of Eschler Asset Management LLP’s portfolio, making the stock its 5th largest position. Eschler Asset Management LLP owned approximately 0.20% of New Gold worth $7,818,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Scotia Capital Inc. grew its holdings in New Gold by 390.2% during the second quarter. Scotia Capital Inc. now owns 174,019 shares of the company’s stock valued at $857,000 after purchasing an additional 138,519 shares during the period. Invenomic Capital Management LP grew its holdings in shares of New Gold by 1.6% in the 1st quarter. Invenomic Capital Management LP now owns 3,411,752 shares of the company’s stock valued at $12,658,000 after buying an additional 52,360 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of New Gold by 12.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,783,000 shares of the company’s stock valued at $13,845,000 after buying an additional 312,000 shares in the last quarter. Quantbot Technologies LP raised its stake in New Gold by 493.5% during the 2nd quarter. Quantbot Technologies LP now owns 1,034,473 shares of the company’s stock worth $5,121,000 after buying an additional 860,174 shares during the period. Finally, CSM Advisors LLC bought a new position in New Gold during the second quarter worth about $6,321,000. Institutional investors own 42.82% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on NGD. CIBC lifted their price objective on New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a report on Friday, October 10th. Raymond James Financial reiterated a “market perform” rating and issued a $7.00 price target on shares of New Gold in a report on Friday, October 10th. TD Securities upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Monday, December 1st. Scotiabank upped their target price on shares of New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. Finally, National Bankshares reissued an “outperform” rating on shares of New Gold in a research note on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, New Gold has a consensus rating of “Buy” and a consensus price target of $7.38.

New Gold Price Performance

Shares of NYSE NGD opened at $8.38 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The business has a 50-day moving average of $7.25 and a 200-day moving average of $5.98. The stock has a market capitalization of $6.63 billion, a price-to-earnings ratio of 64.47 and a beta of 0.65. New Gold Inc. has a fifty-two week low of $2.43 and a fifty-two week high of $8.85.

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.