Invenomic Capital Management LP Boosts Holdings in New Gold Inc. $NGD

Key Points

• Invenomic Capital Management LP increased its holdings in New Gold Inc. by 1.6%, resulting in ownership of 3,411,752 shares valued at approximately $12.66 million.
• New Gold's stock price reached $6.14, with a twelve-month range between $2.33 and $6.29, indicating significant market performance.
• Analysts have generally rated New Gold positively, with one analyst assigning a Strong Buy rating and a consensus price target of $4.38.

Invenomic Capital Management LP boosted its position in shares of New Gold Inc. (NYSE:NGD - Free Report) by 1.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,411,752 shares of the company's stock after buying an additional 52,360 shares during the quarter. Invenomic Capital Management LP owned 0.43% of New Gold worth $12,658,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of NGD. Dimensional Fund Advisors LP lifted its stake in New Gold by 97.3% in the fourth 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. Tudor Investment Corp ET AL bought a new position in New Gold in the fourth quarter worth about $27,000. The Manufacturers Life Insurance Company raised its holdings in New Gold by 66.0% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,336,963 shares of the company's stock worth $3,335,000 after purchasing an additional 531,564 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new position in New Gold in the fourth quarter worth about $39,000. Finally, Jane Street Group LLC raised its holdings in New Gold by 6.4% in the fourth quarter. Jane Street Group LLC now owns 723,191 shares of the company's stock worth $1,794,000 after purchasing an additional 43,449 shares in the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Price Performance

Shares of NYSE:NGD opened at $6.14 on Friday. New Gold Inc. has a twelve month low of $2.33 and a twelve month high of $6.29. The company's 50 day moving average is $4.94 and its 200 day moving average is $4.16. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The company has a market cap of $4.86 billion, a PE ratio of 47.23 and a beta of 0.42.

Wall Street Analyst Weigh In

A number of brokerages have commented on NGD. Raymond James Financial upgraded shares of New Gold to a "hold" rating and set a $4.00 target price for the company in a report on Monday, June 30th. National Bankshares restated an "outperform" rating on shares of New Gold in a report on Tuesday, June 24th. Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Finally, CIBC upped their price objective on shares of New Gold from $5.50 to $6.25 and gave the company an "outperformer" rating in a report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, New Gold currently has an average rating of "Buy" and a consensus price target of $4.38.

About New Gold

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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