Hedges Asset Management LLC Sells 135,000 Shares of New Gold Inc. $NGD

Key Points

• Hedges Asset Management LLC has reduced its holdings in New Gold Inc. by 32.7%, selling 135,000 shares and leaving it with 277,500 shares valued at approximately $1.37 million.
• New Gold's share price is currently $6.52, with a market capitalization of $5.16 billion and a PE ratio of 50.16.
• Analysts have varied opinions on New Gold, with ratings ranging from "Strong Buy" to "Hold" and a consensus target price of $4.56.

Hedges Asset Management LLC reduced its position in shares of New Gold Inc. (NYSE:NGD - Free Report) by 32.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 277,500 shares of the company's stock after selling 135,000 shares during the quarter. New Gold comprises 1.1% of Hedges Asset Management LLC's holdings, making the stock its 29th biggest position. Hedges Asset Management LLC's holdings in New Gold were worth $1,374,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cary Street Partners Financial LLC bought a new stake in New Gold during the 1st quarter worth about $37,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in New Gold during the 4th quarter worth about $43,000. Nwam LLC acquired a new position in shares of New Gold during the 1st quarter worth about $45,000. Private Advisor Group LLC acquired a new position in shares of New Gold during the 1st quarter worth about $50,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in shares of New Gold during the 4th quarter worth about $55,000. 42.82% of the stock is owned by institutional investors.

New Gold Price Performance

Shares of NGD opened at $6.52 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The stock has a 50 day simple moving average of $5.13 and a 200 day simple moving average of $4.32. New Gold Inc. has a 52-week low of $2.43 and a 52-week high of $6.63. The firm has a market capitalization of $5.16 billion, a PE ratio of 50.16 and a beta of 0.43.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NGD shares. National Bankshares restated an "outperform" rating on shares of New Gold in a research report on Tuesday. CIBC boosted their target price on New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a research report on Tuesday, July 15th. Finally, Raymond James Financial upgraded New Gold to a "hold" rating and set a $4.00 target price for the company in a research report on Monday, June 30th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $4.56.

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.

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