Oppenheimer & Close LLC Reduces Stock Holdings in New Gold Inc. (NYSE:NGD)

Oppenheimer & Close LLC lowered its position in New Gold Inc. (NYSE:NGD - Free Report) by 31.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,125,580 shares of the company's stock after selling 528,000 shares during the period. New Gold accounts for approximately 3.4% of Oppenheimer & Close LLC's portfolio, making the stock its 8th largest position. Oppenheimer & Close LLC owned 0.14% of New Gold worth $4,176,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Renaissance Technologies LLC boosted its position in shares of New Gold by 11.6% during the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock valued at $62,363,000 after purchasing an additional 2,619,782 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of New Gold by 3.6% during the 4th quarter. Invesco Ltd. now owns 13,481,005 shares of the company's stock worth $33,433,000 after buying an additional 469,748 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of New Gold by 3.9% during the 4th quarter. American Century Companies Inc. now owns 12,250,758 shares of the company's stock worth $30,577,000 after buying an additional 459,317 shares in the last quarter. Bank of Montreal Can grew its position in shares of New Gold by 36.9% during the 4th quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock worth $24,203,000 after buying an additional 2,613,285 shares during the period. Finally, Hillsdale Investment Management Inc. increased its stake in shares of New Gold by 97.1% in the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company's stock valued at $23,657,000 after acquiring an additional 4,671,399 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company's stock.

Wall Street Analyst Weigh In

NGD has been the topic of several research analyst reports. Bank of America raised shares of New Gold from an "underperform" rating to a "buy" rating and increased their target price for the stock from $2.60 to $3.90 in a research note on Wednesday, March 26th. Wall Street Zen raised shares of New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. New Street Research set a $3.90 target price on New Gold in a research report on Wednesday, March 26th. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research note on Tuesday, June 24th. Finally, CIBC raised their price objective on New Gold from $3.40 to $4.75 and gave the company an "outperformer" rating in a research note on Thursday, May 8th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, New Gold currently has an average rating of "Buy" and a consensus price target of $4.13.

New Gold Stock Up 1.0%

Shares of NGD traded up $0.05 on Monday, reaching $5.04. The company's stock had a trading volume of 17,439,904 shares, compared to its average volume of 15,086,803. New Gold Inc. has a twelve month low of $1.94 and a twelve month high of $5.16. The stock has a market capitalization of $3.99 billion, a PE ratio of 38.77 and a beta of 0.45. 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 firm has a fifty day moving average of $4.46 and a 200-day moving average of $3.53.

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.