Hedges Asset Management LLC Cuts Stake in 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 holdings in New Gold Inc. (NYSE:NGD - Free Report) by 32.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 277,500 shares of the company's stock after selling 135,000 shares during the period. New Gold makes up 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Pale Fire Capital SE acquired a new stake in New Gold during the first quarter worth about $23,920,000. JGP Global Gestao de Recursos Ltda. increased its position in New Gold by 64.4% during the first quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company's stock worth $39,652,000 after purchasing an additional 4,187,997 shares during the last quarter. American Century Companies Inc. increased its position in New Gold by 23.7% during the first quarter. American Century Companies Inc. now owns 15,149,653 shares of the company's stock worth $56,033,000 after purchasing an additional 2,898,895 shares during the last quarter. Goldman Sachs Group Inc. increased its position in New Gold by 74.9% during the first quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company's stock worth $23,923,000 after purchasing an additional 2,760,692 shares during the last quarter. Finally, Bank of America Corp DE increased its position in New Gold by 46.2% during the fourth quarter. Bank of America Corp DE now owns 7,925,231 shares of the company's stock worth $19,655,000 after purchasing an additional 2,504,157 shares during the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on NGD. Raymond James Financial upgraded shares of New Gold to a "hold" rating and set a $4.00 price objective for the company in a research report on Monday, June 30th. National Bankshares restated an "outperform" rating on shares of New Gold in a research report on Tuesday, September 9th. Finally, CIBC raised their price objective on shares of New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a research report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, New Gold has a consensus rating of "Buy" and an average target price of $4.56.

New Gold Trading Up 1.5%

Shares of New Gold stock traded up $0.10 on Friday, reaching $6.54. The company had a trading volume of 9,173,972 shares, compared to its average volume of 19,072,021. The firm's 50 day moving average price is $5.26 and its two-hundred day moving average price is $4.41. The firm has a market cap of $5.17 billion, a PE ratio of 50.04 and a beta of 0.43. New Gold Inc. has a 52-week low of $2.43 and a 52-week high of $6.80. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

New Gold Company 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.