Invenomic Capital Management LP Has $8.33 Million Holdings in New Gold Inc. (NYSE:NGD)

Invenomic Capital Management LP decreased its holdings in New Gold Inc. (NYSE:NGD - Free Report) by 16.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,359,392 shares of the company's stock after selling 660,988 shares during the period. Invenomic Capital Management LP owned about 0.42% of New Gold worth $8,331,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. SIH Partners LLLP purchased a new position in New Gold during the fourth quarter valued at approximately $27,000. Tudor Investment Corp ET AL purchased a new position in shares of New Gold during the 4th quarter valued at $27,000. DGS Capital Management LLC acquired a new position in shares of New Gold in the fourth quarter worth $30,000. Samalin Investment Counsel LLC acquired a new position in shares of New Gold in the fourth quarter worth $32,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in shares of New Gold during the fourth quarter worth $39,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on NGD shares. New Street Research set a $3.90 target price on New Gold in a research note on Wednesday, March 26th. National Bankshares reiterated an "outperform" rating on shares of New Gold in a research note on Wednesday, April 2nd. National Bank Financial upgraded shares of New Gold to a "strong-buy" rating in a research note on Friday, March 21st. Raymond James set a $4.00 price objective on shares of New Gold and gave the company a "market perform" rating in a research note on Friday, April 4th. Finally, StockNews.com raised shares of New Gold from a "hold" rating to a "buy" rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, New Gold presently has a consensus rating of "Buy" and an average target price of $4.04.

New Gold Stock Up 4.0 %

New Gold stock opened at $4.18 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. New Gold Inc. has a fifty-two week low of $1.74 and a fifty-two week high of $4.21. The firm has a fifty day moving average price of $3.44 and a two-hundred day moving average price of $3.00. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 32.16 and a beta of 0.54.

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.

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