U S Global Investors Inc. Has $1.36 Million Stake in New Gold Inc. $NGD

Key Points

• U S Global Investors Inc. reduced its stake in New Gold Inc. by 81.9% in the second quarter, ending with a total of 275,000 shares valued at $1.36 million.
• Multiple institutional investors, including Hsbc Holdings and Baron Wealth Management, have increased their stakes in New Gold, contributing to institutional ownership of 42.82%.
• Analysts have given New Gold a consensus rating of "Buy," with a price target range revision from $6.50 to $9.50, indicating a positive outlook for the company's stock.

U S Global Investors Inc. decreased its stake in New Gold Inc. (NYSE:NGD - Free Report) by 81.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 275,000 shares of the company's stock after selling 1,247,531 shares during the quarter. U S Global Investors Inc.'s holdings in New Gold were worth $1,361,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Hsbc Holdings PLC boosted its stake in New Gold by 17.8% in the 1st quarter. Hsbc Holdings PLC now owns 25,176 shares of the company's stock valued at $93,000 after buying an additional 3,808 shares in the last quarter. Oxbow Advisors LLC boosted its stake in New Gold by 1.9% in the 1st quarter. Oxbow Advisors LLC now owns 282,400 shares of the company's stock valued at $1,048,000 after buying an additional 5,400 shares in the last quarter. Baron Wealth Management LLC boosted its stake in New Gold by 53.6% in the 2nd quarter. Baron Wealth Management LLC now owns 24,315 shares of the company's stock valued at $120,000 after buying an additional 8,486 shares in the last quarter. Sprott Inc. raised its position in New Gold by 1.2% in the 1st quarter. Sprott Inc. now owns 764,879 shares of the company's stock valued at $2,838,000 after purchasing an additional 8,856 shares during the last quarter. Finally, Cary Street Partners Financial LLC bought a new position in New Gold in the 1st quarter valued at $37,000. Institutional investors and hedge funds own 42.82% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. National Bankshares reiterated an "outperform" rating on shares of New Gold in a research report on Tuesday, September 9th. Raymond James Financial reiterated a "market perform" rating and issued a $7.00 price objective on shares of New Gold in a research report on Friday. Finally, CIBC lifted their price objective on New Gold from $6.50 to $9.50 and gave the company an "outperformer" rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, New Gold currently has an average rating of "Buy" and a consensus price target of $5.81.

New Gold Trading Up 0.3%

NGD stock opened at $6.84 on Friday. The company has a market cap of $5.42 billion, a P/E ratio of 52.62 and a beta of 0.46. New Gold Inc. has a twelve month low of $2.43 and a twelve month high of $7.59. 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 business has a fifty day moving average of $6.10 and a 200-day moving average of $4.85.

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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