Empyrean Capital Partners LP Has $6.47 Million Holdings in New Gold Inc. (NYSE:NGD)

Empyrean Capital Partners LP trimmed its position in shares of New Gold Inc. (NYSE:NGD - Free Report) by 10.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,610,000 shares of the company's stock after selling 309,000 shares during the period. Empyrean Capital Partners LP owned 0.33% of New Gold worth $6,473,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NGD. Atria Wealth Solutions Inc. acquired a new stake in shares of New Gold in the 4th quarter worth approximately $87,000. Russell Investments Group Ltd. lifted its stake in shares of New Gold by 213.8% in the 4th quarter. Russell Investments Group Ltd. now owns 512,510 shares of the company's stock worth $1,273,000 after acquiring an additional 349,167 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of New Gold in the 4th quarter worth approximately $1,918,000. Renaissance Technologies LLC lifted its stake in shares of New Gold by 11.6% in the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock worth $62,363,000 after acquiring an additional 2,619,782 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of New Gold by 97.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock worth $14,742,000 after acquiring an additional 2,931,470 shares during the period. 42.82% of the stock is owned by institutional investors and hedge funds.

New Gold Trading Down 3.6%

Shares of NGD stock traded down $0.14 during trading hours on Wednesday, reaching $3.74. 20,144,675 shares of the stock traded hands, compared to its average volume of 12,985,659. New Gold Inc. has a 1-year low of $1.74 and a 1-year high of $4.21. The business has a fifty day moving average price of $3.48 and a 200 day moving average price of $3.02. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $2.96 billion, a PE ratio of 28.77 and a beta of 0.54.

Analysts Set New Price Targets

A number of analysts have recently weighed in on NGD shares. National Bank Financial raised shares of New Gold to a "strong-buy" rating in a research note on Friday, March 21st. National Bankshares reissued an "outperform" rating on shares of New Gold in a research note on Wednesday, April 2nd. StockNews.com raised shares of New Gold from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. New Street Research set a $3.90 target price on shares of New Gold in a research note on Wednesday, March 26th. Finally, Raymond James set a $4.00 target price on shares of New Gold and gave the company a "market perform" rating in a research note on Friday, April 4th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, New Gold currently has an average rating of "Buy" and a consensus target price 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.